Element Re ,
 Element Re Named `Company Launch of the Year'
Division of XL Insurance Company of New York Honored by The Review Magazine
STAMFORD, Conn.--(BUSINESS WIRE)--Sept. 6, 2001--Element Re, a provider of weather risk management products and a division of XL Insurance Company of New York, was named `Company Launch of the Year' by The Review, an international magazine devoted to covering the insurance and reinsurance industries. The award was presented to Element Re last night by The Review at the Dorchester Hotel in London, England. 
``Element Re was chosen out of a field of companies and subsidiaries of existing companies as the most significant new venture in the insurance field,'' said Jason Groves, editor of The Review. ``In the last year, they have made a major contribution to the risk arena. The judges were especially impressed that Element Re created a new market that was focused and specialized.'' 
``It's been a great year for us,'' said Lynda Clemmons, president of Element Re. ``Since launching in September of 2000, we've completed over 500 transactions including one of the largest insurance deals in the weather risk industry, and have more than tripled our team. This award is a true testament to our hard work and success as well as the support we've received from XL Capital Ltd.'' 
About Element Re 
Element Re is an indirect subsidiary of XL Capital Ltd (NYSE: XL <http://finance.yahoo.com/q?s=xl&d=t> - news </n/x/xl.html>), which, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of June 30, 2001, XL Capital Ltd had consolidated assets of approximately $18.7 billion and consolidated shareholders' equity of approximately $5.7 billion. More information about XL Capital Ltd is available at www.xlcapital.com <http://www.xlcapital.com>. For more information on Element Re, call (203) 356-3580. 
About The Review 
Founded in 1869, The Review is a monthly magazine that presents news and features on the insurance and reinsurance industries. The magazine also produces conferences and directories to highlight and support the industry including the Baden Baden Directory and Conference Diary, which are distributed to participants at the annual Baden Baden conference in Germany.
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