8-K

                       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 8, 1999



                               -------------------



                                 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 No.)     (I.R.S. Employer
 incorporation or organization)                             Identification No.)


Cumberland House, 1 Victoria Street, Hamilton, Bermuda             HM 11
(Address of principal executive offices)                         (Zip Code)


       Registrant's Telephone Number, including area code: (441) 292-8515






ITEM 8.  Change in Fiscal Year

     Attached hereto as Exhibit 99 is a press release issued by XL Capital Ltd
(the "Company") on August 30, 1999 announcing the change of its fiscal year end
from November 30 to December 31. The Company's quarterly reporting periods will
end on March 31, June 30 and September 30. The Company will amend and re-file
its 1998 Annual Report on Form 10-K to reflect this change in fiscal year end
and file its Quarterly Report on Form 10-Q for the third quarter covering the
period through September 30, 1999.



Exhibit           Description

99                Press release dated August 30, 1999




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:  September 8, 1999


                              XL CAPITAL LTD

                              By:  /s/ Paul S. Giordano
                                   ---------------------------------
                                   Paul S. Giordano
                                   Senior Vice President,
                                   General Counsel and Secretary






                                  EXHIBIT INDEX

Exhibit           Description

                  Press Release dated August 30, 1999

EX-99

                                                                      Exhibit 99

NEWS RELEASE

IMMEDIATE

Contact:          Roger R. Scotton
                  Vice President
                  Corporate Communications
                  XL Capital Ltd.
                  (441) 294-7165


                 XL CAPITAL TO CHANGE FISCAL YEAR TO DECEMBER 31

            Prior Periods Will Be Conformed to Include NAC Re Results
                                on a Pooled Basis

HAMILTON, Bermuda, (August 30, 1999) -- XL Capital Ltd ("XL" or the "Company")
(NYSE: XL) announced today that, beginning with the 1999 fiscal year, it plans
to change its fiscal year-end from November 30th to December 31st and its
quarterly reporting periods to March 31, June 30, and September 30. The change
will take effect so that the Company's third fiscal quarter of 1999 will end
September 30, 1999.

"This change is being made to conform all operating units of XL into a common
fiscal reporting structure," stated Robert R. Lusardi, XL's Executive Vice
President and Chief Financial Officer. "Moving XL's fiscal year to a calendar
basis brings the Company into alignment with most other insurance and financial
service organizations and will also make it easier for XL's affiliates to meet
their statutory filing requirements."

As a result of the change in year end, XL will amend and re-file its 1998 Annual
Report on Form 10-K to reflect the change in fiscal year from November 30 to
December 31 in order to conform to NAC Re's year end and to include NAC Re's
results, in accordance with practice for mergers accounted for on a pooling
basis. Similarly, XL will report on a pooled basis its results for the quarter
and nine months ended September 30, 1999. Merger and other related charges
principally resulting from XL's merger with NAC Re Corporation on June 18, 1999
will be included in the conformed results for the 1999 second quarter and nine
months period.

XL plans to announce its results for the three and nine-month periods ended
September 30, 1999 on Thursday, November 4th,




1999. Prior period statements will not be available before that date and the
Company expects to complete all conformed re-statements and filings by November
30, 1999.

XL also intends to align its quarterly dividend payment dates to reflect the new
fiscal reporting periods, beginning in 2000.

XL Capital Ltd, through its wholly-owned subsidiaries, including XL Insurance
Ltd, XL Mid Ocean Reinsurance Ltd, XL Capital Products Ltd, The Brockbank Group
plc and NAC Re Corp., provides insurance and reinsurance coverages and financial
products worldwide. Following the completion of its merger with NAC Re Corp. in
June 1999, XL had consolidated assets of approximately $14.1 billion and
consolidated shareholders' equity of $5.6 billion. Additional information is
available on the XL Capital web site:
http://www.xl-capital.com.


This press release contains forward-looking statements. Such statements are
based on current plans, estimates and expectations. Accordingly, forward-looking
statements involve inherent risks and uncertainties, and a number of important
factors could cause actual results to differ materially from those contained in
any forward-looking statement, including, without limitation, changes in
accounting policies concerning mergers and acquisitions and changes in the
timing or amount of dividend payments depending on the financial condition and
results of operations of the Company. XL undertakes no duty to update publicly
any forward-looking statements contained herein in light of new information or
future developments.