Exhibit 99

                                                     XL Capital Ltd
                                                     XL House
                                                     One Bermudiana Roand
                                                     Hamilton HM 11
                                                     Bermuda

                                                     Phone: (441) 292-8515
                                                     Fax:   (441) 292-5280

NEWS RELEASE



IMMEDIATE



Contact:          Gavin R. Arton                     Roger R. Scotton

                  Investor Relations                 Media Relations

                  441-294-7104                       441-294-7165



                          XL CAPITAL PRICES ZERO-COUPON
                             CONVERTIBLE DEBENTURES


     HAMILTON, Bermuda (May 18, 2001) - XL Capital Ltd ("XL") (NYSE: XL)
announced today that it has priced its 20-year, zero-coupon convertible senior
debentures due 2021 which are being issued in a private offering that will
result in net proceeds of approximately $500 million. The debentures will be
convertible into XL ordinary shares at an initial conversion price of $99.81 and
will carry a 2.625% yield to maturity. The initial purchasers will have an
option to purchase up to an additional $100 million of debentures to cover
over-allotments.

     XL expects to use the net proceeds of the offering for general corporate
purposes, which may include acquisitions, including without limitation, the
announced acquisition of Winterthur International from Winterthur Swiss
Insurance Company, a




subsidiary of the Credit Suisse Group, and the repurchase of outstanding
ordinary shares. Any such repurchase will be determined based upon prevailing
market conditions.

     This press release does not constitute an offer to sell or the solicitation
of an offer to buy any of the convertible debentures, nor will there be any sale
of the convertible debentures in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state. The convertible debentures are being issued
in reliance on the exemption from the registration requirements provided by Rule
144A. The convertible debentures and the underlying ordinary shares have not
been registered under the Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements of the Securities
Act and applicable state securities laws.

     XL Capital Ltd, 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 at March 31, 2001, XL had consolidated
assets of approximately $17.6 billion and consolidated shareholders' equity of
approximately $5.7 billion. More information about XL is available on
www.xlcapital.com.






     This press release may contain forward-looking statements which involve
inherent risks and uncertainties. Statements that are not historical facts,
including statements about XL's beliefs, plans 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 results to differ materially from those in such forward-looking
statements is set forth in XL's most recent report on Form 10-K and XL's other
documents on file with the Securities and Exchange Commission. XL undertakes no
obligation to publicly update or revise any forward-looking statement, whether
as a result of new information, future developments or otherwise.

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