November 30. Many insurers, and most of the larger Bermuda-based companies use the calendar year as their financial year.

The company announced yesterday that, starting with the 1999 fiscal year, it will change its fiscal year-end from November 30th to December 31st and its quarterly reporting periods to March 31, June 30, and September 30.

The change will take effect so that the Company's third fiscal quarter of 1999 will end on September 30, 1999.

"This change is being made to conform all operating units of XL into a common fiscal reporting structure,'' said Robert R. Lusardi, executive vice president and chief financial officer of XL. "Moving XL's fiscal year to a calendar basis brings the company into alignment with most other insurance and financial service organisations and will also make it easier for XL's affiliates to meet their statutory filing requirements.'' As a result of the change in year end, XL will amend and re-file its 1998 annual report on form 10-K to reflect the change in fiscal year from November 30 to December 31. The move will have the effect of conforming to NAC Re Corporation's ("NAC Re'') year end and to include NAC Re's results, in accordance with practice for mergers accounted for on a pooling basis. XL will similarly report on a pooled basis its results for the quarter and nine months ended September 30, 1999. Merger and other related charges principally resulting from XL's merger with NAC Re on June 18, 1999 will be included in the conformed results for the 1999 second quarter and 9 months.

XL plans to announce its results for the three and nine-month periods ended September 30, 1999 on Thursday, November 4th, 1999. Prior period statements will not be available before that date and the Company expects to complete all conformed re-statements and filings by November 30, 1999.

XL also intends to align its quarterly dividend payment dates to reflect the new fiscal reporting periods, beginning in 2000.