Commission (SEC) for 6,324,618 ordinary shares, par value $0.01 per share. The Form S-3 filing registers for sale, from time to time, any or all of the shares of certain shareholders and option holders of the company which had previously been restricted.

The shares being offered for sale under this filing represent 5,389,327 ordinary shares which are presently outstanding and 935,291 ordinary shares to be issued upon exercise of outstanding options. The total number of shares outstanding will not be affected by this registration, nor will the company receive any of the proceeds from the sale of these shares by the selling shareholders.

EXEL Limited, 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 property coverage to industrial, commercial and other enterprises, directors and officers of such enterprises and professional service firms.