XL Capital Ltd Invests in Mutual Risk Management

Apr 18, 2001, 01:00 ET from XL Capital Ltd

    HAMILTON, Bermuda, April 18 /PRNewswire/ -- XL Capital Ltd (NYSE:   XL)
 ("XL" or "the Company") announced today that it had agreed to join with
 co-investors in the purchase of $112.5 million of senior convertible
 exchangeable debentures issued by Mutual Risk Management Ltd. ("MRM"), the
 Bermuda-based insurance company.
     Co-investors in the transaction are First Union Capital Partners, High
 Ridge Capital LLC and Century Capital Partners II.  As a result of the
 investment, XL will have three representatives on the MRM Board of Directors.
     Mr. Brian M. O'Hara, President and Chief Executive of XL, said: "This
 investment provides XL and its fellow investors an opportunity to both support
 and benefit from Mutual Risk's franchise in the Alternative Market.  We
 believe Mutual Risk's adoption of a new specialty insurance model is the right
 decision for this marketplace and should enhance results going forward.  We
 see this as an excellent investment that will benefit both Mutual Risk and XL
 shareholders, and we look forward to supporting Mutual Risk's management as it
 continues to position its businesses for success."
     The investment in MRM is conditioned upon regulatory and lender approvals,
 execution of definitive documentation and other customary closing conditions.
 
     XL Capital Ltd, through its operating subsidiaries, is a leading provider
 of insurance and reinsurance coverages and financial products to industrial,
 commercial and professional service firms, insurance companies, and other
 enterprises on a worldwide basis.  As at December 31, 2000, XL Capital Ltd had
 consolidated assets of approximately $16.8 billion and consolidated
 shareholders' equity of approximately $5.6 billion.  More information about XL
 is available on http://www.xlcapital.com.
 
 

SOURCE XL Capital Ltd
    HAMILTON, Bermuda, April 18 /PRNewswire/ -- XL Capital Ltd (NYSE:   XL)
 ("XL" or "the Company") announced today that it had agreed to join with
 co-investors in the purchase of $112.5 million of senior convertible
 exchangeable debentures issued by Mutual Risk Management Ltd. ("MRM"), the
 Bermuda-based insurance company.
     Co-investors in the transaction are First Union Capital Partners, High
 Ridge Capital LLC and Century Capital Partners II.  As a result of the
 investment, XL will have three representatives on the MRM Board of Directors.
     Mr. Brian M. O'Hara, President and Chief Executive of XL, said: "This
 investment provides XL and its fellow investors an opportunity to both support
 and benefit from Mutual Risk's franchise in the Alternative Market.  We
 believe Mutual Risk's adoption of a new specialty insurance model is the right
 decision for this marketplace and should enhance results going forward.  We
 see this as an excellent investment that will benefit both Mutual Risk and XL
 shareholders, and we look forward to supporting Mutual Risk's management as it
 continues to position its businesses for success."
     The investment in MRM is conditioned upon regulatory and lender approvals,
 execution of definitive documentation and other customary closing conditions.
 
     XL Capital Ltd, through its operating subsidiaries, is a leading provider
 of insurance and reinsurance coverages and financial products to industrial,
 commercial and professional service firms, insurance companies, and other
 enterprises on a worldwide basis.  As at December 31, 2000, XL Capital Ltd had
 consolidated assets of approximately $16.8 billion and consolidated
 shareholders' equity of approximately $5.6 billion.  More information about XL
 is available on http://www.xlcapital.com.
 
 SOURCE  XL Capital Ltd