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Stamford,
CT – January 16, 2003 – Element Re Capital Products Inc., an XL
Capital company and provider of weather and energy risk management
products, today announced that it is changing its name to XL
Financial, Weather & Energy Inc. ("XL Weather & Energy.")
President and Chief Operating Officer of XL
Weather & Energy Lynda Clemmons said: "This name change is a
natural progression for us as we evolve our business model. In
addition to our core offering of customized weather insurance and
derivative risk management solutions, we have also begun providing
contingent risk management products to the utility and energy
industries. The new name reflects these offerings and more closely
aligns us with the financial strength and technical expertise of XL
Capital."
Chief Executive of XL's Financial Products and
Services operations Robert Lusardi said: "Since its formation in
July 2000, Element Re has been an important member of the XL family
and an important contributor to our continued growth. This name
change shows the commitment of XL Financial to providing to our
customers around the world the most innovative and effective risk
management products available."
Ms. Clemmons added: "Our leadership position in
the market, coupled with XL's financial strength, will further
enhance our ability to help businesses in a wide range of industries
to identify and manage their weather and contingent energy risks."
About XL Weather & Energy
XL Weather & Energy is a provider of innovative
risk management products that allow businesses to mitigate their
non-catastrophic weather and contingent energy risk. For more
information, call (203) 356-3580 or visit
www.xlwe.com.
XL Weather & Energy is a subsidiary
of XL Capital Ltd (NYSE: XL), which, through its subsidiaries, is a
leading provider of insurance, reinsurance and financial products to
industrial, commercial clients on a worldwide basis. As of
September 30, 2002, XL had consolidated assets of approximately
$34.1 billion and consolidated shareholders' equity of approximately
$5.9 billion. More information about XL is available at
www.xlcapital.com.
This press release contains
forward-looking statements which involve inherent risks and
uncertainties. Statements that are not historical facts, including
statements about XL's beliefs, plans or expectations, are
forward-looking statements. These statements are based on current
plans, estimates and expectations. Actual results may differ
materially from those projected in such forward-looking statements
and therefore you should not place undue reliance on them. A
non-exclusive list of other important factors that could cause
actual results to differ materially from those in such
forward-looking statements is set forth in XL's most recent annual
report on Form 10-K, quarterly report on Form 10-Q and XL's other
documents on file with the Securities and Exchange Commission. XL
undertakes no obligation to update or revise publicly any
forward-looking statement, whether as a result of new information,
future developments or otherwise
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