-----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, H1Lk0ewY3zkHXwbBGacJ1lizogeFrtFoPOVfu5OQooPOfJyn+vFQq1bYi/+/x4oj SQSQam7gcJgj35ZNCyJHuQ== 0000950162-05-000090.txt : 20050121 0000950162-05-000090.hdr.sgml : 20050121 20050120190041 ACCESSION NUMBER: 0000950162-05-000090 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050120 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050121 DATE AS OF CHANGE: 20050120 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: 05539731 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 xl8k012005.txt CURRENT REPORT ================================================================================ UNITED STATES 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 Date of Report (Date of earliest event reported): January 20, 2005 ------------------------ XL CAPITAL LTD (Exact name of registrant as specified in its charter) ------------------------ Cayman Islands 1-10809 98-0191089 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) XL House, One Bermudiana Road, Hamilton, Bermuda HM 11 (Address of principal executive offices) Registrant's telephone number, including area code: (441) 292 8515 Not Applicable (Former name or former address, if changed since last report) ------------------------ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Item 8.01. Other Events. On January 20, 2005, XL Capital Ltd issued the press release attached as Exhibit 99.1 and incorporated by reference herein. Item 9.01. Financial Statements and Exhibits. (c) Exhibits. The following exhibits are filed herewith: Exhibit No. Description ----------- ------------ 99.1 Press Release ("XL CAPITAL ANNOUNCES ESTIMATE OF LOSSES FROM INDIAN OCEAN TSUNAMI AND REVISES ESTIMATE OF LOSSES FROM 2004 HURRICANES") dated January 20, 2005. 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. Date: January 20, 2005 XL CAPITAL LTD (Registrant) By: /s/ Fiona Luck ------------------------------------ Name: Fiona Luck Title: Executive Vice President, Global Head of Corporate Services & Assistant Secretary EX-99.1 2 xl8k012005-ex991.txt Exhibit 99.1 [XL Capital Logo Omitted] 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 Press Release IMMEDIATE Contact: Scott C. Hoy Roger R. Scotton Investor Relations Media Relations (441) 294-7201 (441) 294-7165 XL CAPITAL ANNOUNCES ESTIMATE OF LOSSES FROM INDIAN OCEAN TSUNAMI AND REVISES ESTIMATE OF LOSSES FROM 2004 HURRICANES Hamilton, Bermuda (January 20, 2005): -- XL Capital Ltd (NYSE: XL) ("XL" or the "Company") announced today that, based on initial loss reports and preliminary estimates, it expects pre-tax net losses arising from the tsunami that struck South Asia on December 26, 2004 of approximately $75 million. Approximately two-thirds of these estimated losses are expected to be attributable to XL's insurance segment, with the balance attributable to its reinsurance segment. The majority of expected losses relate to property exposure with marine, motor and personal accident exposures also affected. Separately, the Company has revised its estimate of expected net losses arising from hurricane activity during the third quarter of 2004. Previously, the Company reported estimated pre-tax net losses, net of reinstatement premiums, of $446 million related to hurricanes Charley, Frances, Ivan and Jeanne. Due primarily to the difficulty in assessing initial expected claims for Frances in advance of Jeanne, which followed a similar landfall path to Frances, the Company has increased its estimate of expected pre-tax net losses, net of reinstatement premiums, to approximately $520 million. The Company expects that the impact of the Indian Ocean tsunami and the increase in estimated net losses from the 2004 hurricanes will result in an after-tax charge of approximately $139 million, which will adversely affect its fourth quarter and full year 2004 results but will not materially affect its overall financial condition. 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. As of September 30, 2004, XL Capital Ltd had consolidated assets of approximately $46.8 billion and consolidated shareholders' equity of approximately $7.4 billion. More information about XL Capital Ltd is available at www.xlcapital.com. This press release contains forward-looking statements about the effects of the Indian Ocean tsunami and third quarter 2004 hurricanes on the Company's results of operations and financial condition. Such statements involve inherent risks and uncertainties. Statements that are not historical facts, including statements about XL's beliefs 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 events or results to differ materially from those in such forward-looking statements include the preliminary nature of reports and estimates of loss relating to the Indian Ocean tsunami, the limited ability of claims personnel to make inspections relating to the Indian Ocean tsunami and the other important factors set forth in XL's most recent annual report on Form 10-K, quarterly report on Form 10-Q and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future developments or otherwise. # # # -----END PRIVACY-ENHANCED MESSAGE-----