A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) for the core operating subsidiaries of XL Capital Ltd (Bermuda). Concurrently, A.M. Best has affirmed the existing debt ratings on “a+” senior debt, “a” subordinated debt and “a-” preferred shares. The outlook for all the ratings is stable.

These ratings reflect XL Capital's strong and diverse earnings base, solid capitalisation and well-recognised position as a leading provider of specialised insurance and reinsurance coverage. These strengths are derived from the group's focused operating strategy, disciplined underwriting approach, strong risk management capabilities and experienced management team. Furthermore, XL Capital maintains a distinct competitive advantage as a Bermuda-domiciled organisation given its favourable regulatory environment.

A.M. Best expects XL Capital will continue to judiciously manage its capital base while maintaining financial leverage - debt plus preferred securities to total adjusted capital - in the low 20 percent range. Fixed charge coverage is expected to be restored to the mid to upper single digits. Partially offsetting these strengths are the risks associated with catastrophe and specialised books, particularly those imposed by financial products, which could cause earnings variability.

Tyco International Ltd. announced it will be reporting its third quarter results before the market opens on Tuesday, July 29, 2003.

The company will hold a conference call for investors at 8.30 am EDT. The call can be accessed in three ways. On line at http://investors.tyco.com/medialist.cfm. (a replay of the call will be available through Tuesday, August 5, 2003). Or by telephone dial-in with the capability to participate in the question and answer portion of the call.