================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
August 21, 2003
Date of Report (Date of earliest event reported)
XL CAPITAL LTD
(Exact name of registrant as specified in its charter)
Cayman Islands 1-10809 98-0191089
(State or other jurisdiction of (Commission file number) (I.R.S. Employer
incorporation or organization) Identification No.)
XL House, One Bermudiana Road, Hamilton, Bermuda HM11
(Address of principal executive offices)
(441) 292-8515
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
================================================================================
Item 5. Other events.
On August 21, 2003, XL Capital Ltd issued the press release attached as Exhibit
99(a) and incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits. The following exhibit is filed herewith:
Exhibit No. Description
----------------- -----------
99(a) Press Release ("XL Capital Announces That
Contingent Additional Principal Will Accrue On
Its Liquid Yield Option (TM) Notes Due 2021")
dated August 21, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: August 21, 2003
XL CAPITAL LTD
By: /s/ Jerry de St. Paer
----------------------------------------
Name: Jerry de St. Paer
Title: Executive Vice President
and Chief Financial Officer
Exhibit 99(a)
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 THAT CONTINGENT ADDITIONAL PRINCIPAL WILL ACCRUE ON ITS
LIQUID YIELD OPTION (TM) NOTES DUE 2021 ("LYONs")
Hamilton, Bermuda (August 21, 2003) - XL Capital Ltd (NYSE: XL) ("XL") announced
today that Contingent Additional Principal (as defined in the indenture (the
"Indenture") governing the LYONs) in the amount of 64.5 basis points will accrue
on XL's LYONs for the period from September 7, 2003 through September 6, 2004
under the terms of the Indenture, resulting in a total effective accretion rate
of 3.52% over such period.
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 of June 30, 2003, XL Capital Ltd had
consolidated assets of approximately $39.2 billion and consolidated
shareholders' equity of approximately $7.6 billion. More information about XL
Capital Ltd is available at www.xlcapital.com.