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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
September 13, 2001
Date of Report (Date of earliest event reported)
XL CAPITAL LTD
(Exact name of registrant as specified in its charter)
Cayman Islands 1-10809 98-0191089
(State or other jurisdiction of (Commission file number) (I.R.S. Employer
incorporation or organization) Identification No.)
XL House, One Bermudiana Road, Hamilton, Bermuda HM11
(Address of principal executive offices)
(441) 292-8515
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other events.
On September 13, 2001, XL Capital Ltd issued the press release attached as
Exhibit 99(a) and incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits. The following exhibit is filed herewith:
Exhibit No. Description
99(a) Press Release ("XL Capital's statement
concerning the tragic events in the
United States") dated September 13,
2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: September 17, 2001
XL CAPITAL LTD
By: /s/ PAUL S. GIORDANO
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Name: Paul S. Giordano
Title: Executive Vice President and
General Counsel and Secretary
Exhibit 99(a)
XL Capital Ltd
XL House
One Bermudiana Road
Hamilton HM 11 Bermuda
Phone: (441) 292-8515
Fax: (441) 292-5280
NEWS RELEASE
IMMEDIATE
Contact: Jerry de St. Paer Fiona Luck
Investor Contact Media Contact
441-294-7101 441-294-7128
XL CAPITAL'S STATEMENT CONCERNING
THE TRAGIC EVENTS IN THE UNITED STATES
HAMILTON, Bermuda (September 13, 2001) -- "All of us at XL wish to express our
deepest sympathies to the victims of this unparalleled tragedy and their
families, many of whom are colleagues in our industry," said Brian M. O'Hara,
President and Chief Executive Officer of XL Capital Ltd (NYSE: XL). "Although
the human side of this tragedy far outweighs all other concerns, we at XL have
the highest commitment to supporting our customers at this time of great need."
Based on initial loss reports and estimates, XL preliminarily anticipates having
claims of approximately $600 million to $700 million, net of reinsurance
recoveries, stemming from the attacks on the World Trade Center and related
events. "This estimate remains subject to change as additional information comes
to light," said Mr. O'Hara. Claims are expected to arise mainly from the
company's aviation, property and business interruption insurance and reinsurance
coverages.
Mr. O'Hara stated, "As both an insurer and reinsurer, XL has always specialized
in providing its customers with protection from large catastrophic events. We
are in the business of bearing
such risks and stand ready to meet all of our obligations, especially in the
context of one of the worst disasters in U.S. history. Our customers should rest
assured that XL has ample balance sheet strength and liquidity to pay claims on
a timely basis."
"For our shareholders," continued Mr. O'Hara, "these events obviously will have
a significant negative impact on XL's short-term earnings for the third quarter
of 2001, but we are highly confident about our company's future prospects and
financial strength."
Separately, Jerry de St. Paer, Executive Vice President and Chief Financial
Officer of XL, said, "With regard to a private placement of senior debt
securities due to settle tomorrow, XL has decided not to proceed with this
transaction in view of the dislocation of the financial markets caused by the
World Trade Center attack. This financing is not needed to meet our anticipated
liquidity needs, including in connection with the losses in the United States."
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 June 30, 2001, XL had consolidated
assets of approximately $18.7 billion and consolidated shareholders' equity of
approximately $5.7 billion. Additional information on 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 the important factors that could cause actual
results to differ materially from those in such forward-looking statements
includes the following: (a) the size of XL's claims may change due to the
preliminary nature of reports and estimates of loss and damage to date; (b) the
timely and full recoverability of reinsurance placed by XL with third parties;
(c) the timing of claims payments being faster than anticipated by XL; (d)
adverse
developments in the world's insurance, reinsurance and financial markets; and
(e) the other factors set forth in XL's most recent report on Form 10-K and XL's
other documents on file with the Securities and Exchange Commission. XL
undertakes no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future developments or
otherwise.
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