XL Capital announced that it has agreed to sell eight million ordinary shares.

This is pursuant to XL's currently effective shelf registration - and with the allowance of up to an additional 1.2 million shares issuable upon exercise of the underwriters' over-allotment option.

The initial shares are being issued at an initial price of $89 per share. The net proceeds from the sale of ordinary shares, is reported to be for general corporate purposes.

As of September 30, 2001 XL had consolidated assets of approximately $25.7 billion and consolidated shareholders' equity of approximately $4.8 billion.