Exhibit 99

                                                          XL Capital Ltd
                                                                XL House
                                                     One Bermudiana Road
                                                          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 ANNOUNCES PLANS TO ISSUE ZERO-COUPON


                             CONVERTIBLE DEBENTURES


     HAMILTON, Bermuda (May 17, 2001) - XL Capital Ltd ("XL") (NYSE: XL)
announced today that it has agreed to sell $500 million of 20-year, zero-coupon
convertible senior debentures due 2021 in a private offering resulting in net
proceeds of approximately $500 million. The debentures will be convertible into
XL ordinary shares. 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 .

     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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