Document:

Exhibit 10.44

                                                           EXECUTION COUNTERPART

                       AMENDMENT NO. 1 TO CREDIT AGREEMENT

                  AMENDMENT NO. 1 dated as of September 26, 2001, between XL
CAPITAL LTD, a company incorporated under the laws of the Cayman Islands,
British West Indies ("XL CAPITAL"), XL INSURANCE LTD, a Bermuda limited
liability company ("XL INSURANCE"), MID OCEAN LIMITED, a corporation duly
organized and validly existing under the laws of the Cayman Islands, British
West Indies ("MID OCEAN") and XL RE, LTD (formerly known as XL MID OCEAN
REINSURANCE LTD), a Bermuda limited liability company ("XL RE" and, together
with XL Capital, XL Insurance and Mid Ocean, each a "BORROWER" and each a
"GUARANTOR" and, collectively, the "BORROWERS" and the "GUARANTORS"; the
Borrowers and the Guarantors being collectively referred to as the "OBLIGORS"),
the BANKS party hereto, and THE CHASE MANHATTAN BANK, as Administrative Agent.

                  The Obligors, the Banks and the Administrative Agent are
parties to an Amended and Restated Credit Agreement dated as of August 31, 2001
(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. 1, terms defined in the Credit Agreement are used herein as
defined therein.

                  Section 2. AMENDMENTS. Effective 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. Clause (b) of Section 8.04 is hereby amended to read in
its entirety as follows:

                  "(b) NO MATERIAL ADVERSE CHANGE. Since December 31, 2000,
         there has been no material adverse change in the assets, business,
         financial condition or operations of such Borrower and its
         Subsidiaries, taken as a whole, except for losses caused by or relating
         to or arising out of the terrorist events of September 11, 2001;
         PROVIDED, HOWEVER, that XL Capital remains in compliance with Section
         9.17."

                  AMENDMENT NO. 1 TO CREDIT AGREEMENT (5-YEAR)

<PAGE>

                  2.03. Section 9.17 of the Credit Agreement is hereby amended
to read in its entirety as follows:

                  "9.17 CONSOLIDATED NET WORTH. XL Capital will not permit its
Consolidated Net Worth to be less than $4,250,000,000."

                  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 8 of the Credit Agreement
are, on the date hereof, true and complete as if made on the date hereof (and
after giving effect to this Amendment No. 1) and as if each reference in said
Section 8 to "this Agreement" includes reference to this Amendment No. 1 and
(ii) both immediately prior to and as of the date hereof, no Default has
occurred and is continuing.

                  Section 4. CONDITIONS PRECEDENT. The amendments to the Credit
Agreement set forth in Section 2 above shall become effective, as of the date
hereof, upon the satisfaction of the following conditions precedent:

                  4.01. EXECUTION BY ALL PARTIES. This Amendment No. 1 shall
have been executed and delivered by each of the Obligors and the Majority Banks.

                  4.02. AMENDMENT FEE. The Administrative Agent shall have
received for the account of each Bank that consents to this Amendment No. 1
(evidenced by receipt by the Administrative Agent of an executed counterpart of
this Amendment No. 1) an amendment fee in an amount equal to 0.03% of the sum of
outstanding Loans and unused Commitments of each such Bank.

                  4.03. OTHER DOCUMENTS. Receipt by the Administrative Agent of
such other documents as the Administrative Agent or special New York counsel to
Chase may reasonably request.

                  Section 5. MISCELLANEOUS. Except as herein provided, the
Credit Agreement shall remain unchanged and in full force and effect. Nothing in
this Amendment No. 1 shall constitute a waiver of any rights and/or remedies
that the Banks and/or the Administrative Agent may have under the Credit
Agreement and nothing contained herein shall obligate the Banks to grant any
future waiver of any provision of the Credit Agreement. XL Capital shall pay all
reasonable expenses incurred by the Administrative Agent, including the
reasonable fees, charges and disbursements of Milbank, Tweed, Hadley & McCloy
LLP, special New York counsel to Chase, in connection with the preparation,
negotiation, execution and delivery of this Amendment No. 1. This Amendment No.
1 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. 1 by signing any such counterpart. This
Amendment No. 1 shall be governed by, and construed in accordance with, the law
of the State of New York.

                  AMENDMENT NO. 1 TO CREDIT AGREEMENT (5-YEAR)
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 1 to be duly executed and delivered as of the day and year first
above written.

                              XL INSURANCE LTD,
                              as a Borrower and a Guarantor

                              By /s/ CHRIS COELHO
                                --------------------------------------------
                                  Name:  Chris Coehlo
                                  Title: Chief Financial Officer

                              MID OCEAN LIMITED,
                              as a Borrower and a Guarantor

                              By /s/ HENRY C. V. KEELING
                                --------------------------------------------
                                  Name:  Henry C. V. Keeling
                                  Title: President

                              XL RE LTD, (formerly known as MID
                              OCEAN REINSURANCE LTD),
                              as a Borrower and a Guarantor

                              By /s/ HENRY C. V. KEELING
                                --------------------------------------------
                                 Name:  Henry C. V. Keeling
                                 Title: President & Chief Executive Officer

                  AMENDMENT NO. 1 TO CREDIT AGREEMENT (5-YEAR)
<PAGE>

                  IN WITNESS WHEREOF, XL Capital has caused this Amendment No. 1
to be duly executed as a Deed by an authorized officer as of the day and year
first above written.

                                EXECUTED AS A DEED by XL CAPITAL LTD,
                                as a Borrower and a Guarantor

                                /s/ PAUL GIORDANO
                                --------------------------------------------
                                witness

                                By /s/ MICHAEL SIESE
                                  ------------------------------------------
                                  Name:  Michael Siese
                                  Title: Senior Vice President & Controller

                  AMENDMENT NO. 1 TO CREDIT AGREEMENT (5-YEAR)

<PAGE>

                           BANKS

                           THE CHASE MANHATTAN BANK, Individually
                           and as Administrative Agent

                           By  /s/ HELEN L. NEWCOMB
                              ----------------------------------------------
                              Title: Vice President

                           CITIBANK N.A.

                           By: /s/ MICHAEL TAYLOR
                              ----------------------------------------------
                              Title: VP

                           By:
                              ----------------------------------------------
                              Title:

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

                           By: /s/ RUTH LEUNG
                              ----------------------------------------------
                              Title: Ruth Leung - Director

                           By: /s/ CLINTON M. JOHNSON
                              ----------------------------------------------
                              Title: Clinton M. Johnson - Managing Director

                           MELLON BANK, N.A.

                           By: /s/ KARLA K. MALOOF
                              ----------------------------------------------
                              Title: Vice President

                  AMENDMENT NO. 1 TO CREDIT AGREEMENT (5-YEAR)

<PAGE>

                                 ROYAL BANK OF CANADA

                                 By
                                   --------------------------------
                                   Title:

                                 THE BANK OF BERMUDA LIMITED

                                 By: /s/ A. KERRY DAVISON
                                    --------------------------------
                                    Title: VP - Credit Manager -
                                           Corporate Cash Management

                                 CREDIT LYONNAIS NEW YORK BRANCH

                                 By: /s/ KEN RICCIARDI
                                    -----------------------------------------
                                    Title: VP

                                 STATE STREET BANK AND TRUST COMPANY

                                 By: /s/ EDWARD M. ANDERSON
                                    -----------------------------------------
                                    Title: Vice President

                                 BANQUE NATIONALE DE PARIS

                                 By
                                    --------------------------------
_                                   Title:

                                 By
                                    --------------------------------
                                   Title:

                  AMENDMENT NO. 1 TO CREDIT AGREEMENT (5-YEAR)

<PAGE>

                                 THE BANK OF NOVA SCOTIA NY AGENCY

                                 By: /s/   TODD MELLER
                                    --------------------------------
                                    Title: Managing Director

                  AMENDMENT NO. 1 TO CREDIT AGREEMENT (5-YEAR)Exhibit 10.45

                                                           EXECUTION COUNTERPART

                   AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT

                  AMENDMENT NO. 1 dated as of September 26, 2001, between XL
CAPITAL LTD, a company incorporated under the laws of the Cayman Islands,
British West Indies ("XL CAPITAL"), X.L. AMERICA, INC., a Delaware corporation
("XL AMERICA"), XL INSURANCE LTD, a Bermuda limited liability corporation ("XL
INSURANCE"), XL EUROPE LTD, a company incorporated under the laws of Ireland
("XL EUROPE") and XL RE LTD, a Bermuda limited liability corporation ("XL RE"
and, together with XL Capital, XL America, XL Insurance and XL Europe, each a
"BORROWER" and each a "GUARANTOR" and, collectively, the "BORROWERS" and the
"GUARANTORS"; the Borrowers and the Guarantors being collectively referred to as
the "OBLIGORS"), each of the lenders that is a signatory hereto (individually, a
"LENDER" and, collectively, the "LENDERS"), and THE CHASE MANHATTAN BANK, as
administrative agent for the Lenders (in such capacity, together with its
successors in such capacity, the "ADMINISTRATIVE AGENT").

                  The Obligors, the Lenders and the Administrative Agent are
parties to a 364-Day Credit Agreement dated as of June 29, 2001 (the "CREDIT
AGREEMENT"), providing, subject to the terms and conditions thereof, for loans
to be made by said Lenders to the Borrowers in an aggregate principal amount not
exceeding $500,000,000. The Obligors, the Lenders 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. 1, terms defined in the Credit Agreement are used herein as
defined therein.

                  Section 2. AMENDMENTS. Effective 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. Clause (b) of Section 4.04 is hereby amended to read in
its entirety as follows:

                  "(b) NO MATERIAL ADVERSE CHANGE. Since December 31, 2000,
         there has been no material adverse change in the assets, business,
         financial condition or operations of such Borrower and its
         Subsidiaries, taken as a whole, except for losses caused by or relating
         to or arising out of the terrorist events of September 11, 2001;
         PROVIDED, HOWEVER, that XL Capital remains in compliance with Section
         7.06."

                   AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT

<PAGE>

                  2.03. Section 7.06 of the Credit Agreement is hereby amended
to read in its entirety as follows:

                  "SECTION 7.06. CONSOLIDATED NET WORTH. XL Capital will not
permit its Consolidated Net Worth to be less than $4,250,000,000."

                  Section 3. REPRESENTATIONS AND WARRANTIES. Each Obligor hereby
represents and warrants to the Administrative Agent and the Lenders that (i) the
representations and warranties set forth in Article IV of the Credit Agreement
are, on the date hereof, true and complete as if made on the date hereof (and
after giving effect to this Amendment No. 1) and as if each reference in said
Article IV to "this Agreement" includes reference to this Amendment No. 1 and
(ii) both immediately prior to and as of the date hereof, no Default has
occurred and is continuing.

                  Section 4. CONDITIONS PRECEDENT. The amendments to the Credit
Agreement set forth in Section 2 above shall become effective, as of the date
hereof, upon the satisfaction of the following conditions precedent:

                  4.01. EXECUTION BY ALL PARTIES. This Amendment No. 1 shall
have been executed and delivered by each of the Obligors and the Required
Lenders.

                  4.02. AMENDMENT FEE. The Administrative Agent shall have
received for the account of each Lender that consents to this Amendment No. 1
(evidenced by receipt by the Administrative Agent of an executed counterpart of
this Amendment No. 1) an amendment fee in an amount equal to 0.03% of the sum of
Revolving Credit Exposures and unused Commitments of each such Lender.

                  4.03. OTHER DOCUMENTS. Receipt by the Administrative Agent of
such other documents as the Administrative Agent or special New York counsel to
Chase may reasonably request.

                  Section 5. MISCELLANEOUS. Except as herein provided, the
Credit Agreement shall remain unchanged and in full force and effect. Nothing in
this Amendment No. 1 shall constitute a waiver of any rights and/or remedies
that the Lenders and/or the Administrative Agent may have under the Credit
Agreement and nothing contained herein shall obligate the Lenders to grant any
future waiver of any provision of the Credit Agreement. XL Capital shall pay all
reasonable expenses incurred by the Administrative Agent, including the
reasonable fees, charges and disbursements of Milbank, Tweed, Hadley & McCloy
LLP, special New York counsel to Chase, in connection with the preparation,
negotiation, execution and delivery of this Amendment No. 1. This Amendment No.
1 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. 1 by signing any such counterpart. This
Amendment No. 1 shall be governed by, and construed in accordance with, the law
of the State of New York.

                   AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 1 to be duly executed and delivered as of the day and year first
above written.

                               X.L. AMERICA, INC.,
                               as a Borrower and a Guarantor

                               By /s/ MARTHA BANNERMAN
                                  ------------------------------------------
                                  Name:  Martha Bannerman
                                  Title: Executive Vice President & General
                                         Counsel

                               XL INSURANCE LTD,
                               as a Borrower and a Guarantor

                               By /s/ CHRIS COELHO
                                  ------------------------------------------
                                  Name:  Chris Coehlo
                                  Title: Chief Financial Officer

                               XL EUROPE LTD,
                               as a Borrower and a Guarantor

                               By /s/ FIONA MULDOON
                                  ------------------------------------------
                                  Name:  Fiona Muldoon
                                  Title: Chief Financial Officer
                                         and Company Secretary

                               XL RE LTD,
                               as a Borrower and a Guarantor

                               By /s/ HENRY C. V. KEELING
                                  ------------------------------------------
                                  Name:  Henry C. V. Keeling
                                  Title: President & Chief Executive Officer

                   AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT

<PAGE>

                  IN WITNESS WHEREOF, XL Capital has caused this Amendment No. 1
to be duly executed as a Deed by an authorized officer as of the day and year
first above written.

                               EXECUTED AS A DEED by XL CAPITAL LTD,
                               as a Borrower and a Guarantor

                               /s/ PAUL GIORDANO
                               ---------------------------------------------
                               witness

                               By /s/ MICHAEL SIESE
                                  ------------------------------------------
                                  Name:  Michael Siese
                                  Title:  Senior Vice President & Controller

                   AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT

<PAGE>

                                  LENDERS

                                  THE CHASE MANHATTAN BANK,
                                      individually and as Administrative Agent

                                  By  /s/ HELEN L. NEWCOMB
                                     -----------------------------------------
                                     Name:  Helen L. Newcomb
                                     Title: Vice President

                                  CITIBANK, N.A.

                                  By: /s/ MICHAEL A. TAYLOR
                                     -----------------------------------------
                                     Name:  Michael A. Taylor
                                     Title: Vice President

                                  MELLON BANK, N.A.

                                  By: /s/ KARLA K. MALOOF
                                     -----------------------------------------
                                     Name:  Karla K. Maloof
                                     Title:  Vice President

                                  BANK OF AMERICA, N.A.

                                  By: /s/ DEBRA BASLER
                                     -----------------------------------------
                                     Name:  Debra Basler
                                     Title: Vice President

                   AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT

<PAGE>

                            BANK ONE, NA

                            By: /s/ GRETCHEN ROETZER
                               ---------------------------------
                               Name:  Gretchen Roetzer
                               Title: Assistant Vice President

                            BARCLAYS BANK PLC

                            By: /s/ RP JOHNSON
                               --------------------------------
                               Name:  RP Johnson
                               Title: Relationship Director

                            By:
                               --------------------------------
                               Name:
                               Title:

                            By:
                               --------------------------------
                               Name:
                               Title:

                            CREDIT LYONNAIS NEW YORK BRANCH

                            By: /s/ KEN RICCIARDI
                               --------------------------------
                               Name:  Ken Ricciardi
                               Title: VP

                            DEUTSCHE BANK AG

                            By: /s/ RUTH LEUNG
                               --------------------------------
                               Name:  Ruth Leung
                               Title: Director

                            By: /s/ CLINTON JOHNSON
                               --------------------------------
                               Name:  Clinton Johnson
                               Title: Managing Director

                            DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES

                            By: /s/ JONATHAN WALLIN
                               --------------------------------
                               Name:  Jonathan Wallin
                               Title: Vice President

                            By: /s/ ERIKA WALTEB-ENGEMANN
                               --------------------------------
                               Name:  Erika Walteb-Engemann
                               Title: Director

                   AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT

<PAGE>

                               FLEET NATIONAL BANK

                               By: /s/ LAWRENCE DOWNS
                                  ---------------------------------------
                                  Name:  Lawrence Downs
                                  Title: Associate

                               LLOYDS TSB BANK PLC

                               By: /s/ MICHAEL GILLIGAN
                                  -------------------------------------------
                                 Name:  Michael Gilligan
                                 Title: Director, Financial Institutions, USA

                               By: /s/ PAUL D. BRIAMONTE
                                  -------------------------------------------
                                 Name:  Paul D. Briamonte
                                 Title: Director

                               THE BANK OF BERMUDA LIMITED

                               By: /s/ A. KERRY DAVISON
                                  -------------------------------------------
                                 Name:  A. Kerry Davidson
                                 Title: VP - Credit Manager,
                                        Corporate Cash Management

                               By: /s/ MICHAEL COLLINS
                                  -------------------------------------------
                                 Name:  Michael Collins
                                 Title: Head of Corporate Cash Management

                               ABN AMRO BANK N.V., LONDON BRANCH

                               By: /s/ DW MILLS
                                  -------------------------------------------
                                 Name: DW Mills
                                 Title:

                               By: /s/ MARTYN TAPLIN
                                  -------------------------------------------
                                 Name: Martyn Taplin
                                 Title:

                   AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT
<PAGE>

                               BANCO SANTANDER CENTRAL HISPANO, S.A.

                               By: /s/ PHIL PERRY
                                  ---------------------------------------
                                  Name:  Phil Perry
                                  Title: Senior Vice President

                               By: /s/ SEN LOUIE
                                  ---------------------------------------
                                  Name:  Sen Louie
                                  Title: Assistant Vice President

                               COMERICA BANK

                               By: /s/ MARTIN G. ELLIS
                                  ---------------------------------------
                                  Name:  Martin G. Ellis
                                  Title: Vice President

                               FIRST UNION NATIONAL BANK

                               By: /s/ DANIEL J. NORTON
                                  ---------------------------------------
                                  Name:  Daniel J. Norton
                                  Title: Director

                               NATIONAL WESTMINSTER BANK PLC

                               By: /s/
                                  ---------------------------------------
                                  Name:
                                  Title:

                               STATE STREET BANK AND TRUST COMPANY

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

                   AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT

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