EXEL Ltd.'s board of directors have authorised the company to repurchase an additional $5 million -- about ten percent -- worth of its shares.

The board approved the share repurchase plan on Friday.

The company's shares will be repurchased in open market transactions as market conditions permit, the company said.

In 1994, EXEL's board has authorised two other share repurchases, one for one million shares and another for two million shares. The company also repurchased some options earlier.

The board also declared a dividend of 33 cents per share.

The dividend on the company's ordinary shares is payable July 21 to shareholders of record July 7.

EXEL, through its wholly-owned subsidiaries, X.L. Insurance Company Ltd.

and X.L. Europe Insurance, provides general liability, directors and officers liability, professional liability and excess property coverage to industrial, commercial and other enterprises, directors and officers of such enterprises and professional service firms on a worldwide basis.