-----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, CCz/qKXjGa81QoFT0QHEJB/ccrVRC67JwxI2H/cgouj9JzGYEfO/iDxYvp8CzNQw xqQd0C+DXEZW/pVw0ncfCg== 0000950162-05-000881.txt : 20050913 0000950162-05-000881.hdr.sgml : 20050913 20050913092720 ACCESSION NUMBER: 0000950162-05-000881 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050912 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050913 DATE AS OF CHANGE: 20050913 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: 051081189 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 xl8k-091205.txt ================================================================================ 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): September 12, 2005 ------------------------ XL CAPITAL LTD (Exact name of registrant as specified in its charter) ------------------------ Cayman Islands 1-10809 98-0191089 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) XL House, One Bermudiana Road, Hamilton, Bermuda HM11 (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 September 12, 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 LTD COMMENTS ON ESTIMATES REGARDING HURRICANE KATRINA AND OTHER THIRD QUARTER 2005 NATURAL CATASTROPHES") dated September 12, 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: September 13, 2005 XL CAPITAL LTD (Registrant) By: /s/ Jerry de St. Paer ------------------------------------ Name: Jerry de St. Paer Title: Executive Vice President and Chief Financial Officer EX-99.1 2 xl8k-091205ex991.txt PRESS RELEASE Exhibit 99.1 [XL Capital Logo Omitted] XL Capital Ltd XL House One Bermudiana Road Hamilton HM 11 Bermuda Phone (441) 292 8515 Fax (441) 292 5280 Press Release Contact: Lily B. Outerbridge Roger R. Scotton Investor Relations Media Relations (441) 294 7345 (441) 294 7165 XL CAPITAL LTD COMMENTS ON ESTIMATES REGARDING HURRICANE KATRINA AND OTHER THIRD QUARTER 2005 NATURAL CATASTROPHES Hamilton, Bermuda - September 12, 2005: XL Capital Ltd (NYSE:XL) ("XL" or the "Company") today announced that, based on initial analyses performed by the Company and preliminary estimates received to date, it estimates that XL's net losses (excluding net reinstatement premiums) relating to Hurricane Katrina will be in the range of approximately one and three quarters per cent of the industry loss. This estimate is consistent with XL's expectation for an event of this profile. The Company expects that the loss adjustment process for Hurricane Katrina will be protracted due to the complexity of the event. Accordingly, this estimate is subject to revision. Brian M. O'Hara, President and Chief Executive Officer of XL, commented: "We believe that Hurricane Katrina could become the most costly natural catastrophe for our industry to date. Clearly, it has had unprecedented human costs and our sympathies go out to all of the victims and their families whose lives have been impacted by this tragic event." The Company also announced that it expects XL's combined estimated losses relating to the other natural catastrophes, including the European Floods, that occurred during the third quarter of 2005 will be approximately $80 million pre-tax. Mr. O'Hara further commented: "Hurricane Katrina and the other third quarter natural catastrophes will adversely affect XL's third quarter 2005 results. While these loss estimates impact XL's previous guidance for 2005, we still anticipate an operating profit for the year barring any further significant adverse events." "We will be working closely with our customers over the upcoming months in addressing their losses in a manner reflective of XL's commitment to those customers." "We also believe that XL is well-positioned to participate in the upcoming renewal season as we expect no fundamental change in our risk appetite." 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 June 30, 2005, XL Capital Ltd had consolidated assets of approximately $53.3 billion and consolidated shareholders' equity of approximately $8.4 billion. More information about XL Capital Ltd is available at www.xlcapital.com. This press release contains forward-looking statements about the estimated effects of natural catastrophes that occurred during the third quarter of 2005 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 to date, the limited ability of claims personnel to make inspections to date 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-----