stalwart board of director members who have seen the company transformed to a global player, have retired.

Robert Hatcher and Robert Newhouse, Jr. have said they would not stand for re-election to the Board in 2000.

On Friday, in a statement XL said it has no immediate plans to appoint new board members to replace them.

Mr. Hatcher, who was Chairman of insurance broking group Johnson & Higgins from 1982 until his retirement in 1990, has been a director of the company since June 1997.

He served as a member of XL's Compensation Committee, one of four standing committees established by the board. Mr. Hatcher is a director of Media General and Front Royal.

Mr. Newhouse, the former chairman of the board of Mid Ocean Limited, has been a director of XL since August 1998 and was also a member of the Company's Compensation Committee.

He served as Vice Chairman of Marsh & McLennan Companies Inc., as a Member of the Office of the Chairman of Marsh & McLennan Companies Inc. and as a Member of the Executive Committee of Marsh & McLennan Companies Inc. until 1990.

Mr. Newhouse remains a consultant to the Company and its subsidiaries pursuant to a consulting agreement which will be in effect until October 31, 2001.

XL President and Chief Executive Officer Brian O'Hara said: "XL's Board has benefited significantly from the insight and professional experience of Bob Newhouse and Bob Hatcher.

"Their counsel was invaluable. They earned well-deserved reputations as innovative visionaries, with Bob Newhouse leading Marsh & McLennan and Mid Ocean Ltd and Bob Hatcher leading Johnson & Higgins through one of the most tumultuous periods of the industry. It has indeed been a rare privilege for me to serve alongside two of the US insurance industry's most respected leaders.''