XL Capital Ltd Issues Statement Regarding Merrill Lynch Lawsuit Against XL Capital Assurance Inc. (XLCA) a Subsidiary of Security Capital Assurance Ltd
The swaps at issue in the lawsuit were entered into by XLCA after SCA'sIPO. XL Insurance (Bermuda) Ltd's reinsurance guarantee to a subsidiary of SCAapplies only to pre-IPO exposures.
Pursuant to a transition agreement entered into at the time of SCA's IPO,SCA is permitted to use the "XL" name until August 2008. XL owns approximately46% of the common equity interest of SCA. As the above dispute is betweenMerrill Lynch International and XLCA, any queries regarding the lawsuit shouldbe referred directly to the parties involved in the lawsuit.
Further information regarding XL's relationship with SCA may be found inXL's filings with the Securities and Exchange Commission.
XL Capital Ltd, through its operating subsidiaries, is a leading providerof global insurance and reinsurance coverages to industrial, commercial andprofessional service firms, insurance companies and other enterprises on aworldwide basis. As of March 31, 2008, XL Capital Ltd had consolidated assetsof $54.8 billion and consolidated shareholders' equity of $9.3 billion. Moreinformation about XL Capital Ltd is available at www.xlcapital.com.
SOURCE XL Capital Ltd
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