EX-21 9 c31036_ex-21.htm c31036_ex-21

Exhibit 21

Corporate Structure 4th Quarter 2003    
% JURISDICTION
XL Capital Ltd  
Cayman
   Annuity & Life Re (Holdings) Ltd 6.7
Bermuda
   Cronus Investments Limited 38
   EXEL Holdings Limited  
Cayman
      EXEL Acquisition Ltd.  
Cayman
         GCR Holdings Limited (in liquidation)  
Cayman
      Reeve Court Holdings Ltd  
Bermuda
      XL Life Ltd  
Bermuda
         Reeve Court General Partner Limited  
Bermuda
            Reeve Court 4 Limited Partnership  
Bermuda
            Reeve Court 6 Limited Partnership  
Bermuda
      X.L. Property Holdings Limited  
Bermuda
      XL Insurance (Bermuda) Ltd  
Bermuda
         Primus Guaranty, Ltd. 43
         XL Weather & Energy Ltd (formerly Element Reinsurance Ltd )  
Bermuda
         EXEL Cumberland Limited  
UK
            Pareto Partners 30
UK
               Cronus Investments Ltd. 13.95
               Exelsior Financial Advisors Limited 13.95
               Pareto Partners (Marketing) Limited  
UK
            Visionloyal Ltd 30
UK
               Pareto Australia  
Australia
         Financial Security Assurance International Ltd. 20
Bermuda
         InQuisCapital Holdings (Bermuda) Limited  
Bermuda
            InQuisLogic (Bermuda) Limited  
Bermuda
            RiskConnect Limited  
Bermuda
         Sovereign Risk Insurance Ltd. 50
Bermuda
         XL International (Bermuda) Ltd (formerly XL Winterthur International (Bermuda) Ltd)  
Bermuda
         XL International Services Ltd (formerly XL Winterthur International Services Ltd)  
Bermuda
         International Insurance Consulting Services Limited  
Bermuda
            XL (Brazil) Holdings Ltda (formerly Winterthur Administracao e Participacoes Ltda)  
Brazil
         XL Insurance (Brazil) Seguradora S/A (formerly Winterthur International Brasil Seguradora S/A)  
Brazil
         XL Capital Products Ltd  
Bermuda
         XL Financial Assurance Ltd. 85
Bermuda
         XL Financial Solutions Ltd  
Bermuda
         XL Services (Bermuda) Ltd  
Bermuda
         X.L. Holdings Barbados Ltd.  
Barbados
            X.L. America, Inc.  
Delaware
               XL Capital Investment Partners Inc.  
Delaware
               Brockbank Insurance Services, Inc.  
California
               XLCA Admin LLC  
New York
               XLCDS LLC  
New York
               ECS, Inc. (in Liquidation) (* Liquidated 12/31/03)  
Pennsylvania
                  ECS Child Care Center, Inc.  
Pennsylvania
                  *ECS Claims Administrators, Inc  
Pennsylvania
                  *ECS Holdings, Inc.  
Delaware
                       XL Environmental Ltd  
UK
                       ECS Underwriting Ltd. (In Dissolution)  
UK
                       ECS Asesores en Aseguramiento de Riesgos Ambientales S.A. de C.V. (In Dissolution)  
Mexico
                       Risk & Insurance Services, Inc.  
Barbados
                  *ECS Risk Control, Inc.  
Pennsylvania
                  *XL Environmental, Inc. (formerly ECS Underwriting, Inc.  
Pennsylvania
               XL Weather & Energy Advisors Inc. (formerly Element Re Advisors Inc.)  
Delaware
                XL Weather & Energy Inc. (formerly Element Re Capital Products Inc.)  
Delaware
                XLA Garrison L.P. (general partner)  
Delaware
                  Highfields Associates LLC 20
Delaware
                Global Credit Analytics, Inc.  
Delaware
                Measurisk, LLC 20
                NAC Re Corporation  
Delaware
                  XL Reinsurance America Inc. *(A-65%) - NY  
New York
                       XL Financial Solutions, LLC  
Delaware
                       Greenwich Insurance Company *(A-12%)  
Delaware
                          Warranty Support Services LLC  
Delaware
                          XL Insurance America, Inc. *(A-10%) (formerly Winterthur International America Insurance Company)  
Delaware
                             XL Select Insurance Company *(A-2%)(formerly Winterthur International America Underwriters Insurance Co.)  
Oklahoma
                             Winterthur International Services of America Inc.  
Wisconsin
                             XL Insurance Company of New York, Inc. (A-3%)  
New York
                       Intercargo Corporation  
Delaware
                          XL Specialty Insurance Company *(A-6%)  
Delaware
                             Intercargo Insurance Company H.K. Ltd.  
Hong Kong
                  Indian Harbor Insurance Company *(A-2%)
   North Dakota
                  XL Management Services, LLC
   Texas
                  XL Lloyds Insurance Company
   Texas
            NAC Re Financial Services, Inc.
   Delaware
            NAC Re Investment Holdings, Inc.
   Delaware
            OneCapital Management Partners, LLC
 25  
            Stanfield Capital Partners LLC
 20  
            Stanfield Global Strategies LLC
 15  
            Prime Advisors, Inc.
 30.92  
            XL Capital Assurance Inc.
   New York
               XL Capital Assurance (U.K.) Limited
   UK
      XL Financial Administrative Services, Inc.
   Delaware
         XL Portfolio Advisors Inc.
   Delaware
      XL Global, Inc.
   Delaware
      XL Insurance, Inc.
   Delaware
      XL Global Services, Inc.
   Delaware
         XL Investment Management (USA) LLC
   Delaware
      XL Life and Annuity Holding Company
   Delaware
         XL Life Insurance and Annuity Company (formerly Lyndon Life Insurance Company)
   Illinois
         XL Asset Funding Company I LLC
   Delaware
XL Investments Ltd  
Bermuda
   Agora Capital Management Ltd. 25
   First Cumberland Bank, Inc.  
Barbados
   Garrison Investments Inc.  
Barbados
      Annuity & Life Re (Holdings) Ltd 5.6
Bermuda
      Highfields Capital Management LP 20
      MKP Capital Management, L.L.C. 20
      OneCapital Management, LLC 25
      XLA Garrison L.P. (limited partner)  
Delaware
         Highfields Associates LLC 20
Delaware
   InQuisLogic Ltd.  
Barbados
      InQuisLogic Inc.  
Delaware
   Kensington Investments Inc.  
Barbados
      XLB Partners Inc.  
Barbados
      Cumberland Holdings, Inc.  
Delaware
         Cumberland California, Inc.  
Delaware
            Pareto Partners 30
California
         Cumberland New York, Inc.  
Delaware
            Pareto Partners 30
New York
            Pareto Asset Management (Ireland) Limited 50
   RiskConnect Ltd  
Barbados
      RiskConnect Inc.  
Delaware
   X.L. Investment Private Trustee Ltd.  
Bermuda
      X.L. Investments (Barbados) Inc  
Barbados
         Cybersettle, Inc. 56
         ConXia, Inc. 67.25
         InsuranceNoodle, Inc. 38.50
         LiveCapital, Inc. 22
         TAM Investment Holdings Inc.  
Delaware
            FrontPoint Partners LLC 28
XL (LUXEMBOURG) S.a.r.l.  
Luxembourg
   XL (FINANCE) S.a.r.l.  
Luxembourg
      XL (INTERNATIONAL) S.a.r.l.  
Luxembourg
         XL (SERVICES) S.a.r.l  
Luxembourg
            XL (SPECIALTY) S.a.r.l.  
Luxembourg
               XL (WESTERN EUROPE) S.a.r.l  
Luxembourg
                  XL Re Europe (formerly Le Mans Re)  
France
                     XL Re Europe Services AG (formerly Le Mans Re Deutschland AG)  
Germany
XL Re Europe Management Company Ltd  
Canada
                  XL Swiss Holdings Ltd  
Switzerland
                        XL Re Latin America Ltd  
Switzerland
XL Latin America Investments Ltd  
Bermuda
XL Re Latin America (Argentina SA)  
Argentina
XL Re Latin America Servicos Ltda  
Brazil
                        XL Insurance Switzerland (formerly XL Winterthur International Insurance Switzerland)  
Switzerland
Vitodurum Reinsurance Company (Formerly XL Winterthur International Re)  
Switzerland
                  XL Insurance (UK) Holdings Limited (formerly XL Winterthur (UK) Holdings Limited)  
UK
                     XL Insurance Company Limited (formerly XL Winterthur International Insurance Company Limited)  
UK
XL Magyarorszag Biztosito Reszvenytarsasag  
Hungary
XL Insurance Argentina S.A. Compañia de Seguros (formerly Winterthur International Argentina
SA Compañia de Seg
Argentina
XL Holdings (Proprietary) Limited (formerly XL Winterthur Holdings (Proprietary) Limit ed)  
South Africa
XL Winterthur Properties (Proprietary) Limited  
South Africa
XL Insurance Company Limited (formerly XL Winterthur International Insurance Company Limited)  
South Africa
                        XL Services UK Limited
   UK
                        XL Anglo Properties Limited (formerly XL Winterthur Properties Limited)
  
UK
      X.L. One Ltd.  
Bermuda
         XL Europe Ltd 50
R of Ireland
      XL Trading Partners Ltd 90
Bermuda
      X.L. Two Ltd.  
Bermuda
         XL Financial Services (Ireland) Ltd  
R of Ireland
         XL Europe Ltd 50
R of Ireland
            XL Australia Pty Ltd (In Liquidation)  
Australia
Exelsior Financial Advisors Limited 38
Mid Ocean Limited  
Cayman
   Mid Ocean Holdings Limited  
Bermuda
      Ridgewood Holdings Limited  
Bermuda
         Admiral Group Limited 7.1
         XL London Market Group plc  
UK
            Brockbank Holdings Limited  
UK
               Baltusrol Holdings Limited  
Bermuda
            County Down Limited  
UK
            Dornoch Limited  
UK
            Stonebridge Underwriting Limited  
UK
            XL London Market Services Ltd  
UK
               Brockbank Personal Lines Limited – (Dormant)  
UK
               Cassidy Brockbank Limited - (Dormant)  
UK
               Denham Syndicate Management Limited  
UK
                  Denham Direct Underwriters Ltd  
UK
                     Denham Legal and professional Risks Ltd  
UK
                     Denham Tower Underwriting Agents (PTY) Limited  
South Africa
               XL London Market Ltd- Syndicates 588/861/990/1209  
UK
                  Brockbank Syndicate Services Limited  
UK
         XL Capital International Limited  
UK
            XL Capital Finance (Europe) plc  
UK
         XL Financial Products Ltd.  
UK
      XL Re Ltd  
Bermuda
         ECS Reinsurance Company Inc.  
Barbados
         Global Capital Underwriting Ltd.  
UK
         Inter-Ocean Holdings Ltd 9.9
         NAC Re International Holdings Ltd  
UK
            NAC Reinsurance International Limited  
UK
            XL Services UK Limited  
UK
         Sunshine State Holdings Corporation 24
Florida
         The Shipowners Insurance and Guaranty Company Ltd 4.6
Bermuda
         XL Mid Ocean Re Limited  
UK
         XL Gracechurch Limited  
UK
Special Risk Insurance and Reinsurance Luxembourg 18.20
XL Investment Management Ltd  
Bermuda
XL Capital Partners Corporation  
Cayman
   XL Capital Partners I, L.P.  
Cayman
      XL Capital Principal Partners I, L.L.C. 50
Delaware
   XL Principal Partners I, L.P.  
Cayman
      XL Capital Principal Partners I, L.L.C 50
Delaware

*A = Company is a member of NAC Reinsurance, Intercargo Pooling Agreement with individual company pooling % noted