XLIT Ltd. Announces Amendment of Early Tender Date, Withdrawal Deadline and Price Determination Date for its Previously Announced Tender Offer for its Outstanding 5.500% Subordinated Notes due 2045

HAMILTON, Bermuda, June 21, 2017

Except as described above, all terms and conditions of the 2045 Notes Offer and the other tender offers (together with the 2045 Notes Offer, the "Offers") as set forth in the Offer to Purchase remain unchanged.  The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Offers.

Holders who have previously validly tendered 2045 Notes do not need to re-tender their 2045 Notes or take any other action in response to the amendments to of the 2045 Notes Offer announced today.  Withdrawal rights for the 2045 Notes will now expire at 5:00 p.m., New York City time, on July 6, 2017.

Holders of any 2045 Notes that are validly tendered and accepted for purchase will receive the Total Consideration, which remains unchanged.  The Total Consideration offered per $1,000 principal amount of the 2045 Notes validly tendered and accepted for purchase pursuant to the 2045 Notes Offer will be determined in the manner described in the Offer to Purchase by reference to the fixed spread of +220bps for the 2045 Notes plus the applicable yield to maturity based on the bid-side price of the U.S. Treasury Reference Security for the 2045 Notes, the 3% UST due February 15, 2047, as quoted on the "FIT1" on the Bloomberg Bond Trader page at 2:00 p.m., New York City time, on July 6, 2017, and will be inclusive of the early tender payment of  $50 per $1,000 principal amount of 2045 Notes.

Information Relating to the Offers

Citigroup Global Markets Inc., and Wells Fargo Securities, LLC are acting as dealer managers for all Offers. J.P. Morgan Securities LLC is acting as dealer manager for all of the Offers other than the Offer for the Series D Preference Ordinary Shares of XL-Cayman. Investors with questions regarding the tender offers may contact Citigroup Global Markets Inc. at (800) 558-3745 (toll-free) or (212) 723-6106 (collect), J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3424 (collect) or Wells Fargo Securities, LLC at (866) 309-6316 (toll free) or (704) 410-4760 (collect).  Global Bondholder Services Corporation is the tender and information agent for the tender offers and can be contacted at (866) 470-4500 (toll-free) or (212) 430-3774 (collect). 

Holders may obtain a copy of the Offer to Purchase online at the website of the Securities and Exchange Commission ("SEC") at www.sec.gov as an exhibit to the amended Tender Offer Statement on Schedule TO filed by XL-Cayman with the SEC on June 20, 2017.  Holders are urged to read the Offer to Purchase carefully before making any decision with respect to the Offers. Holders must make their own decisions as to whether to participate in the Offers, and if they decide to do so, the number or amount of Securities to tender.