An announcement that Bermuda based XL Capital will be added to the S&P 500 index boosted the company's stock price more than five percent during trading yesterday and by the end of a day in which all of the major indexes lost significant ground, XL posted a modest gain of 0.1 percent to close at $79.80.

This is the first Bermuda-based insurer to be listed on the index, and yesterday a spokesman said: "We are pleased to be included in the index as it will increase the visibility and trading liquidity of XL stock." XL Capital will replace Wachovia Corp. in the S&P 500 Index on a date yet to be determined as S&P 500 component First Union Corp. is acquiring Wachovia Corp subject to regulatory approval.

XL Capital provides insurance and reinsurance coverage, and financial products and services to industrial, commercial, and professional service firms, insurance companies and other enterprises on a world-wide basis. The company will be added to the S&P 500 GICS Property & Casualty Insurance sub-industry group and the Insurance (Property-Casualty) industry group.

In July, XL marked the tenth anniversary of their listing on the NYSE.

XL Capital yesterday announced it had filed an amendment to its registration statement of August 6, 2001 on Form S#. This covers re-sales by holders of its 20-year, zero coupon convertible senior debentures due May 23, 2021 and the ordinary shares of XL into which they are convertible.