XL Capital Ltd Issues Statement Regarding Merrill Lynch Lawsuit Against XL Capital Assurance Inc. (XLCA) a Subsidiary of Securit
11 June 2008 - 9:43AM
PR Newswire (US)
HAMILTON, Bermuda, June 10 /PRNewswire-FirstCall/ -- XL Capital Ltd
(NYSE:XL) (the "Company") announced today that it is not involved
in a summary judgment handed down by the U.S. District Court for
the Southern District of New York in favor of Merrill Lynch
International. Merrill Lynch International filed a complaint
against Security Capital Assurance Ltd's (NYSE:SCA) subsidiary, XL
Capital Assurance Inc. (XLCA), relating to certain credit default
swap transactions entered into by trusts and insured by XLCA
following SCA's IPO in August 2006. XLCA is not a subsidiary of XL
Capital Ltd. The swaps at issue in the lawsuit were entered into by
XLCA after SCA's IPO. XL Insurance (Bermuda) Ltd's reinsurance
guarantee to a subsidiary of SCA applies only to pre-IPO exposures.
Pursuant to a transition agreement entered into at the time of
SCA's IPO, SCA is permitted to use the "XL" name until August 2008.
XL owns approximately 46% of the common equity interest of SCA. As
the above dispute is between Merrill Lynch International and XLCA,
any queries regarding the lawsuit should be referred directly to
the parties involved in the lawsuit. Further information regarding
XL's relationship with SCA may be found in XL's filings with the
Securities and Exchange Commission. XL Capital Ltd, through its
operating subsidiaries, is a leading provider of global insurance
and reinsurance coverages to industrial, commercial and
professional service firms, insurance companies and other
enterprises on a worldwide basis. As of March 31, 2008, XL Capital
Ltd had consolidated assets of $54.8 billion and consolidated
shareholders' equity of $9.3 billion. More information about XL
Capital Ltd is available at http://www.xlcapital.com/. DATASOURCE:
XL Capital Ltd CONTACT: David Radulski, Investor Relations,
+1-441-294-7460; or Carol A. Parker Trott, Media Relations,
+1-441-294-7290, both for XL Capital Ltd Web site:
http://www.xlcapital.com/
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