$0.44 per ordinary share, payable October 12 to shareholders of record on September 28.

This represents an increase of $0.04, or ten percent, per share in the quarterly dividend.

The board also adopted a new shareholder rights plan -- what's known as a "poison pill'' -- to discourage and repel hostile takeover attempts.

They unanimously adopted a Shareholder Rights Plan, with rights to purchase shares being distributed as a dividend at the rate of one right per share held, as of the close of business October 31.

The company said yesterday the rights are not being distributed in response to any effort to acquire control of Exel, and the Board is not aware of any such effort.

Adoption of the plan was necessary in order to confer upon Exel's shareholders rights substantially similar to those in existence prior to the merger with Mid Ocean Ltd. which closed on August 7.