Majority owned - Corporate Structure - At December 31, 2005

	%	JURISDICTION
XL Capital Ltd		Cayman
EXEL Holdings Limited		Cayman
EXEL Acquisition Ltd.		Cayman
GCR Holdings Limited (in liquidation)		Cayman
Reeve Court Holdings Ltd		Bermuda
X.L. Property Holdings Limited		Bermuda
XL Insurance (Bermuda) Ltd		Bermuda
XL Weather & Energy Ltd (formerly Element Reinsurance Ltd )		Bermuda
XL PP Limited		UK
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)	91	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.	87	Bermuda
Reformation Group, Ltd. (In Members' Voluntary Liquidation)		Bermuda
XL Financial Solutions Ltd		Bermuda
XL Services (Bermuda) Ltd		Bermuda
XL Life Ltd		Bermuda
Reeve Court General Partner Limited		Bermuda
Reeve Court 4 Limited Partnership		Bermuda
Reeve Court 6 Limited Partnership		Bermuda
XL Gracechurch Limited		UK
XL Insurance (UK) Holdings Limited (formerly XL Winterthur (UK) Holdings Limited)	42.33	UK
XL Financial Holdings (Ireland) Limited		R of Ireland
X.L. Holdings (Barbados) Ltd. (In Liquidation)		Barbados
X.L. America, Inc. (*)		Delaware
XL Capital Investment Partners Inc.		Delaware
XLCA Admin LLC		New York
XLCDS LLC		New York
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.		Delaware
Global Credit Analytics, Inc.		Delaware
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
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
XL Capital Assurance Inc.		New York
XL Capital Assurance (U.K.) Limited		UK
37 Lambert Road LLC		Delaware
XL Financial Administrative Services, Inc.		Delaware
XL Portfolio Advisors Inc.		Delaware
XL Global, Inc.		Delaware
XL Insurance, Inc.		Delaware
X.L. Global Services, Inc.		Delaware
XL Investment Management (USA) LLC		Delaware
Eagleview Insurance Brokerage Services, 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
ECS, Inc. (In Liquidation)		Pennsylvania
ECS Child Care Center, Inc.		Pennsylvania
ECS Risk & Insurance Services, Inc.		Barbados

XL Environmental Ltd		UK
XL Investments Ltd		Bermuda
First Cumberland Bank, Inc. (In Liquidation)		Barbados
Garrison Investments Inc. (**)		Barbados
InQuisLogic Ltd.		Barbados
InQuisLogic Inc. (In Liquidation )		Delaware
Kensington Investments Inc.		Barbados
XLB Partners Inc.		Barbados
Cumberland Holdings, Inc.		Delaware
Cumberland California, Inc.		Delaware
Cumberland New York, Inc.		Delaware
RiskConnect Ltd		Barbados
RiskConnect Inc. (In Liquidation )		Delaware
X.L. Investment Private Trustee Ltd.		Bermuda
X.L. Investments (Barbados) Inc.		Barbados
Cybersettle, Inc.	56	Delaware
Cybersettle Insurance Brokerage Services LLC		Delaware
Cybersettle Financial Services LLC		Delaware
InsuranceNoodle, Inc.
TAM Investment Holdings Inc.		Delaware
ClearWater Opportunity Fund Ltd.		Cayman
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 Services Switzerland		Switzerland
XL India Business Services Private Limited		India
XL Insurance Mexico		Mexico
XL Insurance (UK) Holdings Limited (formerly XL Winterthur (UK) Holdings Limited)	57.67	UK
XL Insurance Argentina S.A. Compañia de Seguros (formerly Winterthur International                                                            Argentina SA	90
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 Comp	10	Argentina
XL Holdings (Proprietary) Limited (formerly XL Winterthur Holdings (Proprietary)                                                                                       Limited))		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 Trading Partners Ltd		Bermuda
XL Europe Holdings Ltd (formerly X.L. Two Ltd.)		Bermuda
XL Treasury Europe Limited		R of Ireland
XL Europe Ltd		R of Ireland
XL Financial Services (Ireland) Ltd		R of Ireland
Mid Ocean Limited		Cayman
Mid Ocean Holdings Limited		Bermuda
Ridgewood Holdings Limited		Bermuda
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
NAC Re International Holdings Ltd		UK
NAC Reinsurance International Limited		UK
XL BCM Limited		UK
XL Mid Ocean Re Limited		UK
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 

(*) - General Partner of XLA Garrison L.P. 

(**) - Limited Partner of XLA Garrison L.P.