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EXEL LIMITED REPORTS FOURTH-QUARTER EARNINGS

 EXEL LIMITED REPORTS FOURTH-QUARTER EARNINGS
 HAMILTON, Bermuda, Jan. 7 /PRNewswire/ -- EXEL Limited (NYSE: XL)


today reported net income for the fourth quarter ended Nov. 30, 1991, of $76.7 million or $1.35 per share compared to $47.5 million or $0.89 per share for the fourth quarter 1990.
 Net premiums written for the quarter were $105.6 million compared to $97.4 million in the same period of 1990.
 Operating earnings, which exclude realized investment gains, for the fourth quarter of 1991 were $52.2 million or $0.92 per share compared to $42.2 million or $0.79 per share for the fourth quarter of 1990.
 For the 1991 fiscal year, net income was $267 million or $4.83 per share compared to $176.5 million or $3.30 per share in 1990.
 Net premiums written for the 1991 fiscal year were $398.8 million compared to $387.3 million in 1990.
 Operating earnings, which exclude realized investment gains, for the 1991 fiscal year were $195.5 million or $3.54 per share compared to $172.2 million or $3.19 per share in 1990. The combined ratio for the 1991 fiscal year was 93.6 percent compared to 91.5 percent in 1990, with the loss and loss expense ratio being 77.4 percent compared to 78 percent, and the underwriting expense ratio being 16.2 percent (including 1 percent representing costs incurred relating to the initial public offering) compared to 13.5 percent.
 Net investment income, excluding realized gains, increased 21.7 percent to $171.6 million in the 1991 fiscal year from $141 million in 1990.
 "Overall, the results are very satisfactory especially considering the competitive environment in which we are operating with continued pressure on both price and coverage," said Michael J. Kevany, president and chief executive officer.
 EXEL Limited, through its wholly owned subsidiaries, X.L. Insurance Company, Ltd. and X.L. Europe Insurance, provides general liability, directors and officers liability and professional liability coverage to industrial, commercial and other enterprises, directors and officers of such enterprises and professional service firms on a worldwide basis.
 EXEL LIMITED
 Summary Consolidated Financial Data
 (Dollars in thousands, except per share amounts)
 Periods ended Three months Year
 Nov. 30 1991 1990 1991 1990
 (unaudited)
 Income statement data:
 Net premiums written $105,533 $97,410 $398,775 $387,291
 Net premiums earned 97,225 93,607 388,261 360,636
 Net investment income 47,161 35,356 171,579 141,010
 Realized gains 24,466 5,331 71,486 4,327
 Losses & loss expenses 76,293 76,878 300,329 281,221
 Acquisition costs and
 admin. expenses 15,692 10,732 63,030 48,664
 Income before income tax
 expense 76,867 47,543 267,967 176,947
 Net income 76,685 47,495 266,966 176,485
 Wtd. avg. no. of ordinary
 shares & ordinary share
 equivalents outstdg. 56,817 53,365 55,278 54,006
 Net income per ordinary
 share and ordinary share
 equivalent $1.35 $0.89 $4.83 $3.30
 As of Nov. 30 1991 1990
 Balance sheet data:
 Total investments $2,498,412 $1,878,868
 Cash and cash equivalents 166,529 265,805
 Total assets 2,731,134 2,199,303
 Unpaid losses and loss expenses 957,344 799,222
 Shareholders' equity 1,366,196 1,098,404
 -0- 1/7/92
 /CONTACT: Michael J. Kevany, president and CEO, or Brian G. Walford of EXEL Limited, 809-292-8515, or Andrew R. Baer or Ruth Pachman of Kekst and Company, 212-593-2655, for EXEL Limited/
 (XL) CO: EXEL Limited ST: IN: INS SU: ERN


CK -- NY021 -- 7216 01/07/92 09:48 EST
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Date:Jan 7, 1992
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