Exhibit 21
CORPORATE STRUCTURE - As of December 31, 2004
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JURISDICTION
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XL CAPITAL LTD Cayman
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EXEL HOLDINGS LIMITED Cayman
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EXEL Acquisition Ltd. Cayman
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GCR Holdings Limited (IN LIQUIDATION) Cayman
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Reeve Court Holdings Ltd Bermuda
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X.L. Property Holdings Limited Bermuda
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XL Insurance (Bermuda) Ltd Bermuda
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XL Weather & Energy Ltd (FORMERLY ELEMENT REINSURANCE LTD) Bermuda
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InQuisCapital Holdings (Bermuda) Limited Bermuda
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InQuisLogic (Bermuda) Limited Bermuda
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RiskConnect Limited Bermuda
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Sovereign Risk Insurance Ltd. 50 Bermuda
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XL International (Bermuda) Ltd (FORMERLY XL WINTERTHUR INTERNATIONAL (BERMUDA) LTD) 91 Bermuda
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XL International Services Ltd (FORMERLY XL WINTERTHUR INTERNATIONAL SERVICES LTD) Bermuda
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International Insurance Consulting Services Limited Bermuda
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XL (Brazil) Holdings Ltda (FORMERLY WINTERTHUR ADMINISTRACAO E PARTICIPACOES LTDA) Brazil
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XL Insurance (Brazil) Seguradora S/A (FORMERLY WINTERTHUR INTERNATIONAL BRASIL
SEGURADORA S/A) Brazil
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XL Capital Products Ltd Bermuda
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XL Financial Assurance Ltd. 87 Bermuda
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XL Financial Solutions Ltd Bermuda
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XL Services (Bermuda) Ltd Bermuda
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XL Life Ltd Bermuda
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Reeve Court General Partner Limited Bermuda
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Reeve Court 4 Limited Partnership Bermuda
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Reeve Court 6 Limited Partnership Bermuda
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XL Gracechurch Limited UK
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XL Insurance (UK) Holdings Limited (formerly XL Winterthur (UK) Holdings
Limited) 42.33 UK
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X.L. Holdings Barbados Ltd. Barbados
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X.L. America, Inc. (*) Delaware
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XL Capital Investment Partners Inc. Delaware
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Brockbank Insurance Services, Inc. California
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XLCA Admin LLC New York
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XLCDS LLC New York
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XL Weather & Energy Advisors Inc. (FORMERLY ELEMENT RE ADVISORS INC.) Delaware
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XL Weather & Energy Inc. (FORMERLY ELEMENT RE CAPITAL PRODUCTS INC.) Delaware
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XLA Garrison L.P. Delaware
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Global Credit Analytics, Inc. Delaware
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NAC Re Corporation Delaware
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XL Reinsurance America Inc. *(A-65%) - NY New York
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XL Financial Solutions, LLC Delaware
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Greenwich Insurance Company *(A-12%) Delaware
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Warranty Support Services LLC Delaware
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XL Insurance America, Inc. *(A-10%)(FORMERLY WINTERTHUR
INTERNATIONAL AMERICA INSURANCE COMPANY) Delaware
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XL Select Insurance Company *(A-2%)(FORMERLY WINTERTHUR
INTERNATIONAL AMERICA UNDERWRITERS INSURANCE CO.) Oklahoma
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Winterthur International Services of America Inc. Wisconsin
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XL Insurance Company of New York, Inc. (A-3%) New York
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Intercargo Corporation Delaware
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XL Specialty Insurance Company *(A-6%) Delaware
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Intercargo Insurance Company H.K. Ltd. Hong Kong
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Indian Harbor Insurance Company *(A-2%) North Dakota
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XL Management Services, LLC Texas
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XL Lloyds Insurance Company Texas
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ECS, Inc. (In Liquidation) Pennsylvania
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ECS Child Care Center, Inc. Pennsylvania
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ECS Risk & Insurance Services, Inc. Barbados
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XL Environmental Ltd UK
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NAC Re Financial Services, Inc. Delaware
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NAC Re Investment Holdings, Inc. Delaware
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XL Capital Assurance Inc. New York
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XL Capital Assurance (U.K.) Limited UK
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37 Lambert Road LLC Delaware
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XL Financial Administrative Services, Inc. Delaware
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XL Portfolio Advisors Inc. Delaware
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XL Global, Inc. Delaware
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XL Insurance, Inc. Delaware
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XL Global Services, Inc. Delaware
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XL Investment Management (USA) LLC Delaware
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Eagleview Insurance Brokerage Services, LLC Delaware
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XL Life and Annuity Holding Company Delaware
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XL Life Insurance and Annuity Company (FORMERLY LYNDON LIFE
INSURANCE COMPANY) Illinois
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XL Asset Funding Company I LLC Delaware
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XL Life and Annuity (Bermuda) Ltd Bermuda
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XL INVESTMENTS LTD Bermuda
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First Cumberland Bank, Inc. (IN LIQUIDATION) Barbados
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Garrison Investments Inc. (**) Barbados
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InQuisLogic Ltd. Barbados
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InQuisLogic Inc. Delaware
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Kensington Investments Inc. Barbados
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XLB Partners Inc. Barbados
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Cumberland Holdings, Inc. Delaware
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Cumberland California, Inc. Delaware
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Cumberland New York, Inc. Delaware
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Pareto Asset Management (Ireland) Limited 50 Ireland
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RiskConnect Ltd Barbados
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RiskConnect Inc. Delaware
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X.L. Investment Private Trustee Ltd. Bermuda
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X.L. Investments (Barbados) Inc. Barbados
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Cybersettle, Inc. 56 Delaware
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Cybersettle Insurance Brokerage Services LLC Delaware
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Cybersettle Financial Services LLC Delaware
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InsuranceNoodle, Inc.
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TAM Investment Holdings Inc. Delaware
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ClearWater Opportunity Fund Ltd. Cayman
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XL (LUXEMBOURG) S.A.R.L. Luxembourg
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XL (FINANCE) S.a.r.l. Luxembourg
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XL (INTERNATIONAL) S.a.r.l. Luxembourg
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XL (SERVICES) S.a.r.l. Luxembourg
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XL (SPECIALTY) S.a.r.l. Luxembourg
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XL (WESTERN EUROPE) S.a.r.l. Luxembourg
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XL Re Europe (FORMERLY LE MANS RE) France
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XL Re Europe Services AG (FORMERLY LE MANS RE
DEUTSCHLAND AG) Germany
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XL Re Europe Management Company Ltd Canada
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XL Swiss Holdings Ltd Switzerland
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XL Re Latin America Ltd Switzerland
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XL Latin America Investments Ltd Bermuda
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XL Re Latin America (Argentina SA) Argentina
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XL Re Latin America Servicos Ltda Brazil
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XL Insurance Switzerland (FORMERLY XL
WINTERTHUR INTERNATIONAL INSURANCE
SWITZERLAND) Switzerland
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Vitodurum Reinsurance Company (FORMERLY XL
WINTERTHUR INTERNATIONAL RE) Switzerland
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XL Services Switzerland Switzerland
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XL India Business Services Private Limited India
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XL Insurance Mexico Mexico
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XL Insurance (UK) Holdings Limited (FORMERLY XL
WINTERTHUR (UK) HOLDINGS LIMITED) 57.67 UK
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XL Insurance Company Limited (FORMERLY XL
WINTERTHUR INTERNATIONAL INSURANCE COMPANY
LIMITED) UK
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XL Magyarorszag Biztosito Reszvenytarsasag Hungary
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XL Insurance Argentina S.A. Compania de
Seguros (formerly Winterthur International
Argentina SA Compania de Seguros) Argentina
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XL Holdings (Proprietary) Limited (FORMERLY
XL WINTERTHUR HOLDINGS (PROPRIETARY) LIMITED) South Africa
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XL Winterthur Properties (Proprietary)
Limited South Africa
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XL Insurance Company Limited (FORMERLY
XL WINTERTHUR INTERNATIONAL INSURANCE
COMPANY LIMITED) South Africa
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XL Services UK Limited UK
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XL Trading Partners Ltd 90 Bermuda
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XL Europe Holdings Ltd (FORMERLY X.L. TWO LTD.) Bermuda
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XL Treasury Europe Limited R of Ireland
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XL Europe Ltd R of Ireland
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XL Financial Services (Ireland) Ltd R of Ireland
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XL Australia Pty Ltd (IN LIQUIDATION) Australia
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MID OCEAN LIMITED Cayman
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Mid Ocean Holdings Limited Bermuda
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Ridgewood Holdings Limited Bermuda
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XL London Market Group plc UK
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Brockbank Holdings Limited UK
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Baltusrol Holdings Limited Bermuda
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County Down Limited UK
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Dornoch Limited UK
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Stonebridge Underwriting Limited UK
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XL London Market Services Ltd UK
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Brockbank Personal Lines Limited - (DORMANT) UK
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Cassidy Brockbank Limited - (DORMANT) UK
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Denham Syndicate Management Limited UK
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Denham Direct Underwriters Ltd UK
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Denham Legal and Professional Risks Ltd UK
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Denham Tower Underwriting Agents (PTY) Limited South Africa
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XL London Market Ltd- Syndicates 588/861/990/1209 UK
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Brockbank Syndicate Services Limited UK
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XL Capital International Limited UK
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XL Capital Finance (Europe) plc UK
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XL Financial Products Ltd. UK
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XL Re Ltd Bermuda
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ECS Reinsurance Company Inc. Barbados
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Global Capital Underwriting Ltd. UK
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NAC Re International Holdings Ltd UK
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NAC Reinsurance International Limited UK
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XL BCM Limited UK
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XL Mid Ocean Re Limited UK
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XL INVESTMENT MANAGEMENT LTD Bermuda
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XL CAPITAL PARTNERS CORPORATION Cayman
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XL Capital Partners I, L.P. Cayman
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XL Capital Principal Partners I, L.L.C. 50 Delaware
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XL Principal Partners I, L.P. Cayman
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XL Capital Principal Partners I, L.L.C. 50 Delaware
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*A = COMPANY IS A MEMBER OF NAC REINSURANCE, INTERCARGO POOLING AGREEMENT WITH
INDIVIDUAL COMPANY POOLING % NOTED
(*) - General Parter of XLA Garrison L.P.
(**) - Limited Partner of XLA Garrison L.P.