Document:

Exhibit 4.4

                    This
Supplemental Indenture, dated as of June 30, 2010 (this “Supplemental
Indenture”), is entered into among XL Company Switzerland GmbH, a limited
liability company incorporated under the laws of Switzerland (the “New Guarantor”),
XL Capital Finance (Europe) plc, a public limited company incorporated under
the laws of England and Wales (the “Company”),
XL Capital Ltd, an exempted limited company incorporated under the laws
of the Cayman Islands (the “Existing Guarantor”), and U.S. Bank National Association, a national banking association
organized and existing under the laws of the United States of America (as
successor to State Street Bank and Trust Company), as Trustee under the
Indenture (as defined below). Capitalized terms used, but not otherwise
defined, herein shall have the meanings assigned to such terms in the
Indenture.

W I T N E S S E T H:

                    WHEREAS,
the Company, the Existing Guarantor and
State Street Bank and Trust Company have heretofore executed and delivered an
Indenture, dated as of January 10, 2002 (as amended, supplemented, waived or
otherwise modified, including as supplemented by the terms and provisions
included in the Board Resolution dated January 7, 2002 governing the issuance
of the 6.50% Senior Notes due 2012, the “Indenture”), providing for the
issuance, from time to time, of the Securities;

                    WHEREAS,
pursuant to Section 801 of the Indenture, the Guarantor shall not
convey, transfer, sell or lease its properties and assets substantially as an
entirety to any Person unless, among other things, such Person expressly
assumes, by supplemental indenture satisfactory in form to the Trustee, the due
and punctual payment pursuant to the Securities, the Indenture and the Guarantee
of the principal of, any premium and interest on and any Additional Amounts
with respect to all of the Securities issued thereunder, and the performance of
all applicable obligations under the Indenture, the Guarantee and the
Securities issued thereunder;

                    WHEREAS,
pursuant to Section 801 of the Indenture, such Person to whom the
properties and assets of the Guarantor are conveyed, transferred, sold or
leased substantially as an entirety shall succeed to, and be substituted for, and
may exercise every right and power of the Guarantor under the Indenture, the
Securities and the Guarantee with the same effect as if such Person had been
named as the Guarantor therein, and thereafter, the existing Guarantor shall be
relieved of all obligations and covenants under the Indenture, the Guarantee
and the Securities;

                    WHEREAS,
concurrently with the execution and delivery of this Supplemental Indenture,
the Existing Guarantor is transferring its properties and assets substantially
as an entirety to the New Guarantor; and

                    WHEREAS,
pursuant to Section 901 of the Indenture, the Trustee, the Company
and the Guarantor are authorized to
execute and deliver this Supplemental Indenture to supplement the Indenture,
without the consent of any Holder;

                    NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Guarantor,
the 

Company, the Existing Guarantor and the Trustee mutually
covenant and agree, for the equal and proportionate benefit of all Holders of
the Securities or of series thereof, as follows:

ARTICLE I

AGREEMENT TO BE BOUND; GUARANTEE; RELEASE OF EXISTING GUARANTOR

                    Section
1.1. Agreement to be Bound. The New Guarantor hereby becomes a party to
the Indenture as the Guarantor and as such will have all of the rights and be
subject to all of the obligations and agreements of the Guarantor under the
Indenture. The New Guarantor agrees to be bound by all of the provisions of the
Indenture applicable to the Guarantor and to perform all of the obligations and
agreements of the Guarantor under the Indenture. 

                    Section
1.2. Guarantee. The New Guarantor hereby unconditionally guarantees, on
an unsecured, unsubordinated basis, to each Holder of a Security authenticated
and delivered by the Trustee and to the Trustee and its successors,
irrespective of the validity and enforceability of the Indenture, this
Supplemental Indenture, the Securities or the obligations of the Company to the
Holders or the Trustee thereunder, the Guaranteed Obligations, all as more
fully set forth in Article Thirteen of the Indenture.

                    Section
1.3. Release of Existing Guarantor. In accordance with Section 801
of the Indenture, the Existing Guarantor is hereby relieved of all obligations
and covenants under the Indenture, the Guarantee and the Securities.

ARTICLE II

MISCELLANEOUS

                    Section
2.1. Notices, Etc. to the Guarantor. The address to which any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by the Indenture to be made upon, given or
furnished to, or filed with, the Guarantor by the Trustee or by any Holder
shall be addressed is XL Company Switzerland GmbH, XL House, One Bermudiana
Road, Hamilton HM 08, Bermuda, Attn: Kirstin R. Gould (or any other address
furnished in writing to the Trustee by the Guarantor for such purpose).

                    Section
2.2. Parties. Nothing expressed or mentioned herein is intended or shall
be construed to give any Person, firm or corporation, other than the Holders
and the Trustee, any legal or equitable right, remedy or claim under or in
respect of this Supplemental Indenture or the Indenture or any provision herein
or therein contained.

                    Section
2.3. Governing Law. This Supplemental Indenture shall be governed by and
construed in accordance with the laws of the State of New York.

                    Section
2.4. Separability Clause. In case any provision in this Supplemental
Indenture, the Indenture, the Securities or the Guarantee shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

                    Section
2.5. Ratification of Indenture; Supplemental Indenture Part of Indenture.
Except as expressly amended or supplemented hereby, the Indenture is in all
respects ratified and 

2

confirmed and
all the terms, conditions and provisions thereof shall remain in full force and
effect. This Supplemental Indenture shall form a part of the Indenture for all
purposes, and every Holder of Securities heretofore or hereafter authenticated
and delivered shall be bound hereby. The Trustee makes no representation or
warranty as to the validity or sufficiency of this Supplemental Indenture or
for or in respect of the recitals contained herein.

                    Section
2.6. Duplicate and Counterpart Originals. The parties may sign any
number of copies of this Supplemental Indenture. One signed copy is enough to
prove this Supplemental Indenture. This Supplemental Indenture may be executed
in any number of counterparts, each of which so executed shall be an original,
but all of them together represent the same agreement. 

                    Section
2.7. Headings. The headings of the Articles and Sections in this
Supplemental Indenture have been inserted for convenience of reference only,
are not intended to be considered as a part hereof and shall not modify or
restrict any of the terms or provisions hereof.

[Remainder of page intentionally left blank]

3

                    IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed as of the date first above written.

	
 

	
 

	
 

	
 

	
 

	
XL CAPITAL FINANCE (EUROPE) PLC,

	
 

	
 

	
as the
Company

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Mervyn
Skeet

	
 

	
 

	

	
 

	
 

	
Name:

	
Mervyn Skeet

	
 

	
 

	
Title:

	
Director

	
 

	
 

	
 

	
 

	
 

	
XL CAPITAL LTD,

	
 

	
as the
Existing Guarantor

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Simon
Rich

	
 

	
 

	

	
 

	
 

	
Name: 

	
Simon Rich

	
 

	
 

	
Title: 

	
Senior Vice
President

	
 

	
 

	
 

	
 

	
 

	
XL COMPANY SWITZERLAND GMBH,

	
 

	
as the New
Guarantor

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ John
Hume

	
 

	
 

	

	
 

	
 

	
Name: 

	
John Hume

	
 

	
 

	
Title: 

	
Manager

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Gérald
Kanis

	
 

	
 

	

	
 

	
 

	
Name: 

	
Gérald Kanis

	
 

	
 

	
Title: 

	
Manager

	
 

	
 

	
 

	
 

	
 

	
U.S. BANK NATIONAL ASSOCIATION,

	
 

	
as the
Trustee

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Crystal
Deperry

	
 

	
 

	

	
 

	
 

	
Name: 

	
Crystal
Deperry

	
 

	
 

	
Title: 

	
Assistant
Vice Presidentc62065_ex4-5.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

     The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations:

	
TEN COM	 	– as
    tenants in common 	 	
UNIF GIFT MIN ACT–	 	 	 	Custodian	 	 
	
TEN ENT	 	
– as tenants by the entireties	 	 	 	
 (Cust)	 	 	 (Minor) 	 
	
JT TEN	 	
– as joint tenants with right of	 	 	 	 	 	under Uniform
    Gifts to Minors 
	 	 	
  survivorship and not as	 	 	 	 	 	    Act                          
	 	 	
  tenants in common	 	 	 	 	 	
      (State)

Additional abbreviations may also be used though not in the above list.

      For Value Received,                                          hereby sell, assign and transfer unto

	
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	

 

	
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 
	 
	 
	 	Shares
	
of the Shares represented by the within Certificate, and do hereby irrevocably constitute and appoint
	 
	 	Attorney
	
to transfer the said shares on the register of members of the within named Company with full power of substitution in the premises.
	

	 
	
Dated                                              

	 	NOTICE:	
THE SIGNATURE TO THIS TRANSFER MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE
OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.
	 	 
	 	 
	 	 
	 	 
	 	
	 	 
	SIGNATuRE(S) GuARANTEED:  	 
	 	 
	 	 
	THE SIGNATURE(S) MUST
    BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
    STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
    MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
    PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

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