-----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, IeJ16HNz9gwBZzv3HFFgZ97eJIdxt8v26yYMmIMkPiqIDfoiom3pN+Z8yNZko5Sk UvaiYh+P69XFRCDQNTlo/g== 0000950162-05-000997.txt : 20051026 0000950162-05-000997.hdr.sgml : 20051026 20051026164126 ACCESSION NUMBER: 0000950162-05-000997 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051025 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051026 DATE AS OF CHANGE: 20051026 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: 051157496 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-102605.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): October 25, 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 October 25, 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 ANNOUNCES ESTIMATED LOSSES FROM THIRD QUARTER NATURAL CATASTROPHES") dated October 25, 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: October 26, 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-102605ex991.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: David Radulski Roger R. Scotton Investor Relations Media Relations (441) 294 7460 (441) 294 7165 XL CAPITAL LTD ANNOUNCES ESTIMATED LOSSES FROM THIRD QUARTER NATURAL CATASTROPHES Hamilton, Bermuda - October 25, 2005: XL Capital Ltd (NYSE:XL) ("XL" or the "Company") announced today that, based on current loss reports and estimates, it expects that pre-tax net losses arising from Hurricanes Katrina and Rita will be approximately $1.16 billion and $263.6 million, respectively. The Company also expects that pre-tax net losses from other, previously announced, natural catastrophes in the third quarter will be approximately $89.7 million. After taking into account net reinstatement premiums and tax effects, the Company estimates net losses due to these third quarter catastrophes will be approximately $1.47 billion. These losses will adversely affect XL's third quarter and full year results. Excluding these third quarter catastrophe losses, the Company expects operating income(1) for the quarter to be broadly in line with consensus analyst estimates issued prior to Hurricane Katrina. After taking into account expected losses from these events, the Company now expects an operating loss(1) for full year 2005. The Company's loss estimates are based upon a review of contracts it believes are exposed to these events, loss reports received from brokers and cedants, industry loss models, and management's best judgment. The Company expects that the loss adjustment processes for Hurricanes Katrina and Rita will be protracted due to the unprecedented complexity and scale of the events. The Company's loss estimates for Hurricanes Katrina and Rita are consistent with first-party market loss estimates of $50-55 billion and $6-9 billion, respectively. However, the Company's loss estimates involve the exercise of considerable judgment and are accordingly subject to revision. Actual losses may differ materially from these estimates. Brian M. O'Hara, President and Chief Executive Officer of XL, commented: "These hurricanes are market changing events for our industry. We believe that we are well-positioned to serve our customers and expect to be an active lead participant in the upcoming renewal season. XL will take the steps necessary to maintain its fundamental financial strength." The Company intends to release its third quarter 2005 financial results after the close of regular stock market hours on Monday, October 31, 2005. A conference call to discuss the Company's results will be held at 10:00 a.m. Eastern Time on Tuesday, November 1, 2005. The conference call can be accessed through a listen-only dial-in number or through a live webcast. To listen to the conference call please dial 201-689-8320, password XL1101. The webcast will be available at www.xlcapital.com and will be archived on XL's website from approximately 1:00 p.m. Eastern Time on November 1, 2005 through midnight Eastern Time on November 30, 2005. A telephone replay of the conference call will also be available beginning at 1:00 p.m. Eastern Time on November 1,, 2005 until 8:00 p.m. Eastern Time on November 8, 2005 by dialing 201-612-7415 (account number: 290 and conference I.D. number: 171859). 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. (1) Defined as net income (loss) excluding net realized gains and loses on investments and net realized and unrealized gains and losses on credit and investment instruments, net of tax. This is a non-GAAP measure. # # # -----END PRIVACY-ENHANCED MESSAGE-----