-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G79rAqzIHfNsvcyB0ydRefaBkiS8xNRtXRkuZsv5rWwWr3ErWWWYmSo8X3ttvmON +4fWD/0P2PBDbHM9EE/8bA== 0000950162-03-001315.txt : 20031017 0000950162-03-001315.hdr.sgml : 20031017 20031017100816 ACCESSION NUMBER: 0000950162-03-001315 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031017 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031017 FILER: COMPANY DATA: COMPANY CONFORMED NAME: XL CAPITAL LTD CENTRAL INDEX KEY: 0000875159 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 980191089 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10804 FILM NUMBER: 03944968 BUSINESS ADDRESS: STREET 1: XL HOUSE STREET 2: ONE BERMUDIANA ROAD CITY: HAMILTON HM11 BERMUD STATE: D2 BUSINESS PHONE: 4412928515 MAIL ADDRESS: STREET 1: CAHILL GORDON & REINDEL(IMMANUEL KOHN) STREET 2: 80 PINE STREET CITY: NEW YORKI STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: EXEL LTD DATE OF NAME CHANGE: 19950720 8-K 1 xl8k101703.txt FORM 8K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 October 17, 2003 Date of Report (Date of earliest event reported) XL CAPITAL LTD (Exact name of registrant as specified in its charter) Cayman Islands 1-10809 98-0191089 (State or other jurisdiction of (Commission file number) (I.R.S. Employer incorporation or organization) Identification No.) XL House, One Bermudiana Road, Hamilton, Bermuda HM11 (Address of principal executive offices) (441) 292-8515 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) ================================================================================ Item 7. Financial Statements and Exhibits. (c) Exhibits. The following exhibit is filed herewith: Exhibit No. Description ----------- ----------- 99.1 Press Release ("XL Capital Ltd Announces That Third Quarter Results Will Be Impacted By Prior Period Losses In North American Casualty Reinsurance Operations") dated October 17, 2003. Item 12. Results of Operations and Financial Condition. The following information is being furnished under Item 12, "Results of Operations and Financial Condition." This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On October 17, 2003, XL Capital Ltd issued the press release attached as Exhibit 99.1 and incorporated by reference announcing a pre-earnings release relating to the results for the third quarter of 2003. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: October 17, 2003 XL CAPITAL LTD By: /s/ Jerry de St. Paer -------------------------------- Name: Jerry de St. Paer Title: Chief Financial Officer EX-99.1 3 xl8k101703ex991.txt PRESS RELEASE Exhibit 99.1 XL CAPITAL XL Capital Ltd XL House One Bermudiana Road P. O. Box HM 2245 Hamilton HM JX Bermuda Phone: (441) 292-8515 Fax: (441) 292-5280 NEWS RELEASE Contact: Gavin R. Arton Roger R. Scotton Investor Relations Media Contact (441) 294-7104 (441) 294-7165 XL CAPITAL LTD ANNOUNCES THAT THIRD QUARTER RESULTS WILL BE IMPACTED BY PRIOR PERIOD LOSSES IN NORTH AMERICAN CASUALTY REINSURANCE OPERATIONS HAMILTON, BERMUDA, October 17, 2003 -- XL Capital Ltd ("XL" or the "Company") (NYSE: XL) announced today that third quarter results will be lower than anticipated due to higher than expected losses in its North American reinsurance operations primarily from new casualty claims for the 1997 to 2000 underwriting years. As a result of these losses, the Company expects its third quarter 2003 net income to be reduced by approximately $184 million pre-tax or $160 million after-tax, or approximately $1.16 per ordinary share, compared to analysts' current expectations. The Company will report third quarter results after the close of market trading on October 29, 2003. Brian M. O'Hara, President and Chief Executive Officer of XL, stated: "As we have previously noted, the underwriting years in the late 1990's were among the worst in the industry's history for North American casualty business. Many primary insurers are continuing to see loss development beyond historical patterns due to the marked expansion of liability in the U.S. tort system. The claims stem from the former NAC Re book, primarily from general liability, medical malpractice, professional lines and surety." 1 "I am personally leading a review of this book of business, which will include an intensive claims audit and review of the ceding company claims files that will be completed by year end," Mr. O'Hara noted. "I intend to fully address our exposure to the 1997 through 2000 North American casualty reinsurance book written by the former NAC Re so that it will not adversely affect our financial results in 2004 and beyond." XL Capital Limited will hold an analyst conference call at 9:00 a.m. EDT on Monday, October 20, 2003, to discuss these developments. This call will be simultaneously webcast and can be accessed through XL's website at www.xlcapital.com. XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products and services to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. # # # This press release contains forward-looking statements that involve inherent risks and uncertainties. Statements that are not historical facts, including statements about XL's beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates, and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: (a) the impact of the 1997 through 2000 underwriting years on XL's results following the audit and claims review of the North American casualty reinsurance book to be completed in the fourth quarter of 2003; (b) rate increases and improvements in terms and conditions may not be as large or sustainable as XL is currently projecting; (c) greater frequency or severity of claims and loss activity, including as a result of natural or man-made catastrophic events, than XL's underwriting, reserving or investment practices anticipate based on historical experience or industry data; (d) developments in the world's financial and capital markets which adversely affect the performance of XL's investments and XL's access to such markets; (e) changes in general economic conditions, including foreign currency exchange rates, inflation and other factors; and (f) the other factors set forth in XL's most recent report on Form 10-K, Form 10-Q and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. 2 -----END PRIVACY-ENHANCED MESSAGE-----