XL Capital Ltd. reported that its Board of Directors declared a quarterly dividend on July 28, 2004 of $0.49 per ordinary share payable on the Company's Ordinary Shares.

The Bermuda-based company said the dividend will be payable on September 30 to ordinary shareholders of record on September 6, 2004.

The Board of Directors also resolved on July 28, 2004 to pay a dividend of $4,600,000.00 on September 30, 2004 to all Series A Preference Ordinary Shareholders of record as of September 29, 2004 being $0.50 per share.

The Board of Directors further resolved on July 28, 2004 to pay a dividend of $5,480,468.75 on Sept. 30, 2004 to all Series B Preference Ordinary Shareholders of record as of Sept. 29, 2004, being $0.4765625 per share.