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                                                                 Exhibit 10.14.3

                                                           EXECUTION COUNTERPART

                  AMENDMENT NO. 2 TO CREDIT AGREEMENT (5-YEAR)

            AMENDMENT NO. 2 dated as of June 30, 1999, between MID OCEAN
LIMITED, a corporation duly organized and validly existing under the laws of the
Cayman Islands (the "Company"); each of the other Obligors identified under the
caption "OBLIGORS" on the signature pages hereto; each of the lenders that is a
signatory hereto (individually, a "Bank" and, collectively, the "Banks"); and
THE CHASE MANHATTAN BANK, as administrative agent for the Banks (in such
capacity, together with its successors in such capacity, the "Administrative
Agent").

            The Company, the Banks and the Administrative Agent are parties to a
Credit Agreement (5-Year) dated as of September 2, 1997, as amended by Amendment
No. 1 dated as of August 5, 1998 (the "Credit Agreement"), providing, subject to
the terms and conditions thereof, for loans to be made by said Banks to the
Company in an aggregate principal amount not exceeding $100,000,000. The
Company, the Banks and the Administrative Agent wish to amend the Credit
Agreement in certain respects, including adding XL Capital, XL Insurance and XL
Mid Ocean (as such terms are defined below) as borrowers and guarantors
thereunder and accordingly, the parties hereto hereby agree as follows:

            Section 1. Definitions. Except as otherwise defined in this
Amendment No. 2, terms defined in the Credit Agreement are used herein as
defined therein.

            Section 2. Amendments. Effective as of the Amendment Date as
provided in Section 5 below, the Credit Agreement is hereby amended as follows:

            2.01. References in the Credit Agreement (including references to
the Credit Agreement as amended hereby) to "this Agreement" (and indirect
references such as "hereunder", "hereby", "herein" and "hereof") shall be deemed
to be references to the Credit Agreement as amended hereby.

            2.02. Section 1.01 of the Credit Agreement is hereby amended by
adding the following new definitions (to the extent not already included in said
Section 1.01) and inserting the same in the appropriate alphabetical locations
and amending the following definitions (to the extent already included in said
Section 1.01), as follows:

            "Borrower" shall mean each of the Company, XL Capital, XL Insurance
      and XL Mid Ocean.

                  Amendment No. 2 to Credit Agreement (5-Year)

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            "Borrowers' Jurisdiction" shall mean (a) Bermuda, (b) the Cayman
      Islands and (c) any other country (i) where any Borrower is licensed or
      qualified to do business or (ii) from which payments hereunder are made by
      any Borrower.

            "Consolidated Tangible Net Worth" shall mean at any date the
      consolidated stockholders' equity of XL Capital and its consolidated
      Subsidiaries less their consolidated Intangible Assets, all determined as
      of such date. For purposes of this definition "Intangible Assets" means
      the amount (to the extent reflected in determining such consolidated
      stockholders' equity) of (i) all write-ups (other than write-ups resulting
      from foreign currency translations and write-ups of assets of a going
      concern business made within twelve months after the acquisition of such
      business) subsequent to November 30, 1998, in the book value of any asset
      owned by XL Capital or a consolidated Subsidiary and (ii) all unamortized
      debt discount and expense, unamortized deferred charges, deferred
      acquisition costs, goodwill, patents, trademarks, service marks, trade
      names, anticipated future benefit of tax loss carry-forwards, copyrights,
      organization or developmental expenses and other intangible assets.

            "Designated Lender" shall mean, with respect to any Designating
      Lender, an Eligible Designee designated by it pursuant to Section 11.06(j)
      hereof as a Designated Lender for purposes of this Agreement.

            "Designating Lender" shall mean, with respect to each Designated
      Lender, the Bank that designated such Designated Lender pursuant to
      Section 11.06(j) hereof.

            "Eligible Designee" shall mean a special purpose corporation that
      (i) is organized under the laws of the United States or any state thereof,
      (ii) is engaged in making, purchasing or otherwise investing in commercial
      loans in the ordinary course of its business and (iii) issues (or the
      parent of which issues) commercial paper rated at least A-1 or the
      equivalent thereof by Standard & Poor's or P-1 or the equivalent thereof
      by another recognized rating service.

            "Guarantor" shall mean each of the Company, XL Capital, XL Insurance
      and XL Mid Ocean.

            "Indebtedness" shall mean, for any Person: (a) indebtedness created,
      incurred or assumed by such Person for borrowed money or obligations of
      such Person evidenced by bonds, debentures, promissory notes or similar
      instruments; (b) obligations of such Person to pay the deferred purchase
      or acquisition price of Property or services, other than trade accounts
      payable (other than for borrowed money) arising, and accrued expenses
      incurred, in the ordinary course of business; (c) Capital Lease
      Obligations of

                  Amendment No. 2 to Credit Agreement (5-Year)

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      such Person; (d) Indebtedness of others secured by a Lien on the Property
      of such Person, whether or not the respective indebtedness so secured has
      been assumed by such Person; (e) obligations of such Person in respect of
      letters of credit or similar instruments issued or accepted by banks and
      other financial institutions for account of such Person (other than
      letters of credit and banker's acceptances arising in the ordinary course
      of such Person's business); and (f) Guarantees by such Person of
      Indebtedness of others; provided that insurance payment liabilities, as
      such, and liabilities in the ordinary course of such person's business as
      an insurance or reinsurance company or corporate member of Lloyd's or as a
      provider of financial services or contracts (other than in connection with
      the provision of financing to such Person or any of such Person's
      Affiliates) shall not be deemed to constitute Indebtedness.

            "Obligors" shall mean each Borrower and each Guarantor.

            "Total Funded Debt" shall mean, at any time, all Indebtedness of XL
      Capital and its Subsidiaries which would at such time be classified in
      whole or in part as a liability on consolidated balance sheet of XL
      Capital in accordance with GAAP.

            "XL Capital" shall mean XL Capital Ltd, a corporation duly organized
      and validly existing under the laws of the Cayman Islands.

            "XL Insurance" shall mean XL Insurance Ltd, a limited liability
      company duly organized and validly existing under the laws of Bermuda.

            "XL Mid Ocean" shall mean XL Mid Ocean Reinsurance Ltd, a limited
      liability company duly organized and validly existing under the laws of
      Bermuda.

            2.03. The following definitions in Section 1.01 of the Credit
      Agreement are hereby amended as follows:

                  (i) The definitions of "Affiliate", "Business Day", "ERISA
            Affiliate" and "ERISA Plan" are amended by deleting the references
            therein to "the Company" and replacing them with "any Borrower".

                  (ii) The definitions of "Administrative Agent's Account",
            "Agreed Foreign Currency", "Applicable Lending Office",
            "Eurocurrency Loans", "Foreign Benefit Plan" and "Material
            Subsidiary" are amended by deleting the references therein to "the
            Company" and replacing them with "the Borrowers".

                  Amendment No. 2 to Credit Agreement (5-Year)

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                  (iii) The definitions of "Board of Directors", "Board
            Resolution", "Interest Period" and "Officer" are amended by deleting
            the references therein to "the Company" and replacing them with "the
            relevant Borrower".

                  (iv) The definitions of "Change of Control", "Deferred
            Acquisition Expenses", "Fiscal Dates", "Material Adverse Effect",
            "Net Worth" and "Total Debt" are amended by deleting the references
            therein to "the Company" and replacing them with "XL Capital".

            2.04 Section 1.01 of the Credit Agreement is hereby amended by
      deleting the definition of "Assumed Reinsurance" and "Tangible Net Worth".

            2.05 The Credit Agreement is hereby amended by deleting each
      reference therein to "Mid Ocean Reinsurance" and replacing it with "XL Mid
      Ocean".

            2.06. The Credit Agreement is hereby amended as follows by:

                  (i) deleting each reference to "Company Jurisdiction" and
            replacing it with "Borrowers' Jurisdiction";

                  (ii) deleting each reference to "the Company" in Sections
            2.01, 4.01(a), 4.01(b), 4.02, 4.05, 4.07(d), 7.03, 7.04, 7.06, 9(a),
            9(b), 9(c), 9(e), 9(f), 9(g), 9(h), 10.03, 10.04, 11.06(g), 11.06(h)
            and 11.06(i) and replacing it with "any Borrower";

                  (iii) deleting each reference to "the Company" in Sections
            1.02(b), 2.02, 2.03, 2.04, 2.07, 2.08, 2.09, 3.01, 3.02, 4.07(c),
            5.01(b), 5.01(c), 5.01(d), 5.02, 5.05(b), 6.02, 7.09, 7.16, 8.01(g),
            8.01(h), 8.01(i), 10.05, 10.06, 10.08, 11.03, 11.06(b), 11.06(c),
            11.06(f), 11.12, 11.14(a) and 11.07, and replacing it with "each
            Borrower";

                  (iv) deleting the first reference to "The Company" in Section
            4.01(c) and replacing it with "Each Borrower" and deleting the
            subsequent references to "the Company" in such Section and replacing
            them with "such Borrower";

                  (v) deleting the first, second and third references to "the
            Company" in Section 4.06 and replacing them with "any Borrower",
            deleting the subsequent references to "the Company" in such Section
            and replacing them with "such Borrower" and deleting the reference
            to "such Company" and replacing it with "such Borrower";

                  Amendment No. 2 to Credit Agreement (5-Year)

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                  (v) deleting the first reference to "The Company" in Section
            4.07(a) and replacing it with "Each Borrower" and the subsequent
            references to "the Company" in such Section and replacing them with
            "such Borrower";

                  (vi) deleting the first reference to "The Company" in Section
            4.07(b) and replacing it with "any Borrower" and the subsequent
            references to "the Company" in such Section and replacing them with
            "such Borrower";

                  (vii) deleting the first reference to "The Company" in Section
            5.01(a) and replacing it with "Each Borrower", deleting the second
            and third references to "the Company" in such Section and replacing
            them with "such Borrower", deleting the reference to "such Company"
            in such Section and replacing it with "such Borrower" and deleting
            the reference to "any Company" in such Section and replacing it with
            "any Borrower";

                  (viii) deleting the first reference to "the Company" in
            Section 5.03 and replacing it with "any Borrower" and deleting the
            second reference to the "Company" in such Section and replacing it
            with "such Borrower";

                  (ix) deleting the first reference to "The Company" in Section
            5.04 and replacing it with "Each Borrower" and deleting the second
            reference to "the Company" in such Section and replacing it with
            "such Borrower";

                  (x) deleting the first reference to "The Company agrees" in
            Section 5.05(a) and replacing it with "The Borrowers agree",
            deleting the third and fifth references to "the Company" in such
            Section and replacing them with "such Borrower", and replacing the
            second, fourth, sixth and seventh references to "the Company" in
            such Section and replacing them with "any Borrower";

                  (xi) deleting the first and third references to "the Company"
            in Section 5.06 and replacing them with "any Borrower" and deleting
            the second and fourth references to "the Company" in such Section
            and replacing them with "such Borrower";

                  (xii) deleting the first and second references to "the
            Company" in Section 6.01(a) and replacing them with "each Borrower"
            and deleting the third and fourth references to the "Company" and
            replacing them with "such Borrower";

                  Amendment No. 2 to Credit Agreement (5-Year)

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                  (xiii) deleting the first reference to "the Company" in
            Section 6.01(b) and replacing it with "XL Capital", deleting the
            second reference to "the Company" and replacing it with "Mid Ocean
            Limited, XL Mid Ocean and XL Insurance", deleting the third
            reference to "the Company" and replacing it with "the Borrowers" and
            deleting the fourth reference to "the Company" and replacing it with
            "each Borrower";

                  (xiv) deleting all references to the Company in the final
            unnumbered paragraph of Section 6.01 and replacing them with "the
            Borrowers";

                  (xv) deleting the reference to "the Company" in the first
            sentence of Section 7 and replacing it with "the relevant Borrower";

                  (xvi) deleting the reference to "the Company" in Sections 7.01
            and 7.12 and replacing it with "the relevant Borrower";

                  (xvii) deleting the first, third, fourth and fifth references
            to "the Company" in Section 7.05 and replacing them with "each
            Borrower" and deleting the second reference to "the Company" in such
            Section and replacing it with "such Borrower";

                  (xviii) deleting each reference to "the Company nor any of its
            Subsidiaries" in Sections 7.08, 7.10 and 7.11 and replacing them
            with "any Borrower nor any of its Subsidiaries";

                  (xix) deleting the first three references to "the Company" in
            Section 9(d) and replacing them with "any Borrower" and deleting the
            last reference to "the Company" in such Section and replacing it
            with "such Borrower";

                  (xx) deleting the first reference to "the Company" in the last
            paragraph of Section 9 and replacing it with "any Borrower" and
            deleting each other reference to "the Company" in such paragraph and
            replacing them with "the Borrowers";

                  (xxi) deleting the first reference to "the Company" in Section
            10.01 and replacing it with "any Borrower" and deleting the second
            reference to "the Company" in such Section and replacing it with
            "each Borrower";

                  (xxii) deleting the reference to "any Company" in Section
            11.02 and replacing it with "any Borrower";

                  Amendment No. 2 to Credit Agreement (5-Year)

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                  (xxiii) deleting the first two references to "the Company" in
            Section 11.04 and replacing them with "each Borrower" and deleting
            the last reference to "the Company" in such Section and replacing it
            with "any Borrower";

                  (xxiv) deleting the first reference to "the Company" in
            Section 11.06(e) and replacing it with "any Borrower" and deleting
            the remaining references to "the Company" in such Section and
            replacing them with "each Borrower";

                  (xxv) deleting each reference to "the Company" in the first
            paragraph of Section 11.10 and replacing it with "each Borrower" and
            deleting the reference to "the Company" in the second paragraph of
            Section 11.10 and replacing it with "any Borrower";

                  (xxvi) deleting each reference to "the Company" in Sections
            11.11 and 11.13 and replacing it with "the Borrowers"; and

                  (xxvii) deleting the first reference to "The Company" in
            Section 11.14(b) and replacing it with "Each Borrower" and deleting
            the remaining references to "the Company" in such Section and
            replacing them with "the relevant Borrower".

            2.07. Section 7 of the Credit Agreement is hereby amended by adding,
immediately following Section 7.17, a new Section 7.18 to read as follows:

            "7.18. Year 2000 Compliance. XL Capital has (i) initiated a review
      and assessment of all areas within its and each of its Subsidiaries'
      business and operations (including those affected by material suppliers,
      vendors and customers) that could be adversely affected by the risk that
      computer applications used by XL Capital or any of its Subsidiaries (or
      material suppliers, vendors and customers other than those affecting
      customers that may give rise to claims under insurance policies issued by
      XL Capital or any Subsidiary of XL Capital) may be unable to recognize and
      perform properly date-sensitive functions involving certain dates prior to
      any date after December 31, 1999 (the "Year 2000 Problem") and (ii)
      developed a plan and timetable for addressing the Year 2000 Problem on a
      timely basis. Based on the foregoing, XL Capital believes that all
      computer applications of XL Capital and its Subsidiaries that are material
      to its or any of its Subsidiaries' business and operations are reasonably
      expected on a timely basis to be able to perform properly date-sensitive
      functions for all dates before and after January 1, 2000 ("Year 2000
      Compliant"), except to the extent that a failure to do so could not
      reasonably be expected to have a Material Adverse Effect."

                  Amendment No. 2 to Credit Agreement (5-Year)

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            2.08. Section 8.01(a) of the Credit Agreement is hereby amended in
its entirety as follows:

            "(a) Within 60 days after the end of each of the first three
      quarterly fiscal periods of each fiscal year of XL Capital, consolidated
      statements of operations and cash flows of XL Capital and its Subsidiaries
      for such period and for the period from the beginning of the respective
      fiscal year to the end of such period, and the related consolidated
      balance sheet of XL Capital and its Subsidiaries as at the end of such
      period, setting forth in each case in comparative form the corresponding
      consolidated figures for the corresponding period (except, in the case of
      the balance sheet, to the last day of) in the preceding fiscal year (it
      being understood that delivery to the Banks of XL Capital's Report on Form
      10-Q filed with the SEC shall satisfy the financial statement delivery
      requirements of this Section 8.01(a) so long as the financial information
      required to be contained in such Report is substantially the same as the
      financial information required under this Section 8.01(a)), accompanied by
      an Officer's Certificate, which certificate shall state that said
      consolidated financial statements present fairly, in all material
      respects, the consolidated financial condition and results of operations
      of XL Capital and its Subsidiaries in accordance with generally accepted
      accounting principles (except for the absence of footnotes), consistently
      applied, as at the end of, and for, such period (subject to normal
      year-end audit adjustments);".

            2.09. Section 8.01(b) of the Credit Agreement is hereby amended in
its entirety as follows:

            "(b) as soon as practicable and in any event within 100 days after
      the end of each fiscal year of XL Capital, consolidated statements of
      operations and cash flows of XL Capital and its Subsidiaries for such
      fiscal year and the related consolidated balance sheet of XL Capital and
      its Subsidiaries as at the end of such fiscal year, setting forth in each
      case in comparative form the corresponding consolidated figures for the
      preceding fiscal year (it being understood that delivery to the Banks of
      XL Capital's Report on Form 10-K filed with the SEC shall satisfy the
      financial statement delivery requirements of this Section 8.01(b) so long
      as the financial information required to be contained in such Report is
      substantially the same as the financial information required under this
      Section 8.01(b)), and accompanied by a report thereon of Price
      WaterhouseCoopers LLP or any other independent certified public
      accountants of recognized national standing, which report shall state
      (without a "going concern" or like qualification or exception and without
      qualification or exception as to the scope of its audit) that said
      consolidated financial statements present fairly, in all material
      respects, the consolidated financial condition and results of operations
      of XL Capital and its Subsidiaries as at the end of, and for, such fiscal
      year in accordance with generally accepted accounting principles in the

                  Amendment No. 2 to Credit Agreement (5-Year)

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                                      -9-

      United States of America; and with 100 days after the end of each fiscal
      year of each of the Borrowers and within 60 days after the end of each
      fiscal quarter of each such fiscal year, a certificate dated as of the end
      of such fiscal year or quarter, signed on behalf of each Borrower by a
      principal financial officer thereof, (i) stating that as of the date
      thereof no Event of Default has occurred and is continuing or exists, or
      if an Event of Default has occurred and is continuing or exists,
      specifying in detail the nature and period of existence thereof and any
      action with respect thereto taken or contemplated to be taken by such
      Borrower, (ii) stating in reasonable detail the information and
      calculations necessary to establish compliance with the provisions of
      Section 8.06 hereof and that such certificate is based on an examination
      made by or under the supervision of the signer sufficient to assure that
      such certificate is accurate;"

            2.10. Sections 8.01(c), (d), (e) and (f) of the Credit Agreement are
deleted in their entirety and replaced with the words "[Intentionally omitted]";
and the unnumbered sentence at the end of Section 8.01 of the Credit Agreement
is deleted in its entirety.

            2.11. Clause (j) of Section 8.05 of the Credit Agreement is hereby
redesignated as clause (k) and clauses (h) and (i) of Section 8.05 of the Credit
Agreement are hereby amended in their entirety and a new clause (j) is hereby
added to read as follows:

            "(h) Liens securing reimbursement obligations of any of the
      Borrowers or their Subsidiaries with respect to letters of credit;

            (i) Liens securing Indebtedness incurred so long as such
      Indebtedness does not exceed $400,000,000 in the aggregate at any one time
      outstanding;

            (j) Liens securing Indebtedness outstanding on June 30, 1999 and
      listed in Schedule 8.05(j) hereof; and"

            2.12. Section 8.06 of the Credit Agreement is hereby amended to read
in its entirety as follows:

            "8.06 Certain Financial Covenants.

            (a) Consolidated Tangible Net Worth. XL Capital will not, at any
      time, permit its Consolidated Tangible Net Worth to be less than
      $2,566,000,000.

            (b) Ratio of Total Funded Debt to Consolidated Tangible Net Worth.
      XL Capital will not permit the ratio of (i) the sum of (x) Total Funded
      Debt plus (y) the aggregate undrawn face amount of all letters of credit
      (as to which reimbursement obligations are

                  Amendment No. 2 to Credit Agreement (5-Year)

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                                      -10-

      unsecured) issued for the account of, or guaranteed by, XL Capital or any
      of its consolidated Subsidiaries to (ii) Consolidated Tangible Net Worth
      to be greater than 0.35 at any time."

            2.13. Section 8 of the Credit Agreement is hereby amended by adding,
immediately following Section 8.13, a new Section 8.14 to read as follows:

            "8.14. Year 2000 Compliance. Promptly after any Borrower's discovery
      or determination thereof, notice (in reasonable detail) that any computer
      application that is material to its or any of its Subsidiaries' business
      and operations will not be Year 2000 Compliant (as defined in Section 7.18
      hereof), except to the extent that such failure could not reasonably be
      expected to have a Material Adverse Effect."

            2.14. Section 8.12 of the Credit Agreement is hereby deleted in its
entirety and replaced with "[Intentionally omitted]", and each reference to
"Section 8.12" in the Credit Agreement is hereby deleted.

            2.15. Section 11.06(a) shall be amended to read in its entirety as
follows:

            "(a) No Borrower may assign any of its rights or obligations
      hereunder without the prior consent of all the Banks and the
      Administrative Agent."

            2.16. Section 11.06 of the Credit Agreement is hereby amended by
adding thereto a new paragraph (j) as follows:

            "(j) Designated Lenders. Notwithstanding anything to the contrary
      contained herein, any Bank (a "Designating Lender") may grant to an
      Eligible Designee identified as such (and as a Designated Lender) in
      writing from time to time by such Designating Lender to the Administrative
      Agent and the Borrowers, the option to provide to the Borrowers all or any
      part of any Loan that such Designating Lender would otherwise be obligated
      to make to any Borrower pursuant to this Agreement; provided that nothing
      herein shall constitute a commitment by such Designated Lender to make any
      Loan, (ii) if a Designated Lender elects not to exercise such option or
      otherwise fails to provide all or any part of such Loan, the Designating
      Lender shall be obligated to make such Loan pursuant to the terms hereof.
      The making of a Loan by a Designated Lender hereunder shall utilize the
      Commitment of the Designating Lender to the same extent, and as if, such
      Loan were made by such Designating Lender. Each party hereto hereby agrees
      that no Designated Lender shall be liable for any indemnity or similar
      payment obligation under this Agreement (all liability for which shall
      remain with the Designating Lender). In furtherance of the foregoing, each
      party hereto hereby agrees (which agreement shall

                  Amendment No. 2 to Credit Agreement (5-Year)

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                                      -11-

      survive the termination of this Agreement) that, prior to the date that is
      one year and one day after the payment in full of all outstanding
      commercial paper or other senior indebtedness of any Designated Lender, it
      will not institute against, or join any other Person in instituting
      against, such Designated Lender any bankruptcy, reorganization,
      arrangement, insolvency or liquidation proceedings under the laws of the
      United States or any State thereof. As to any Loans or portion thereof
      made by it, each Designated Lender shall have all the rights that a Bank
      making such Loans or portion thereof would have had under this Agreement
      and otherwise; provided that (i) its voting rights under this Agreement
      shall be exercised solely by its Designating Lender, (ii) its Designating
      Lender shall be deemed to hold its relevant Note as agent for such
      Designated Lender to the extent of the Loans or portion thereof funded by
      such Designated Lender and (iii) the designation of a Designated Lender
      and the funding of Loans by a Designated Lender shall in no event (x)
      subject any of the Borrowers to any delay in the making of a Loan, (y)
      cause or give rise to any obligation of any of the Borrowers to indemnify
      or hold harmless such Designated Lender or any other Person (including
      without limitation pursuant to Sections 5.05 and 11.03 hereof) except to
      the extent such obligation would have arisen in favor of the Designating
      Lender or another Person if the Designating Lender (rather than such
      Designated Lender) had made all of such Designated Lender's Loans and such
      Designated Lender had not been designated as such hereunder, or (z) render
      the performance of any provisions of the Agreement illegal, void or
      unenforceable under any provision of law. Each Designating Lender shall
      act as administrative agent for its Designated Lender and give and receive
      notices and other communications on behalf of its Designated Lender. Any
      payments for the account of any Designated Lender shall be paid to its
      Designating Lender as administrative agent for such Designated Lender and
      neither the Borrowers nor the Administrative Agent shall be responsible
      for any Designating Lender's application of such payments. In addition,
      any Designated Lender may (i) with notice to, but without the prior
      written consent of, XL Capital and the Administrative Agent and without
      paying any processing fee therefor, assign all or a portion of its
      interests in any Loans to the Designating Lender or to any financial
      institutions (consented to by XL Capital and the Administrative Agent)
      providing liquidity and/or credit support to or for the account of such
      Designated Lender to support the funding or maintenance of Loans and (ii)
      disclose on a confidential basis any non-public information relating to
      its Loans or portions thereof to any rating agency, commercial paper
      dealer or provider of any surety, guarantee or credit or liquidity
      enhancement to such Designated Lender. This Section 11.06(j) may not be
      amended without the written consent of each Designating Lender which has
      designated a Designated Lender."

            2.17. The Credit Agreement is hereby amended by adding a new Section
12 to read as follows:

                  Amendment No. 2 to Credit Agreement (5-Year)

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                                      -12-

            "Section 12. Guarantee.

            12.01. The Guarantee. Each Guarantor hereby jointly and severally
      guarantees to each Bank and the Administrative Agent and their respective
      successors and assigns the prompt payment in full when due (whether at
      stated maturity, by acceleration or otherwise) of the principal of and
      interest on the Loans made by the Banks to each of the Borrowers (other
      than such Guarantor in its capacity as a Borrower hereunder) and all other
      amounts from time to time owing to the Banks or the Administrative Agent
      by such Borrowers under this Agreement, in each case strictly in
      accordance with the terms thereof (such obligations being herein
      collectively called the "Guaranteed Obligations"). Each Guarantor hereby
      further jointly and severally agrees that if any such Borrower shall fail
      to pay in full when due (whether at stated maturity, by acceleration or
      otherwise) any of the Guaranteed Obligations, such Guarantor will promptly
      pay the same, without any demand or notice whatsoever, and that in the
      case of any extension of time of payment or renewal of any of the
      Guaranteed Obligations, the same will be promptly paid in full when due
      (whether at extended maturity, by acceleration or otherwise) in accordance
      with the terms of such extension or renewal.

            12.02. Obligations Unconditional. The obligations of the Guarantors
      under Section 12.01 hereof are absolute and unconditional, joint and
      several, irrespective of the value, genuineness, validity, regularity or
      enforceability of the obligations of the Borrowers under this Agreement or
      any other agreement or instrument referred to herein or therein, or any
      substitution, release or exchange of any other guarantee of or security
      for any of the Guaranteed Obligations, and, to the fullest extent
      permitted by applicable law, irrespective of any other circumstance
      whatsoever that might otherwise constitute a legal or equitable discharge
      or defense of a surety or guarantor, it being the intent of this Section
      12 that the obligations of the Guarantors hereunder shall be absolute and
      unconditional, joint and several, under any and all circumstances. Without
      limiting the generality of the foregoing, it is agreed that the occurrence
      of any one or more of the following shall not alter or impair the
      liability of the Guarantors hereunder, which shall remain absolute and
      unconditional as described above:

                  (i) at any time or from time to time, without notice to the
      Guarantors, the time for any performance of or compliance with any of the
      Guaranteed Obligations shall be extended, or such performance or
      compliance shall be waived;

                  (ii) any of the acts mentioned in any of the provisions of
      this Agreement or any other agreement or instrument referred to herein
      shall be done or omitted; or

                  Amendment No. 2 to Credit Agreement (5-Year)

<PAGE>
                                      -13-

                  (iii) the maturity of any of the Guaranteed Obligations shall
      be accelerated, or any of the Guaranteed Obligations shall be modified,
      supplemented or amended in any respect, or any right under this Agreement
      or any other agreement or instrument referred to herein shall be waived or
      any other guarantee of any of the Guaranteed Obligations or any security
      therefor shall be released or exchanged in whole or in part or otherwise
      dealt with.

            The Guarantors hereby expressly waive diligence, presentment, demand
      of payment, protest and all notices whatsoever, and any requirement that
      the Administrative Agent or any Bank exhaust any right, power or remedy or
      proceed against any Borrower under this Agreement or any other agreement
      or instrument referred to herein, or against any other Person under any
      other guarantee of, or security for, any of the Guaranteed Obligations.

            12.03. Reinstatement. The obligations of the Guarantors under this
      Section 12 shall be automatically reinstated if and to the extent that for
      any reason any payment by or on behalf of any Borrower in respect of the
      Guaranteed Obligations is rescinded or must be otherwise restored by any
      holder of any of the Guaranteed Obligations, whether as a result of any
      proceedings in bankruptcy or reorganization or otherwise, and the
      Guarantors jointly and severally agree that they will indemnify the
      Administrative Agent and each Bank on demand for all reasonable costs and
      expenses (including fees of counsel) incurred by the Administrative Agent
      or such Bank in connection with such rescission or restoration, including
      any such costs and expenses incurred in defending against any claim
      alleging that such payment constituted a preference, fraudulent transfer
      or similar payment under any bankruptcy, insolvency or similar law.

            12.04. Subrogation. The Guarantors hereby jointly and severally
      agree that until the payment and satisfaction in full of all Guaranteed
      Obligations and the expiration and termination of the Commitments of the
      Banks under this Agreement they shall not exercise any right or remedy
      arising by reason of any performance by them of their guarantee in Section
      12.01 hereof, whether by subrogation or otherwise, against any Borrower or
      any other guarantor of any of the Guaranteed Obligations or any security
      for any of the Guaranteed Obligations.

            12.05. Remedies. The Guarantors jointly and severally agree that, as
      between the Guarantors and the Banks, the obligations of the Borrowers
      under this Agreement may be declared to be forthwith due and payable as
      provided in Section 9 hereof (and shall be deemed to have become
      automatically due and payable in the circumstances provided in Section 9
      hereof) for purposes of Section 12.01 hereof notwithstanding any stay,
      injunction or other prohibition preventing such declaration (or such
      obligations from

<PAGE>
                                      -14-

      becoming automatically due and payable) as against any Borrower and that,
      in the event of such declaration (or such obligations being deemed to have
      become automatically due and payable), such obligations (whether or not
      due and payable by any Borrower) shall forthwith become due and payable by
      the Guarantors for purposes of Section 12.01 hereof.

            12.06. Instrument for the Payment of Money. Each Guarantor hereby
      acknowledges that the guarantee in this Section 12 constitutes an
      instrument for the payment of money, and consents and agrees that any Bank
      or the Administrative Agent, at its sole option, in the event of a dispute
      by such Guarantor in the payment of any moneys due hereunder, shall have
      the right to bring motion-action under New York CPLR Section 3213.

            12.07. Continuing Guarantee. The guarantee in this Section 12 is a
      continuing guarantee, and shall apply to all Guaranteed Obligations
      whenever arising.

            12.08. Rights of Contribution. The Guarantors hereby agree, as
      between themselves, that if any Guarantor shall become an Excess Funding
      Guarantor (as defined below) by reason of the payment by such Guarantor of
      any Guaranteed Obligations, each other Guarantor shall, on demand of such
      Excess Funding Guarantor (but subject to the next sentence), pay to such
      Excess Funding Guarantor an amount equal to such Guarantor's Pro Rata
      Share (as defined below and determined, for this purpose, without
      reference to the properties, debts and liabilities of such Excess Funding
      Guarantor) of the Excess Payment (as defined below) in respect of such
      Guaranteed Obligations. The payment obligation of a Guarantor to any
      Excess Funding Guarantor under this Section 12.08 shall be subordinate and
      subject in right of payment to the prior payment in full of the
      obligations of such Guarantor under the other provisions of this Article
      and such Excess Funding Guarantor shall not exercise any right or remedy
      with respect to such excess until payment and satisfaction in full of all
      of such obligations.

                  For purposes of this Section 12.08, (i) "Excess Funding
      Guarantor" means, in respect of any Guaranteed Obligations, a Guarantor
      that has paid an amount in excess of its Pro Rata Share of such Guaranteed
      Obligations, (ii) "Excess Payment" means, in respect of any Guaranteed
      Obligations, the amount paid by an Excess Funding Guarantor in excess of
      its Pro Rata Share of such Guaranteed Obligations and (iii) "Pro Rata
      Share" means, for any Guarantor, the ratio (expressed as a percentage) of
      (x) the amount by which the aggregate present fair saleable value of all
      properties of such Guarantor (excluding any shares of stock of any other
      Guarantor) exceeds the amount of all the debts and liabilities of such
      Guarantor (including contingent, subordinated, unmatured

<PAGE>
                                      -15-

      and unliquidated liabilities, but excluding the obligations of such
      Guarantor hereunder and any obligations of any other Guarantor that have
      been Guaranteed by such Guarantor) to (y) the amount by which the
      aggregate fair saleable value of all properties of all of the Guarantors
      exceeds the amount of all the debts and liabilities (including contingent,
      subordinated, unmatured and unliquidated liabilities, but excluding the
      obligations of the Guarantors under this Section 12) of all of the
      Guarantors, determined (A) with respect to any Guarantor that is a party
      hereto on the date hereof, as of the date hereof, and (B) with respect to
      any other Guarantor, as of the date such Guarantor becomes a Guarantor
      hereunder.

            12.09. General Limitation on Guarantee Obligations. In any action or
      proceeding involving any state corporate law, or any state or Federal
      bankruptcy, insolvency, reorganization or other law affecting the rights
      of creditors generally, if the obligations of any Guarantor under Section
      12.01 hereof would otherwise, taking into account the provisions of
      Section 12.08 hereof, be held or determined to be void, invalid or
      unenforceable, or subordinated to the claims of any other creditors, on
      account of the amount of its liability under Section 12.01 hereof, then,
      notwithstanding any other provision hereof to the contrary, the amount of
      such liability shall, without any further action by such Guarantor, any
      Bank, the Administrative Agent or any other Person, be automatically
      limited and reduced to the highest amount that is valid and enforceable
      and not subordinated to the claims of other creditors as determined in
      such action or proceeding."

            2.18. Exhibits and Schedules.

            (i) Exhibit E to the Credit Agreement is hereby replaced in its
entirety with Exhibit E attached to this Amendment No. 2, and each reference in
the Credit Agreement to such Exhibit E shall be deemed to refer to the Exhibit E
attached to this Amendment No. 2.

            (ii) Schedule 8.05(j) attached to this Amendment No. 2 shall be
deemed attached to and made a part of the Credit Agreement.

            Section 3. Addition of Borrowers and Guarantors. Mid Ocean Limited
hereby agrees to become and be a Guarantor under, and each of XL Capital, XL
Insurance and XL Mid Ocean hereby agrees to become and be a Borrower and a
Guarantor under, and as defined, in the Credit Agreement (as amended hereby) and
agrees to be bound by the terms of the Credit Agreement (as so amended) as a
Guarantor and/or Borrower, as the case may be.

            Section 4. Representations and Warranties. Each Obligor hereby
represents and warrants to the Administrative Agent and the Banks that (i) the
representations and warranties set

                  Amendment No. 2 to Credit Agreement (5-Year)

<PAGE>
                                      -16-

forth in Section 7 of the Credit Agreement are, both on the date hereof and as
of the Amendment Date (as defined in Section 5 below), true and complete as if
made on each such date (and after giving effect to this Amendment No. 2) and as
if each reference in said Section 7 to "this Agreement" includes reference to
this Amendment No. 2 and (ii) both immediately prior to and as of the date
hereof, no Default shall have occurred and be continuing.

            Section 5. Conditions Precedent. The amendments to the Credit
Agreement under Section 2 above shall become effective upon fulfillment on or
prior to a date (prior to July 31, 1999) designated in writing to the
Administrative Agent by XL Capital (the "Amendment Date") of each of the
following conditions precedent:

            (a) Corporate Documents. Receipt by the Administrative Agent of
      certified copies of the organizational documents of each Obligor and of
      all corporate authority for each Obligor (including, without limitation,
      board of director resolutions and evidence of the incumbency and specimen
      signature of officers) with respect to the execution, delivery and
      performance of this Agreement and each other document to be delivered by
      each Obligor from time to time in connection herewith and with the Loans
      hereunder (and each of the Administrative Agent and each Bank may
      conclusively rely on such certificate of incumbency until it receives
      notice in writing from such Obligor to the contrary).

            (b) Opinions of Counsel to the Company. Receipt by the
      Administrative Agent of opinions of (i) Cahill Gordon & Reindel, (ii)
      Conyers, Dill & Pearman, (iii) Paul S. Giordano, Esq. and (iv) Hunter &
      Hunter, respectively, the Borrowers' and/or Guarantors' counsel in form
      and substance satisfactory to the Administrative Agent (and the Obligors
      hereby instruct each such counsel to deliver such opinions to the Banks
      and the Administrative Agent).

            (c) Representations and Warranties. The representations and
      warranties contained in Section 4 above shall be true and correct, and
      receipt by the Administrative Agent of a certificate of each Obligor to
      that effect.

            (d) Payments. Evidence (satisfactory to the Administrative Agent) of
      payment of all fees and expenses payable to the Administrative Agent
      and/or the Banks in connection with this Amendment No. 2 as heretofore
      agreed.

            (e) Other Documents. Receipt by the Administrative Agent of such
      other documents as the Administrative Agent or any Bank or special New
      York counsel to Chase may reasonably request.

                  Amendment No. 2 to Credit Agreement (5-Year)

<PAGE>
                                      -17-

            Section 6. Miscellaneous. Except as herein provided, the Credit
Agreement shall remain unchanged and in full force and effect. This Amendment
No. 2 may be executed in any number of counterparts, all of which taken together
shall constitute one and the same amendatory instrument and any of the parties
hereto may execute this Amendment No. 2 by signing any such counterpart. This
Amendment No. 2 shall be governed by, and construed in accordance with, the law
of the State of New York.

                  Amendment No. 2 to Credit Agreement (5-Year)

<PAGE>
                                      -18-

            IN WITNESS WHEREOF, the parties hereto have caused this Amendment
No. 2 to be duly executed and delivered as of the day and year first above
written.

                                    OBLIGORS

                                    MID OCEAN LIMITED
                                    as Borrower and as Guarantor

                                    By /s/Brian M. O'Hara
                                       --------------------------------
                                    Title: Chairman

                                    XL CAPITAL LTD
                                    as Borrower and as Guarantor

                                    By /s/Brian M. O'Hara
                                       --------------------------------
                                    Title: President & Chief Executive Officer

                                    XL INSURANCE LTD
                                    as Borrower and as Guarantor

                                    By /s/Brian M. O'Hara
                                       --------------------------------
                                    Title: Chairman

                                    XL MID OCEAN REINSURANCE LTD
                                    as Borrower and as Guarantor

                                    By /s/Brian M. O'Hara
                                       --------------------------------
                                    Title: Chairman

                  Amendment No. 2 to Credit Agreement (5-Year)

<PAGE>
                                      -19-

                                    BANKS

                                    THE CHASE MANHATTAN BANK,
                                    Individually and as Administrative Agent

                                    By /s/ Donald Rands
                                       --------------------------------
                                    Title:  Vice President

                                    CITIBANK N.A.

                                    By /s/ Michael Taylor
                                       --------------------------------
                                    Title:  Vice President

                                    DEUTSCHE BANK AG, NEW YORK AND/OR CAYMAN
                                    ISLANDS BRANCHES

                                    By /s/ Clinton M. Johnson
                                       --------------------------------
                                    Title: Director

                                    By /s/ John S. McGill
                                       --------------------------------
                                    Title: Director

                                    MELLON BANK, N.A.

                                    By /s/ Karla Maloof
                                       --------------------------------
                                    Title: Vice President

                                    ROYAL BANK OF CANADA

                                    By /s/ Y.J. Bernard
                                       --------------------------------

                  Amendment No. 2 to Credit Agreement (5-Year)

<PAGE>
                                      -20-

                                    Title: Manager

                                    THE BANK OF BERMUDA LIMITED

                                    By /s/ Michael Collins
                                       --------------------------------
                                    Title: Senior Vice President

                                    CREDIT LYONNAIS NEW YORK BRANCH

                                    By /s/ Sebastian Rocco
                                       --------------------------------
                                    Title: Senior Vice President

                                    STATE STREET BANK AND TRUST COMPANY

                                    By /s/ Edward M. Anderson
                                       --------------------------------
                                    Title: Vice President

                                    BANQUE NATIONALE DE PARIS

                                    By /s/  PhilTruesdale
                                       --------------------------------
                                    Title: Vice President

                                    By /s/
                                       --------------------------------
                                    Title:      Vice President

                                    THE BANK OF NOVA SCOTIA

                                    By /s/
                                       --------------------------------

                  Amendment No. 2 to Credit Agreement (5-Year)

<PAGE>
                                      -21-

                                    Title:  Senior Relationship Manager

                  Amendment No. 2 to Credit Agreement (5-Year)
<PAGE>
                                                                       EXHIBIT E

                            [Form of Promissory Note]

                                 PROMISSORY NOTE

                                                               ___________, 1999

            FOR VALUE RECEIVED, [INSERT NAME OF BORROWER], a corporation
organized under the laws of the ________________ (the "Borrower") promises to
pay to __________________ (the "Bank"), for account of its respective Applicable
Lending Offices provided for by the Credit Agreement referred to below, at the
Administrative Agent's Account for the respective Currencies of the Loans
evidenced hereby, such amount as shall equal the aggregate unpaid principal
amount of the Loans made by the Bank to the Borrower under the Credit Agreement,
in the respective Currencies in which such Loans are denominated and in
immediately available funds, on the dates and in the principal amounts provided
in the Credit Agreement, and to pay interest on the unpaid principal amount of
each such Loan, at such account, in like money and funds, for the period
commencing on the date of such Loan until such Loan shall be paid in full, at
the rates per annum and on the dates provided in the Credit Agreement.

            The date, amount, Type, Currency, interest rate and duration of
Interest Period (if applicable) of each Loan made by the Bank to the Borrower,
and each payment made on account of the principal thereof, shall be recorded by
the Bank on its books and endorsed by the Bank on the schedule attached hereto
or any continuation thereof, provided that the failure of the Bank to make any
such recordation or endorsement shall not affect the obligations of the Borrower
to make a payment when due of any amount owing under the Credit Agreement or
hereunder in respect of the Loans made by the Bank.

            This Note evidences Loans made by the Bank to the Borrower under the
Credit Agreement (5-Year) dated as of September 2, 1997 (as modified and
supplemented and in effect from time to time, the "Credit Agreement") between
each of the Borrowers party thereto (including the Borrower), each of the
Guarantors party thereto, the lenders named therein (including the Bank), and
The Chase Manhattan Bank, as Administrative Agent, providing for Loans in an
aggregate principal amount not to exceed $100,000,000. Terms used but not
defined in this Note have the respective meanings assigned to them in the Credit
Agreement.

                                 Promissory Note
<PAGE>

            The Credit Agreement provides for the acceleration of the maturity
of this Note upon the occurrence of certain events and for prepayments of Loans
upon the terms and conditions specified therein.

            Except as permitted by Section 11.06 of the Credit Agreement, this
Note may not be assigned by the Bank to any other Person.

            This Note shall be governed by, and construed in accordance with,
the law of the State of New York.

                                    [NAME OF OBLIGOR]

                                    By_________________________
                                      Title:

                                 Promissory Note
<PAGE>

                                SCHEDULE OF LOANS

            This Note evidences Loans made under the within-described Credit
Agreement to the Borrower, on the dates, in the principal amounts, of the Types,
bearing interest at the rates and having Interest Periods (if applicable) of the
durations set forth below, subject to the payments and prepayments of principal
set forth below:

         Prin-
         cipal                            Maturity           Unpaid
         Amount  Type                       Date    Amount   Prin-   Notation
 Date      of     of             Interest    of    Paid or   cipal     Made
 Made     Loan   Loan  Currency    Rate     Loan   Prepaid   Amount     by
 ----     ----   ----  --------    ----     ----   -------   ------     --

                                 Promissory Note
<PAGE>

                       Schedule 8.05(j) (Permitted Liens)

Liens securing Indebtedness (not in excess of $150,000,000) now or hereafter
incurred under the Loan Agreement between X.L. America, Inc., as Borrower, and
X.L. Insurance Company, Ltd. and X.L. Investments, Ltd., as Guarantors, and
Three Rivers Funding Corporation, dated as of December 22, 1998.

                                 Promissory Note<PAGE>

                                                                 Exhibit 10.14.4

                                                           EXECUTION COUNTERPART

                  AMENDMENT NO. 3 TO CREDIT AGREEMENT (5-YEAR)

            AMENDMENT NO. 3 dated as of February 25, 2000, between MID OCEAN
LIMITED, a corporation duly organized and validly existing under the laws of the
Cayman Islands (the "Company"); each of the other Obligors identified under the
caption "OBLIGORS" on the signature pages hereto; each of the lenders that is a
signatory hereto (individually, a "Bank" and, collectively, the "Banks"); and
THE CHASE MANHATTAN BANK, as administrative agent for the Banks (in such
capacity, together with its successors in such capacity, the "Administrative
Agent").

            The Company, the Banks and the Administrative Agent are parties to a
Credit Agreement (5-Year) dated as of September 2, 1997, as amended by Amendment
No. 1 dated as of August 5, 1998 and Amendment No. 2 dated as of June 30, 1999
(the "Credit Agreement"), providing, subject to the terms and conditions
thereof, for loans to be made by said Banks to the Borrowers in an aggregate
principal amount not exceeding $100,000,000. The Obligors, the Banks and the
Administrative Agent wish to amend the Credit Agreement in certain respects and
accordingly the parties hereto hereby agree as follows:

            Section 1. Definitions. Except as otherwise defined in this
Amendment No. 3, terms defined in the Credit Agreement are used herein as
defined therein.

            Section 2. Amendments. Effective as of the Amendment Date as
provided in Section 4 below, the Credit Agreement is hereby amended as follows:

            2.01. References in the Credit Agreement (including references to
the Credit Agreement as amended hereby) to "this Agreement" (and indirect
references such as "hereunder", "hereby", "herein" and "hereof") shall be deemed
to be references to the Credit Agreement as amended hereby.

            2.02. Section 1.01 of the Credit Agreement is hereby amended by
adding the following new definition and inserting the same in the appropriate
alphabetical location as follows:

            "Asset Accumulation Lien" means a Lien on amounts received, and on
      actual or imputed investment income on such amounts received, relating and
      identified to specific insurance payment liabilities or to liabilities
      arising in the ordinary course of any Obligor's or any of their
      Subsidiary's business as an insurance or reinsurance company or corporate
      member of The Council of Lloyd's or as a provider of financial services or
      contracts, or the proceeds thereof, in each case held in a segregated
      trust or other account and securing such liabilities; provided, that in no
      case shall an Asset Accumulation Lien

                 Amendment No. 3 to Credit Agreement (5-Year)
<PAGE>
                                      -2-

      secure Indebtedness and any Lien which secures Indebtedness shall not be
      an Asset Accumulation Lien.

            "Consolidated Net Worth" shall mean, at any time, the consolidated
      stockholders' equity of a Borrower and its consolidated Subsidiaries.

            2.03. Section 8.01 of the Credit Agreement is hereby amended by
adding at the end thereof a new paragraph (j) thereof to read as follows:

            "(j) Information Regarding Asset Accumulation Liens. At the time of
      furnishing each certificate furnished pursuant to paragraph (b) of this
      Section 8.01, a statement, certified as true and correct by a principal
      financial officer of XL Capital, setting forth on a consolidated basis for
      XL Capital and its consolidated Subsidiaries as of the end of the fiscal
      year or quarter to which such certificate relates (A) the aggregate book
      value of assets which are subject to Asset Accumulation Liens and the
      aggregate book value of liabilities which are secured by Asset
      Accumulation Liens (it being understood that the reports required by
      paragraphs (a) and (b) of this Section 8.01 shall satisfy the requirement
      of this clause (A) of this paragraph (j) if such reports set forth
      separately, in accordance with GAAP, line items corresponding to such
      aggregate book values) and (B) a calculation showing the portion of each
      of such aggregate amounts which portion is attributable to transactions
      among wholly-owned Subsidiaries of XL Capital."

            2.04. Section 8.05 of the Credit Agreement is hereby amended by
      relettering clause (k) thereof as clause (l) and adding a new clause (k)
      to read as follows:

            "(k) Asset Accumulation Liens; and"

            2.05. Clause (b) of Section 8.06 of the Credit Agreement is hereby
amended to read in its entirety as follows:

            "(b) Ratio of Total Adjusted Funded Debt to Consolidated Capital. XL
Capital will not permit its ratio of (i) Total Adjusted Funded Debt to (ii) the
sum of Total Adjusted Funded Debt plus Consolidated Net Worth to be greater than
0.35 to 1 at any time. As used herein, the term "Total Adjusted Funded Debt"
shall mean, at any time, the sum of (x) Total Funded Debt at such time plus (y)
the aggregate undrawn face amount of all letters of credit (as to which
reimbursement obligations are not secured by marketable securities with a value
at least equal to the face amount of such letters of credit) issued for the
account of, or guaranteed by, XL Capital or any of its consolidated Subsidiaries
at such time (irrespective of whether the beneficiary thereof is an Affiliate)."

                 Amendment No. 3 to Credit Agreement (5-Year)
<PAGE>
                                      -3-

            Section 3. Representations and Warranties. Each Obligor hereby
represents and warrants to the Administrative Agent and the Banks that (i) the
representations and warranties set forth in Section 7 of the Credit Agreement
are, both on the date hereof and as of the Amendment Date (as defined in Section
4 below), true and complete as if made on each such date (and after giving
effect to this Amendment No. 3) and as if each reference in said Section 7 to
"this Agreement" includes reference to this Amendment No. 3 and (ii) both
immediately prior to and as of the date hereof, no Default has occurred and is
continuing.

            Section 4. Condition Precedent. The amendments to the Credit
Agreement under Section 2 above shall become effective upon the execution and
delivery of this Amendment No. 3 to the Administrative Agent (the "Amendment
Date").

            Section 5. Miscellaneous. Except as herein provided, the Credit
Agreement shall remain unchanged and in full force and effect. This Amendment
No. 3 may be executed in any number of counterparts, all of which taken together
shall constitute one and the same amendatory instrument and any of the parties
hereto may execute this Amendment No. 3 by signing any such counterpart. This
Amendment No. 3 shall be governed by, and construed in accordance with, the law
of the State of New York.

                 Amendment No. 3 to Credit Agreement (5-Year)
<PAGE>
                                      -4-

            IN WITNESS WHEREOF, the parties hereto have caused this Amendment
No. 3 to be duly executed and delivered as of the day and year first above
written.

                                    OBLIGORS

                                    MID OCEAN LIMITED
                                    as Borrower and as Guarantor

                                    By /s/ H.C.V. Keeling
                                       -----------------------------------------
                                    Title: President

                                    XL CAPITAL LTD
                                    as Borrower and as Guarantor

                                    By /s/ Brian M. O'Hara
                                       -----------------------------------------
                                    Title: President & CEO

                                    XL INSURANCE LTD
                                    as Borrower and as Guarantor

                                    By /s/ Christopher Coelho
                                       -----------------------------------------
                                    Title: Chief Financial Officer

                                    XL MID OCEAN REINSURANCE LTD
                                    as Borrower and as Guarantor

                                    By /s/ H.C.V. Keeling
                                       -----------------------------------------
                                    Title: President & CEO

                 Amendment No. 3 to Credit Agreement (5-Year)
<PAGE>
                                      -5-

                                    BANKS

                                    THE CHASE MANHATTAN BANK,
                                    Individually and as Administrative Agent

                                    By /s/ Donald Rands
                                       -----------------------------------------
                                    Title: Vice President

                                    CITIBANK N.A.

                                    By /s/ Michael Taylor
                                       -----------------------------------------
                                    Title: Vice President

                                    DEUTSCHE BANK AG, NEW YORK AND/OR CAYMAN
                                    ISLANDS BRANCHES

                                    By /s/ John S. McGill
                                       -----------------------------------------
                                    Title: Director

                                    By /s/ Alan Krouk
                                       -----------------------------------------
                                    Title: Assistant Vice President

                                    MELLON BANK, N.A.

                                    By /s/ Karla Maloof
                                       -----------------------------------------
                                    Title: Vice President

                                    ROYAL BANK OF CANADA

                                    By /s/ Y.J. Bernard
                                       -----------------------------------------
                                    Title: Manager

                 Amendment No. 3 to Credit Agreement (5-Year)
<PAGE>
                                      -6-

                                    THE BANK OF BERMUDA LIMITED

                                    By /s/
                                       -----------------------------------------
                                    Title: Vice President

                                    CREDIT LYONNAIS NEW YORK BRANCH

                                    By /s/ Sebastian Rocco
                                       -----------------------------------------
                                    Title: Senior Vice President

                                    STATE STREET BANK AND TRUST COMPANY

                                    By /s/
                                       -----------------------------------------
                                    Title: Vice President

                                    BANQUE NATIONALE DE PARIS

                                    By /s/ Phil Truesdale
                                       -----------------------------------------
                                    Title: Vice President

                                    By /s/
                                       -----------------------------------------
                                    Title: Vice President

                                    THE BANK OF NOVA SCOTIA

                                    By /s/ John Hopmans
                                       -----------------------------------------
                                    Title: Managing Director

                 Amendment No. 3 to Credit Agreement (5-Year)

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