Document:

<PAGE>
                                                                Exhibit 10.14.19

                  THIRD AMENDMENT TO REVOLVING CREDIT AGREEMENT

            THIS THIRD AMENDMENT TO REVOLVING CREDIT AGREEMENT, dated as of
December 4, 1998 (this "Amendment"), by and among X.L. Insurance Company, Ltd.
and X.L. Mid Ocean Reinsurance Company, Ltd. (successor to X.L. Global
Reinsurance Company, Ltd.) (the "Borrowers"), X.L. Insurance Company, Ltd. and
EXEL Acquisition Ltd. (the "Guarantors"), MELLON BANK, N.A., (the "Agent") and
the banks listed on the signature pages hereto (collectively, the "Banks").

                              W I T N E S S E T H:

            WHEREAS, the Borrowers, the Guarantors, the Banks, and the Agent are
parties to a Revolving Credit Agreement, dated as of June 6, 1997, (as amended
by the First Amendment thereto, dated as of November 5, 1997, and the Second
Amendment thereto, dated as of August 3, 1998, the "Credit Agreement"), pursuant
to which the Banks have agreed, on the terms and subject to the conditions
described therein, to make Loans to the Borrowers; and

            WHEREAS, the Borrowers have requested the Banks to make certain
changes to the Credit Agreement; and

            WHEREAS, the Banks are willing to amend the Credit Agreement as set
forth below; and

            WHEREAS, capitalized terms used herein and not otherwise defined
shall have the meanings assigned to them in the Credit Agreement;

            NOW THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, and intending to be legally bound hereby, the
parties hereto agree as follows:

            SECTION 1. Amendments to Credit Agreement. The Credit Agreement is
hereby amended as follows:

            (a) Section 2.04(c) of the Credit Agreement is hereby amended by
deleting the words "One, two, three, six or twelve months ('Euro-Rate Funding
Period')" appearing under the column heading "Available Funding Periods"
appearing therein and insertin in lieu of such words under such column heading
the following: "One, two, three, six or twelve months or, if acceptable to all
Banks, one or two weeks ('Euro-Rate Funding Period')".

            (b) Section 6.03(e) of the Credit Agreement is hereby amended to
read as follows:
<PAGE>

                        (e) Liens securing Indebtedness permitted by Section
                  6.08(b) or Section 6.08(c) hereof covering assets whose market
                  value is not materially greater than an amount equal to the
                  amount of the Indebtedness secured thereby, plus a
                  commercially reasonable margin.

            (c) Section 6.08(b) of the Credit Agreement is hereby amended by
deleting the word "Unsecured" appearing at the beginning thereof.

            SECTION 2. Effect of Amendment. The Credit Agreement, as amended by
this Amendment, is in all respects ratified, approved and confirmed and shall,
as so amended, remain in full force and effect.

            SECTION 3. Governing Law. This Amendment shall be deemed to be a
contract under the laws of the Commonwealth of Pennsylvania and for all purposes
shall be governed by and construed and enforced in accordance with the laws of
said Commonwealth.

            SECTION 4. Counterparts. This Amendment may be executed in any
number of counterparts and by the different parties hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but
all such counterparts shall constitute but one and the same instrument.

            IN WITNESS WHEREOF, the parties hereto have executed this Amendment
as of the date first above written.

                                    X.L. INSURANCE COMPANY, LTD.
                                    as a Borrower and as a Guarantor

                                    By:_________________________________________
                                    Title:______________________________________

                                    X.L. MID OCEAN REINSURANCE COMPANY, LTD.
                                      (successor to X.L. Global Reinsurance
                                      Company, Ltd.), as a Borrower

                                    By:_________________________________________
                                    Title:______________________________________

                                    EXEL ACQUISITION LTD.,
                                      as a Guarantor

                                      -2-
<PAGE>

                                    By:_________________________________________
                                    Title:______________________________________

                                    MELLON BANK, N.A., as a Bank
                                      and as Agent

                                    By:_________________________________________
                                    Title:______________________________________

                                    BANK OF TOKYO - MITSUBISHI LTD.,
                                      as a Bank

                                    By:_________________________________________
                                    Title:______________________________________

                                    DEUTSCHE BANK AG, NEW YORK OR CAYMAN ISLANDS
                                      BRANCHES, as a Bank

                                    By:_________________________________________
                                    Title:______________________________________

                                    By:_________________________________________
                                    Title:______________________________________

                                    THE BANK OF NOVA SCOTIA,
                                      as a Bank

                                    By:_________________________________________
                                    Title:______________________________________

                                    THE CHASE MANHATTAN BANK,
                                      as a Bank

                                    By:_________________________________________
                                    Title:______________________________________

                                    THE BANK OF BERMUDA LIMITED,
                                      as a Bank

                                      -3-
<PAGE>

                                    By:_________________________________________
                                    Title:______________________________________

                                    ROYAL BANK OF CANADA,
                                      as a Bank

                                    By:_________________________________________
                                    Title:______________________________________

                                    BANQUE NATIONALE DE PARIS,
                                      as a Bank

                                    By:_________________________________________
                                    Title:______________________________________

                                    By:_________________________________________
                                    Title:______________________________________

                                    BANK OF AMERICA NT&SA,
                                      as a Bank

                                    By:_________________________________________
                                    Title:______________________________________

                                    CREDIT LYONNAIS NEW YORK BRANCH,
                                      as a Bank

                                    By:_________________________________________
                                    Title:______________________________________

                                    By:_________________________________________
                                    Title:______________________________________

                                    BANK AUSTRIA AKTIENGESELLSCHAFT,
                                      as a Bank

                                    By:_________________________________________
                                    Title:______________________________________

                                    By:_________________________________________

                                      -4-
<PAGE>

                                    Title:______________________________________

                                      -5-<PAGE>

                                                                Exhibit 10.14.20

                 FOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

            THIS FOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT, dated as of
June 30, 1999 (this "Amendment"), by and among XL Insurance Ltd (formerly known
as X.L. Insurance Company, Ltd.) and XL Mid Ocean Reinsurance Ltd (formerly
known as X.L. Mid Ocean Reinsurance Company, Ltd., and successor to X.L. Global
Reinsurance Company, Ltd.) (the "Original Borrowers"), XL Insurance Ltd and EXEL
Acquisition Ltd. (the "Original Guarantors"), XL Capital Ltd, a corporation
organized under the laws of the Cayman Islands, British West Indies ("XL
Capital"), MELLON BANK, N.A., as Agent (the "Agent"), and the banks listed on
the signature pages hereto (collectively, the "Banks").

                              W I T N E S S E T H:

            WHEREAS, the Original Borrowers, the Original Guarantors, the Banks,
and the Agent are parties to a Revolving Credit Agreement, dated as of June 6,
1997, (as amended by the First Amendment thereto, dated as of November 5, 1997,
and the Second Amendment thereto, dated as of August 3, 1998, and the Third
Amendment thereto, dated as of December 4, 1998, the "Credit Agreement"),
pursuant to which the Banks have agreed, on the terms and subject to the
conditions described therein, to make Loans to the Original Borrowers; and

            WHEREAS, XL Capital is the parent company of the Original Borrowers
and the Original Guarantors and XL Capital desires to become a Borrower and a
Guarantor under the Credit Agreement;

            WHEREAS, XL Mid Ocean Reinsurance Ltd ("XL Mid Ocean") desires to
become a Guarantor under the Credit Agreement;

            WHEREAS, the Original Borrowers and XL Capital have requested the
Banks to make certain additional changes to the Credit Agreement;

            WHEREAS, the Banks are willing to amend the Credit Agreement as set
forth below; and

<PAGE>

            WHEREAS, capitalized terms used herein and not otherwise defined
shall have the meanings assigned to them in the Credit Agreement;

            NOW THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, and intending to be legally bound hereby, the
parties hereto agree as follows:

            SECTION 1. Amendments to Credit Agreement. The Credit Agreement is
hereby amended as follows:

            (a) The Credit Agreement is hereby amended (i) by replacing the term
"X.L. Insurance" each place it appears in the Agreement with the term "XL
Insurance", (ii) by replacing the term "X.L. Reinsurance" each place it appears
in the Credit Agreement with the term "XL Mid Ocean", (iii) by replacing the
term "EXEL Limited" each place it appears in the Agreement with the term "XL
Capital" and (iv) by replacing the term "EXEL Limited's" each time it appears in
the Agreement with the term "XL Capital's".

            (b) Section 1.01 of the Credit Agreement is hereby amended by
deleting the respective definitions of the terms "Guarantors", "EXEL Limited",
"X.L. Insurance", and "X.L. Reinsurance" appearing therein and by adding
thereto, in appropriate alphabetical sequence, the following definitions:

                        "Borrowers" shall mean XL Insurance, XL Mid Ocean and XL
                  Capital and "Borrower" shall mean any one of them.

                        "Designated Lender" means, with respect to any
                  Designating Lender, an Eligible Designee designated by it
                  pursuant to Section 9.13(f) as a Designated Lender for
                  purposes of this Agreement.

                        "Designating Lender" means, with respect to each
                  Designated Lender, the Bank that designated such Designated
                  Lender pursuant to Section 9.13(f).

                        "Eligible Designee" means 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

                                      -2-
<PAGE>

                  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 Ratings Group or the
                  equivalent thereof by another generally recognized rating
                  service.

                        "Guarantors" shall mean XL Insurance, XL Mid Ocean, XL
                  Capital and EXEL Acquisition Ltd. and "Guarantor" shall mean
                  any one of them.

                        "XL Capital" shall mean XL Capital Ltd, a corporation
                  formed under the laws of the Cayman Islands, British West
                  Indies, which was formerly known as EXEL Limited and which is
                  a Borrower and a Guarantor under this Agreement.

                        "XL Insurance" shall mean XL Insurance Ltd, a Bermuda
                  limited liability corporation and a Borrower and a Guarantor
                  under this Agreement.

                        "XL Mid Ocean" shall mean XL Mid Ocean Reinsurance Ltd,
                  a Bermuda limited liability corporation and a Borrower and a
                  Guarantor under this Agreement.

            (c) Section 1.02 of the Credit Agreement, titled Construction, is
hereby amended by adding at the end thereof the following:

                  As used herein, the phrase "neither Borrower" shall be deemed
                  to mean "no Borrower", the phrase "either Borrower" shall be
                  deemed to mean "any Borrower", the phrase "neither Guarantor"
                  shall be deemed to mean "no Guarantor" and the phrase "either
                  Guarantor" shall be deemed to mean "any Guarantor".

            (d) New Exhibit A-3 (form of XL Capital promissory note) to the
Credit Agreement is hereby added in the form attached to this Fourth Amendment
and Section 2.01(c) of the Credit Agreement is hereby amended to read as
follows:

                        (c) Revolving Credit Notes. The obligation of each
                  Borrower to repay the amount of the Loans made to it by each
                  Bank and to pay interest

                                      -3-
<PAGE>

                  thereon shall be evidenced in part by promissory notes of the
                  Borrowers, one to each Bank, dated the Closing Date (in the
                  case of XL Insurance and XL Mid Ocean) or dated the date of
                  effectiveness of the Fourth Amendment to this Agreement (in
                  the case of XL Capital) (the "Notes") in substantially the
                  form attached hereto as Exhibit A-1 (in the case of XL
                  Insurance), Exhibit A-2 (in the case of XL Mid Ocean) and
                  Exhibit A-3 (in the case of XL Capital), with the blanks
                  appropriately filled, payable to the order of such Bank in a
                  face amount equal to such Bank's Committed Amount as of the
                  date of such Fourth Amendment.

            (e) The Credit Agreement is hereby amended by adding, immediately
following Section 3.14, a new Section 3.15 to read as follows:

                        3.15. 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 risks
                  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 and
                  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.

                                      -4-
<PAGE>

            (f) Sections 5.01(a) and 5.01(b) of the Credit Agreement are hereby
amended to read as follows:

                        (a) Annual Reports. As soon as practicable and in any
                  event within 100 days after the close of each fiscal year of
                  such Borrower, audited consolidated statements of income,
                  retained earnings and cash flows of such Borrower and its
                  consolidated Subsidiaries, for such fiscal year and a
                  consolidated audited balance sheet of such Borrower and its
                  consolidated Subsidiaries, as of the close of such fiscal
                  year, and notes to each, all in accordance with GAAP or, in
                  the case of XL Insurance and XL Mid Ocean, SAP, setting forth
                  in comparative form the corresponding figures for the
                  preceding fiscal year, with such consolidated statements and
                  balance sheets to be certified by independent public
                  accountants of recognized national standing in the United
                  States selected by such Borrower and not unacceptable to the
                  Required Banks, and the certificate or report of such
                  accountants to be free of exceptions or qualifications not
                  reasonably acceptable to the Required Banks (it being
                  understood that delivery of XL Capital's Report on Form 10-K
                  filed with the Securities and Exchange Commission shall
                  satisfy the requirement of this Section 5.01(a) to deliver the
                  annual financial statements of XL Capital so long as the
                  financial information required to be in such report is
                  substantially the same as the financial information required
                  by this Section 5.01(a)).

                        (b) Quarterly Statements. Within sixty days after the
                  end of the first, second and third quarterly accounting
                  periods in each fiscal year of such Borrowers, copies of the
                  unaudited consolidated balance sheets of such Borrower and its
                  consolidated Subsidiaries as of the end of such accounting
                  period and of the consolidated income statements of such
                  Borrower and its consolidated Subsidiaries for the elapsed
                  portion of the fiscal year ended with the last day of such
                  accounting period, all in accordance with GAAP or, in the case
                  of XL Insurance and XL Mid Ocean, SAP, subject to year-end
                  audit adjustments and certified by the principal financial
                  officer of such Borrower to have been prepared in accordance
                  with generally accepted accounting principles consistently

                                      -5-
<PAGE>

                  applied by such Borrower except as explained in such
                  certificate (it being understood that delivery of XL Capital's
                  Report on Form 10-Q filed with the Securities and Exchange
                  Commission shall satisfy the requirement of this Section
                  5.01(b) to deliver the quarterly financial statements of XL
                  Capital so long as the financial information required to be in
                  such report is substantially the same as the financial
                  information required by this Section 5.01(b)).

            (g) Section 5.01 of the Credit Agreement is hereby further amended
by adding at the end thereof a new paragraph (i) to read as follows:

                        (i) 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 3.15), except to
                  the extent that such failure could not reasonably be expected
                  to have a Material Adverse Effect.

            (h) Section 6.03 of the Credit Agreement is hereby amended (i) by
deleting the period and inserting the phrase "; or" at the end of paragraph (e)
thereof, deleting the phrase "; or" and inserting a period at the end of
paragraph (f) thereof and deleting paragraph (g) thereof and (ii) by deleting,
in Section 6.03(e), the phrase "Section 6.08(b) or Section 6.08(c) hereof" and
inserting in lieu thereof the phrase "Section 6.08(b), Section 6.08(c) or
Section 6.08(g) hereof".

            (i) Section 6.05 of the Credit Agreement if hereby amended by
deleting the phrase "net premiums earned from insurance operations" appearing
therein and inserting in lieu thereof the phrase "net premiums earned from
insurance or reinsurance operations".

            (j) Sections 6.06, 6.07, 6.08 and 6.09 of the Credit Agreement are
hereby amended to read as follows:

                        6.06. Ratio of Total Funded Debt to Consolidated
                  Tangible Net Worth. XL Capital will not permit its ratio of
                  (i) the sum of (x) Total Funded Debt plus (y) the aggregate
                  undrawn face

                                      -6-
<PAGE>

                  amount of all letters of credit (as to which reimbursement
                  obligations are 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.

                        6.07. Consolidated Tangible Net Worth. XL Capital will
                  not permit its Consolidated Tangible Net Worth to be less than
                  $2,566,000,000.00 at any time.

                        6.08. Indebtedness. No Borrower shall, nor shall any
                  Borrower permit any Subsidiary to, at any time create, incur,
                  assume or suffer to exist any Indebtedness, or agree, become
                  or remain liable (contingent or otherwise) to do any of the
                  foregoing, except:

                        (a) Indebtedness to the Banks pursuant to this Agreement
                  and the other Loan Documents;

                        (b) Other Secured Indebtedness (including secured
                  reimbursement obligations with respect to letters of credit)
                  of any Borrower or any Subsidiary in an aggregate principal
                  amount (for all Borrowers and Subsidiaries) not exceeding
                  $400,000,000 at any time outstanding;

                        (c) Secured reimbursement obligations of any Borrower or
                  any Subsidiary with respect to letters of credit not exceeding
                  $800,000,000 in the aggregate for all Borrowers and
                  Subsidiaries;

                        (d) Unsecured Indebtedness, so long as upon the
                  incurrence thereof no Event of Default or Potential Default
                  would occur or exist;

                        (e) Accounts or claims payable and accrued and deferred
                  compensation (including options) incurred in the ordinary
                  course of business by any Borrower or any Subsidiary;

                        (f) Indebtedness incurred in transactions described in
                  Section 6.03(f); and

                                      -7-
<PAGE>

                        (g) Indebtedness described in Schedule 6.08(g) hereto.

                        6.09. Claims Paying Ratings. Each of XL Insurance and XL
                  Mid Ocean shall maintain at all times a claims-paying rating
                  of at least "A" from Standard & Poor's Ratings Group and from
                  A.M. Best Company.

            (k) Section 9.13 of the Credit Agreement is hereby amended by adding
thereto, as a new paragraph (f) thereof, the following:

                        (f) 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 Granting Bank 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 and (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 Committed Amount
                  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 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

                                      -8-
<PAGE>

                  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 its 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 2.11 and 9.04 of this
                  Agreement) 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 provision 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 either
                  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

                                      -9-
<PAGE>

                  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
                  may not be amended without the written consent of each
                  Designating Lender which has designated a Designated Lender.

            (l) In Section 1.01 of the Credit Agreement, the introductory
paragraph of the definition of the term "Indebtedness" is hereby amended to read
as follows:

                  "Indebtedness" of a Person shall mean (it being understood,
                  for the avoidance of doubt, that insurance payment
                  liabilities, as such, and liabilities arising in the ordinary
                  course of such Person's business as an insurance or
                  reinsurance company or corporate member of Lloyds or as a
                  provider of financial services or contracts (in each case
                  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):

            (m)  Section 7.01(e) is hereby amended to read as follows:

                        (e) Any Borrower or any Subsidiary of any Borrower shall
                  default (i) in any payment of principal of or interest on any
                  other obligation for borrowed money in principal amount of
                  $10,000,000 or more or any obligation for borrowed money under
                  the Short Term Revolving Credit Agreement, dated as of June
                  30, 1999, as amended, to which each of the Borrowers is a
                  party, in each case beyond any period of grace provided with
                  respect thereto, or (ii) in the performance of any other
                  agreement, term or condition contained in any such agreement
                  under which any such obligation in principal amount of
                  $10,000,000.00 or more is

                                      -10-
<PAGE>

                  created or contained in such Short Term Revolving Credit
                  Agreement, if the effect of such default is to cause or permit
                  the holder or holders of such obligation (or trustee on behalf
                  of such holder or holders) to cause such obligation to become
                  due prior to its stated maturity or to terminate its
                  commitment under such agreement or to cause or permit the
                  holder or holders of any obligation under such Short Term
                  Revolving Credit Agreement to cause such obligation to become
                  due prior to its stated maturity or to terminate its
                  commitment under such Short Term Revolving Credit Agreement;

            (n) Section 2.01(a) of the Credit Agreement is hereby amended by
adding thereto, as a new last sentence thereof, the following:

                  Notwithstanding anything to the contrary in this Agreement, XL
                  Capital shall not request any Loan to be made to it, and no
                  Loan shall be made to XL Capital, until all of the Banks have
                  executed and delivered the Fourth Amendment to this Agreement
                  or have otherwise consented in writing to XL Capital becoming
                  a Borrower hereunder.

            SECTION 2. Addition of XL Capital as Borrower and Guarantor and of
XL Mid Ocean as Guarantor. Each of XL Mid Ocean and XL Capital hereby agrees to
become and be 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. XL Capital hereby agrees to become and be a Borrower
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 Borrower.

            SECTION 3. Conditions to Effectiveness. This Fourth Amendment shall
become effective upon the execution hereof by the Original Borrowers, the
Original Guarantors, XL Capital Ltd, the Required Banks and the Agent and upon
the fulfillment on or prior to a date (prior to July 31, 1999) designated in
writing to the Agent by XL Capital (the "Amendment Date") of the following
additional conditions (it being understood that no Loans under the Credit
Agreement as amended hereby shall be made to XL Capital until all the Banks have
executed this Amendment or have

                                      -11-
<PAGE>

otherwise consented in writing to XL Capital becoming a Borrower under the
Credit Agreement as amended hereby):

            (a) Proceedings and Incumbency. There shall have been delivered to
      the Agent with sufficient copies for each Bank a certificate with respect
      to each Borrower (which term shall include for all purposes of this
      Section XL Capital Ltd) in form and substance satisfactory to the Agent
      dated the Amendment Date and signed on behalf of each Borrower or EXEL
      Acquisition, as the case may be, by the Secretary or an Assistant
      Secretary of such Borrower, certifying as to: (a) true copies of all
      corporate action taken by such Borrower relative to this Amendment, and
      the other Loan Documents applicable to it, and (b) the names, true
      signatures and incumbency of the officer or officers of such Borrower
      authorized to execute and deliver this Agreement and the other Loan
      Documents applicable to it. Each Bank may conclusively rely on such
      certificates unless and until a later certificate revising the prior
      certificate has been furnished to such Bank.

            (b) Organizational Documents. There shall have been delivered to the
      Agent with sufficient copies for each Bank (i) certified copies of the
      articles of incorporation and by-laws for XL Capital and (ii) a
      certificate of good standing for XL Capital certified by the appropriate
      Official Body of the Cayman Islands, British West Indies.

            (c) Opinions of Counsel. There shall have been delivered to the
      Agent with sufficient copies for each Bank written opinions addressed to
      the Banks, dated the Amendment Date, of Cahill Gordon & Reindel, Conyers,
      Dill & Pearman, Paul S. Giordano, Esq., and Hunter & Hunter, respectively,
      the Borrowers' and Guarantors' counsel, in form satisfactory to the Agent,
      which together are substantially to the effects, but with reference to
      this Amendment and the Credit Agreement as amended hereby, set forth in
      the opinions delivered by counsel to the Borrowers and the Guarantors on
      the Closing Date.

            (d) Details, Proceedings, Notes and other Documents. All legal
      details and proceedings in connection with the transactions contemplated
      by this Agreement shall be satisfactory to the Required Banks, and each
      Bank shall have received all such counterpart originals or certified or
      other copies of the Loan Documents (including a Note issued

                                      -12-
<PAGE>

      by XL Capital for each Bank meeting the requirements of Section 2.03 of
      the Credit Agreement as hereby amended) and such other documents and
      proceedings in connection with such transactions, in form and substance
      satisfactory to it, as any Bank have reasonably requested.

            (e) Fees and Expenses. The Borrowers shall have paid all fees and
      other compensation to be paid by them hereunder on or prior to the
      Amendment Date.

            (f) Representation and Warranties. The representations and
      warranties contained in Article III of the Credit Agreement shall be true
      on and as of the Amendment Date with the same effect as though made on and
      as of the Amendment Date, after giving effect to this Fourth Amendment (it
      being understood that references in such Article III to the Credit
      Agreement shall be deemed for this purpose to be references to this Fourth
      Amendment and to the Credit Agreement as amended hereby) and the Agent
      shall have received a certificate of each Borrower and each Guarantor to
      such effect.

            SECTION 4. Effect of Amendment. The Credit Agreement, as amended by
this Amendment, is in all respects ratified, approved and confirmed and shall,
as so amended, remain in full force and effect.

            SECTION 5. Governing Law. This Amendment shall be deemed to be a
contract under the laws of the Commonwealth of Pennsylvania and for all purposes
shall be governed by and construed and enforced in accordance with the laws of
said Commonwealth.

            SECTION 6. Counterparts. This Amendment may be executed in any
number of counterparts and by the different parties hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but
all such counterparts shall constitute but one and the same instrument.

                                      -13-
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have executed this Amendment
as of the date first above written.

                                    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
                                           --------------------------------

                                    EXEL ACQUISITION LTD.,
                                      as a 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
                                           --------------------------------

                                      -14-
<PAGE>

                                    MELLON BANK, N.A., as a Bank
                                      and as Agent

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

                                    BANK OF TOKYO - MITSUBISHI LTD.,
                                      as a Bank

                                    By: ___________________________________
                                    Title: ________________________________

                                    DEUTSCHE BANK AG, NEW YORK OR CAYMAN
                                      ISLANDS BRANCHES,
                                      as a Bank

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

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

                                    THE BANK OF NOVA SCOTIA,
                                      as a Bank

                                    By: /s/ J.R. Trimble
                                        --------------------------------
                                    Title: Senior Relationship Manager
                                           -----------------------------

                                      -15-
<PAGE>

                                    THE CHASE MANHATTAN BANK,
                                      as a Bank

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

                                    THE BANK OF BERMUDA LIMITED,
                                      as a Bank

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

                                    ROYAL BANK OF CANADA,
                                      as a Bank

                                    By: /s/ V. Abdelmessih
                                        ----------------------------------
                                    Title: Senior Account Manager
                                           --------------------------------

                                    BANQUE NATIONALE DE PARIS,
                                      as a Bank

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

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

                                      -16-
<PAGE>

                                    BANK OF AMERICA NT&SA,
                                      as a Bank

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

                                    CREDIT LYONNAIS NEW YORK BRANCH,
                                      as a Bank

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

                                    By: ___________________________________
                                    Title: ________________________________

                                    BANK AUSTRIA AKTIENGESELLSCHAFT,
                                      as a Bank

                                    By: ___________________________________
                                    Title: ________________________________

                                    By: ___________________________________
                                    Title: ________________________________

                                      -17-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}]]