empirefwp_121007.htm
Issuer
Free Writing Prospectus
Filed
pursuant to Rule 433
Dated
July 28, 2008
Relating
to
Preliminary
Prospectus Supplement dated July 28, 2008 to
Registration
Statement No. 333-130036
On
XL Capital Ltd’s (the “Registrant”)
quarterly results conference call on July 28, 2008, Michael
S. McGavick, the Registrant’s Chief Executive Officer, stated that
13 counterparties, representing a substantial majority of Security Capital
Assurance Ltd’s (“SCA”) total notional amount of asset-backed
security collateralized debt obligation (“ABS CDO”) exposure
(exclusive of SCA’s
Merrill Lynch ABS CDO exposure) and approximately 97%
of the total notional amount of ABS CDOs written by SCA prior to its initial
public offering have become parties to the
Master Commutation, Release and Restructuring Agreement (the “SCA Agreement”),
dated as of July 28, 2008, by and among the Registrant, XL Insurance (Bermuda)
Ltd, XL Reinsurance America Inc., X.L. Global Services, Inc., XL Services (Bermuda)
Ltd and X.L. America, Inc. and SCA and certain of SCA’s subsidiaries. As
previously disclosed, additional counterparties may become parties to the SCA
Agreement up to and including the closing under the SCA Agreement.
XL
Capital Ltd has filed a registration statement (including a prospectus)
with the SEC
for the offerings to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents XL Capital Ltd has filed with the SEC for more complete information
about XL Capital Ltd and these offerings. You may get these documents
for free by visiting EDGAR on the
SEC Web site at www.sec.gov. Alternatively, XL Capital Ltd, any underwriter
or any
dealer participating in these offerings will arrange to send you the prospectus
if
you request it by calling Goldman, Sachs & Co. toll-free at (866) 471-2526
or UBS Investment Bank toll-free at (888) 827-7275.