XL Capital Ltd. has completed its tender offer for any and all of its 20 million outstanding series C preference ordinary shares, liquidation preference $25 per share.

The tender offer expired last Thursday night.

Based on the final count by Global Bondholder Services Corporation, the depositary for the tender offer, 12.7 million preference shares (approximately $104.7 million plus accrued and unpaid dividends) were properly tendered and not withdrawn pursuant to the tender offer.

The company has accepted the purchase of all preference shares tendered and will pay $8.25 per share, plus accrued but unpaid dividends up to, but not including, the date the shares are purchased, in cash and without interest.

A book value gain of approximately $211.8 million will be reflected in XL's first quarter 2009 results.

The final number of preference shares to be purchased represents about 63.5 percent of the company's shares outstanding prior to the expiration of the offer.