<HTML>
<HEAD>
   <TITLE> -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<P align="center" style="margin-bottom:0px">
<B><FONT face="serif">As filed with the Securities and Exchange Commission on
August 6, 2009 </FONT></B></P>
<P align="right" style="margin-top:0px;margin-bottom:0px;"><B><FONT face="serif">Registration No. 333-</FONT></B></P>
<div style="border-bottom:4px solid #000000;margin-top:-10px;">&nbsp;</div>
<div style="border-bottom:1px solid #000000; font-size:1px">&nbsp;</div>
<P align="center">
<U><FONT face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT></U><br>
<B><FONT face="serif">Washington, D.C. 20549 </FONT></B></P>
<P align="center">
<U><FONT face="serif">FORM S-8</FONT></U><br>
<U><FONT face="serif">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</FONT></U></P>
<P align="center">
<B><FONT face="serif">___________________ </FONT></B></P>
<P align="center">
<U><FONT size=4 face="serif">XL CAPITAL LTD</FONT></U><br>
<B><U><FONT size=1 face="serif">(Exact name of registrant as specified in its charter)</FONT></U></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width=50%>
<B><FONT face="serif">Cayman Islands</FONT></B>	</TD>
	<TD align=center width=50%>
<B><FONT face="serif">98-0191089</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=50%>
<FONT size=1 face="serif">(State or other jurisdiction</FONT>	</TD>
	<TD align=center width=50%>
<FONT size=1 face="serif">(I.R.S. Employer Identification No.)</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=50%>
<FONT size=1 face="serif">of incorporation or organization)</FONT>	</TD>
	<TD align=left width=50%>&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<U><FONT face="serif">XL House</FONT></U><FONT face="serif"> </FONT><BR>
<U><FONT face="serif">One Bermudiana Road</FONT></U><FONT face="serif"> </FONT><BR>
<U><FONT face="serif">Hamilton, HM 11, Bermuda</FONT></U><BR>
<B><U><FONT size=1 face="serif">(Address of Principal Executive Offices)</FONT></U></B><BR>
<B><FONT face="serif">___________________ </FONT></B></P>
<P align="center">
<U><FONT face="serif">XL CAPITAL LTD 1991 PERFORMANCE INCENTIVE PROGRAM <br>
(AS AMENDED AND RESTATED)</FONT></U><FONT face="serif"> </FONT></P>
<P align="center"><B><FONT face="serif">___________________ </FONT></B></P>
<P align="center"><B><U><FONT face="serif">Kirstin Romann Gould, Esq.</FONT></U></B><BR>
  <B><U><FONT face="serif">Executive Vice President,</FONT></U></B><BR>
  <B><U><FONT face="serif">General Counsel and Secretary</FONT></U></B><FONT face="serif"> </FONT><BR>
  <B><U><FONT face="serif">XL Capital Ltd</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
  <B><U><FONT face="serif">c/o CT Corporation System</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
  <B><U><FONT face="serif">111 Eighth Avenue</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
  <B><U><FONT face="serif">New York, New York 10011</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
  <B><U><FONT size=1 face="serif">(Name and address of agent for service)</FONT></U></B><B><FONT size=1 face="serif"> </FONT></B><BR>
  <BR>
  <B><U><FONT face="serif">(212) 590-9009</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
  <B><U><FONT size=1 face="serif">(Telephone number, including area code, of agent for service)</FONT></U></B><BR>
  <B><FONT face="serif">___________________ </FONT></B></P>
<P align="center">
<FONT face="serif">Copy to:</FONT><br>
<FONT face="serif">Kenneth W. Orce, Esq. </FONT><BR>
<FONT face="serif">Cahill Gordon &amp; Reindel </FONT><FONT size=2 face="serif">LLP</FONT><BR>
<FONT face="serif">80 Pine Street </FONT><BR>
<FONT face="serif">New York, NY 10005-1702 </FONT><BR>
<B><FONT face="serif">___________________ </FONT></B></P>
<P align="left">
<FONT face="serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated filer,&#148;
&#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=58% align=left nowrap><font face=WINGDINGS>&#254;</font><FONT face="serif">Large
      accelerated filer</FONT>	</TD>
	<TD width=42% align=left nowrap><font face=WINGDINGS>o</font> <FONT face="serif">Accelerated filer</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD width=58% align=left nowrap><font face=WINGDINGS>o</font> <FONT face="serif">Non-accelerated filer </FONT><FONT size=2 face="serif">(Do not check if smaller reporting company)</FONT>	</TD>
	<TD width=42% align=left nowrap><font face=WINGDINGS>o</font> <FONT face="serif">Smaller reporting company</FONT>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=20% style="border-bottom:3px double #000000;">&nbsp;	</TD>
	<TD align=center colspan=3 style="border-bottom:3px double #000000;">
<U><FONT size=1 face="serif">CALCULATION OF REGISTRATION FEE</FONT></U>	</TD>
	<TD align=left width=20% style="border-bottom:3px double #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=20%>
<B><FONT size=1 face="serif">Title of Securities to be</FONT></B>	</TD>
	<TD width=20% align=center>
<B><FONT size=1 face="serif">Amount to be</FONT></B>	</TD>
	<TD width=20% align=center>
<B><FONT size=1 face="serif">Proposed Maximum</FONT></B>	</TD>
	<TD align=center width=20%>
<B><FONT size=1 face="serif">Proposed Maximum</FONT></B>	</TD>
	<TD align=center width=20%>
<B><FONT size=1 face="serif">Amount of</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=20% style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Registered</FONT></B>	</TD>
	<TD width=20% align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Registered</FONT></B>	</TD>
	<TD width=20% align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Offering Price Per Share</FONT></B>	</TD>
	<TD align=center width=20% style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Aggregate Offering Price</FONT></B>	</TD>
	<TD align=center width=20% style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Registration Fee</FONT></B>	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<FONT size=1 face="serif">Class A Ordinary Shares,</FONT>	</TD>
	<TD width=20% align=center>
<FONT size=1 face="serif">24,000,000</FONT>	</TD>
	<TD width=20% align=center>
<FONT size=1 face="serif">$14.36(2)</FONT></TD>
	<TD align=center width=20%>
 &nbsp;<FONT size=1 face="serif">$344,640,000.00</FONT>	</TD>
	<TD align=center width=20%><FONT size=1 face="serif">$19,230.91</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">par value &#36;.01 per share</FONT>	</TD>
	<TD width=20% align=center style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">shares(1)</FONT>	</TD>
	<TD width=20% align=center style="border-bottom:3px double #000000;">&nbsp;	</TD>
	<TD align=center width=20% style="border-bottom:3px double #000000;">&nbsp;	</TD>
	<TD align=left width=20% style="border-bottom:3px double #000000;">&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="left"><FONT size=1 face="serif">Represents an additional 24,000,000 Shares issuable under the XL Capital Ltd 1991 Performance Incentive Program (as amended and restated).</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="left"><FONT size=1 face="serif">Pursuant to Rule 457(h)(1) under the
    Securities Act of 1933, the proposed maximum offering price per share, the
    proposed maximum aggregate offering price and the registration fee have been
    calculated based on the basis of the average of the high and low prices reported
    for the Class A Ordinary Shares reported on the New York Stock Exchange on
    August 3, 2009.</FONT></P>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="center">
<B><FONT face="serif">EXPLANATORY NOTE</FONT></B></P>
<P align="left">
<FONT face="serif">We are filing this Registration Statement to register an additional 24,000,000 of the Company&#146;s Class A Ordinary Shares, par value &#36;0.01 per share (the &#147;Shares&#148;), that may be acquired by Company employees under
the amended and restated XL Capital Ltd 1991 Performance Incentive Program (the &#147;Program&#148;).</FONT></P>
<P align="left">
<FONT face="serif">An increase of 13,500,000 in the number of shares authorized for issuance under the Program and the amendment and restatement of the Program as described in our Definitive Proxy Statement for our 2009 annual general meeting of
holders of our Shares were approved by the holders of our Shares at our 2009 annual general meeting held on April 24, 2009. The full text of the amended and restated Program is available on the Securities and Exchange Commission&#146;s (the
&#147;Commission&#148;) website as an exhibit to our Definitive Proxy Statement on Schedule 14A, filed with the Commission on March 9, 2009. An increase of 10,500,000 in the number of shares authorized for issuance under the Program and the
amendment and restatement of the Program as described in our Definitive Proxy Statement for our 2005 annual general meeting of holders of our Shares were approved by the holders of our Shares at our 2005 annual general meeting held on April 29,
2005. The full text of the amended and restated Program as effective from April 29, 2005 until the subsequent amendment and restatement made on April 24, 2009 is available on the Commission&#146;s website as an exhibit to our Definitive Proxy
Statement on Schedule 14A, filed with the Commission on March 24, 2005.</FONT></P>
<P align="left">
<FONT face="serif">We previously filed our Registration Statement on Form S-8 (File No. 333-89568), filed with the Commission on May 21, 2002 (the &#147;Original Registration Statement&#148;) covering (i) 8,000,000 shares issuable under the Program
(as amended and restated) and (ii) an aggregate of 1,225,000 shares issuable under the XL Capital Ltd Employee Share Purchase Plan, XL Capital globalShare - Share Incentive Plan, XL Capital Ltd UK Employee Share Purchase Plan, XL Capital Ltd
globalShare - Save as You Earn and XL Capital Ltd globalShare - Swiss Employee Share Purchase Plan. Pursuant to General Instruction E to Form S-8, the contents of the Original Registration Statement, including the periodic and current reports that
we filed with the Commission after the effectiveness of the Original Registration Statement, are incorporated herein by reference except to the extent supplemented, amended or superseded by the information set forth herein. Any items in the Original
Registration Statement not expressly changed hereby shall be as set forth in the Original Registration Statement.</FONT></P>
<P align="center">
<FONT face="serif">II-1</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="center">
<U><FONT face="serif">PART II</FONT></U><FONT face="serif"> </FONT><BR>
<BR>
<U><FONT face="serif">INFORMATION REQUIRED</FONT></U><FONT face="serif"> </FONT><BR>
<U><FONT face="serif">IN THE REGISTRATION STATEMENT</FONT></U></P>
<P align="left">
<FONT face="serif">ITEM 3. INCORPORATION OF </FONT><BR>
<FONT face="serif">DOCUMENTS BY REFERENCE.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The following documents filed by XL Capital Ltd (the &#147;Company&#148; or the &#147;Registrant&#148;) with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 are
hereby incorporated by reference into this registration statement: </FONT></P>
<P align="left" style="margin-left:20px;text-indent:20px">
<FONT face="serif">(i)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Quarterly
Reports on Form 10-Q for the quarters ended</FONT> <FONT face="serif">March 31,
2009 and June 30, 2009 (File No. 1-10804); </FONT></P>
<P align="left" style="margin-left:20px;text-indent:20px"><FONT face="serif">(ii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Proxy
    Statement for the Annual General Meeting of holders of the Company&#146;s
    Class A Ordinary Shares held on April 24, 2009 (File No.  1-10804); </FONT></P>
<P align="left" style="margin-left:20px;text-indent:20px">
<FONT face="serif">(iii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Annual
Report on Form 10-K for the year ended De</FONT><FONT face="serif">cember 31,
2008 (File No. 1-10804);</FONT></P>
<P align="left" style="margin-left:20px;text-indent:20px">
<FONT face="serif">(iv)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The
    Company&#146;s current reports on Form 8-K dated January 13, 2009, January
    23, 2009, February 11, 2009, February 17, 2009, March 3,  2009, March 24,
    2009, April 28, 2009, June 9, 2009 </FONT></P>
<P align="center">
<FONT face="serif">II-2</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left" style="margin-left:10px;text-indent:10px">
<FONT face="serif">and July 28, 2009 and the Company&#146;s current report on
Form 8-K/A</FONT> <FONT face="serif">dated February 4, 2009; and </FONT></P>
<P align="left" style="margin-left:20px;text-indent:20px"><FONT face="serif">(v)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The
    Company&#146;s current report on Form 8-K filed on August 7, 1998 (File No.
    1-10804) relating to the deemed registration of the  Ordinary Shares under
    Section 12(b) of the Securities Exchange Act of 1934 (the &#147;Exchange
    Act&#148;) pursuant to Rule 12g-3(a) of the Exchange Act and the description
    of such shares set forth under the caption &#147;Description of XL Capital
     Ordinary Shares&#148; contained in the Prospectus dated December 1, 2005,
     as filed with the Commission on July 31, 2008 and as incorporated by reference
     into the Company&#146;s registration statement on Form 8-A filed on August
     6, 2008. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this registration statement and prior to the filing of a post-effective
amendment to this registration statement indicating that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this registration statement and to be part
hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this registration statement to the
extent that a statement contained herein or in any subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded </FONT></P>
<P align="center">
<FONT face="serif">II-3</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<FONT face="serif">shall not be deemed, except as so modified or superseded,
to constitute a part of this registra</FONT><FONT face="serif">tion statement.</FONT></P>
<P align="left">
<FONT face="serif">ITEM 8. EXHIBITS. </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=12%>
<B><FONT face="serif">Exhibit</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=85%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=12%>
<B><FONT face="serif">Number</FONT></B>	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=center width=85%>
<B><FONT face="serif">Exhibit</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">4.1</FONT>		</TD>
	<TD  width=2% valign="top">&nbsp;			</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Memorandum of Association of the Registrant (incorporated
by reference to</FONT>
<FONT face="serif">Annex G to the Joint Proxy Statement of EXEL Limited and Mid-Ocean
Lim</FONT><FONT face="serif">ited dated July 2, 1998 (the &#147;Joint Proxy Statement&#148;).</FONT>	</TD>
</TR>

<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">4.2</FONT>		</TD>
	<TD  width=2% valign="top">&nbsp;		</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Articles of Association (incorporated by reference to Annex G to the Joint</FONT>
<FONT face="serif">Proxy Statement).</FONT>	</TD>
</TR>

<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">5</FONT>	</TD>
	<TD  width=2% valign="top">&nbsp;	</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Opinion of Appleby.</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">23.1</FONT>	</TD>
	<TD  width=2% valign="top">&nbsp;	</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Consent of PricewaterhouseCoopers LLP.</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">23.2</FONT>	</TD>
	<TD  width=2% valign="top">&nbsp;	</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Consent of Appleby (included in Exhibit 5).</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">24</FONT>	</TD>
	<TD  width=2% valign="top">&nbsp;	</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Power of Attorney.</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">99.1</FONT>		</TD>
	<TD  width=2% valign="top">&nbsp;		</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Acceptance of Appointment of CT Corporation System as U.S. agent for Service of Process.</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT face="serif">ITEM 9. UNDERTAKINGS. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes: </FONT></P>
<P align="left" style="margin-left:20px;text-indent:20px">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a </FONT><FONT face="serif">post-effective amendment to this registration statement: </FONT></P>
<P align="left" style="margin-left:40px;text-indent:40px"><FONT face="serif">(i)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To
    include any prospectus required by Section 10(a)(3) of the Securities Act
    of 1933 (the &#147;Act&#148;); </FONT></P>
<P align="center">
<FONT face="serif">II-4 </FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left" style="margin-left:40px;text-indent:40px">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent
post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement (except to the extent the information required to be included by clauses (i) or (ii)
is contained in periodic reports filed by the Registrant pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) that are incorporated by reference into this registration statement; </FONT></P>
<P align="left" style="margin-left:40px;text-indent:40px">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or
any material change to such information in this registration statement; </FONT></P>
<P align="left" style="margin-left:20px;text-indent:20px">
<FONT face="serif">(2) That, for the purpose of determining any liability under the Act, each </FONT><FONT face="serif">such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. </FONT></P>
<P align="left" style="margin-left:20px;text-indent:20px">
<FONT face="serif">(3) To remove from registration by means of a post-effective
amendment</FONT> <FONT face="serif">any of the securities being registered which
remain unsold at the termination of the offering.</FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant
hereby undertakes that, for purposes of de</FONT><FONT face="serif">termining
any liability under the Act, each filing of the Registrant&#146;s annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated
by reference in this registration statement shall be deemed to be a new registration
statement relating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the </FONT><FONT face="serif">initial bona fide offering thereof.</FONT></P>
<P align="center">
<FONT face="serif">II-5</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification
    for liabilities arising under the Act may be permitted to directors, officers
    and controlling persons of the Registrant pursuant to the foregoing provisions,
    or  otherwise, the Registrant has been advised that in the opinion of the
    Securities and Exchange Commission such indemnification is against public
    policy as expressed in the Act and is, therefore, unenforceable. In the event
    that a claim for  indemnification against such liabilities (other than the
    payment by the Registrant of expenses incurred or paid by a director, officer
    or controlling person of the Registrant in the successful defense of any
    action, suit or proceeding) is asserted  by such director, officer or controlling
    person in connection with the securities being registered, the Registrant
    will, unless in the opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate  jurisdiction the
    question whether such indemnification by it is against public policy as expressed
    in the Act and will be governed by the final adjudication of such issue. </FONT></P>
<P align="center">
<FONT face="serif">II-6</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="center">
<U><FONT face="serif">SIGNATURES</FONT></U></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933,
the Registrant certi</FONT><FONT face="serif">fies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized,  in the City of Hamilton and Country of Bermuda, on July 24, 2009.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=61%>&nbsp;</TD>
	<TD align=left width=4%>&nbsp;	</TD>
	<TD align=left colspan=2><FONT face="serif">XL CAPITAL LTD</FONT>	</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=61%>&nbsp;</TD>
	<TD align=left width=4%>
<FONT face="serif">By:</FONT>	</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Michael S. McGavick</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=61%>&nbsp;</TD>
	<TD align=left width=4%>&nbsp;	</TD>
	<TD align=left width=7%>
<FONT face="serif">Name:</FONT>	</TD>
	<TD align=left width=28%>
<FONT face="serif">Michael S. McGavick</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=61%>&nbsp;</TD>
	<TD align=left width=4%>&nbsp;	</TD>
	<TD align=left width=7%>
<FONT face="serif">Title:</FONT>	</TD>
	<TD align=left width=28%>
<FONT face="serif">Chief Executive Officer (Principal</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=61%>&nbsp;</TD>
	<TD align=left width=4%>&nbsp;	</TD>
	<TD align=left width=7%>&nbsp;	</TD>
	<TD align=left width=28%>
<FONT face="serif">Executive Officer) and Director</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933,
as amended, this</FONT> <FONT face="serif">Registration Statement has been signed
below by the following persons in the capacities and</FONT> <FONT face="serif">on
the dates indicated.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=25%>
<U><FONT face="serif">Signatures</FONT></U>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<U><FONT face="serif">Title</FONT></U>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<U><FONT face="serif">Date</FONT></U>	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Michael S. McGavick</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Chief Executive Officer (Principal</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: Michael S. McGavick</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Executive Officer) and Director</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Brian W. Nocco</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Executive Vice President and Chief</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: Brian W. Nocco</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Financial Officer (Principal Financial</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Officer and Principal Accounting</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Officer)</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Dale R. Comey</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Director</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: Dale R. Comey</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT face="serif">II-7</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Robert R. Glauber</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Director</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: Robert R. Glauber</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Herbert N. Haag</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Director</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: Herbert N. Haag</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
      <FONT face="serif">/s/ G. Thompson Hutton</FONT> </TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Director</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: G. Thompson Hutton</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Joseph Mauriello</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Director</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: Joseph Mauriello</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
      <FONT face="serif">/s/ Eugene M. McQuade</FONT> </TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Director</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: Eugene M. McQuade</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Alan Z. Senter</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Director</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: Alan Z. Senter</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Ellen E. Thrower</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Director</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: Ellen E. Thrower</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Sir John M. Vereker</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>
<FONT face="serif">Director</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>
<FONT face="serif">July 24, 2009</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25%>
<FONT face="serif">Name: Sir John M. Vereker</FONT>	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=40%>&nbsp;	</TD>
	<TD  width=10%>&nbsp;	</TD>
	<TD align=left width=15%>&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">II-8</FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="center">
<U><FONT face="serif">EXHIBIT INDEX</FONT></U><FONT face="serif"> </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=12%>
<B><FONT face="serif">Exhibit</FONT></B>	</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=left width=85%>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=12%>
<B><FONT face="serif">Number</FONT></B>	</TD>
	<TD  width=3%>&nbsp;	</TD>
	<TD align=right width=85%>
      <div align="center"><B><FONT face="serif">Exhibit</FONT></B>      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">4.1</FONT>		</TD>
	<TD  width=3% valign="top">&nbsp;		</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Memorandum of Association of the Registrant (incorporated by reference to</FONT>
<FONT face="serif">Annex G to the Joint Proxy Statement).</FONT>	</TD>
</TR>

<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">4.2</FONT>		</TD>
	<TD  width=3% valign="top">&nbsp;		</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Articles of Association (incorporated by reference to Annex G to the Joint</FONT>
<FONT face="serif">Proxy Statement).</FONT>	</TD>
</TR>

<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">5</FONT>	</TD>
	<TD  width=3% valign="top">&nbsp;	</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Opinion of Appleby.</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">23.1</FONT>	</TD>
	<TD  width=3% valign="top">&nbsp;	</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Consent of PricewaterhouseCoopers LLP.</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">23.2</FONT>	</TD>
	<TD  width=3% valign="top">&nbsp;	</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Consent of Appleby (included in Exhibit 5).</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">24</FONT>	</TD>
	<TD  width=3% valign="top">&nbsp;	</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Power of Attorney.</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=12% align=left valign="top">
<FONT face="serif">99.1</FONT>		</TD>
	<TD  width=3% valign="top">&nbsp;		</TD>
	<TD width=85% align=left valign="top">
<FONT face="serif">Acceptance of Appointment of CT Corporation System as U.S. agent for Service of Process.</FONT>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=4>

</BODY>

</HTML>
[{"type": "S-8", "sequence": "1", "filename": "c58420_s8.htm", "secsgml_size_bytes": 38654}]
{"company-data": {"conformed-name": "XL CAPITAL LTD", "cik": "0000875159", "assigned-sic": "6351", "irs-number": "980191089", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-161122", "film-number": "09991912"}, "business-address": {"street1": "XL HOUSE", "street2": "ONE BERMUDIANA ROAD", "city": "HAMILTON HM11 BERMUD", "state": "D2", "phone": "4412928515"}, "mail-address": {"street1": "CAHILL GORDON & REINDEL(IMMANUEL KOHN)", "street2": "80 PINE STREET", "city": "NEW YORKI", "state": "NY", "zip": "10005"}, "former-company": {"former-conformed-name": "EXEL LTD", "date-changed": "19950720"}}
-- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
As filed with the Securities and Exchange Commission on
August 6, 2009
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
___________________
XL CAPITAL LTD
(Exact name of registrant as specified in its charter)
Cayman Islands
98-0191089
(State or other jurisdiction
(I.R.S. Employer Identification No.)
of incorporation or organization)
XL House
One Bermudiana Road
Hamilton, HM 11, Bermuda
(Address of Principal Executive Offices)
___________________
XL CAPITAL LTD 1991 PERFORMANCE INCENTIVE PROGRAM
(AS AMENDED AND RESTATED)
___________________
Kirstin Romann Gould, Esq.
Executive Vice President,
General Counsel and Secretary
XL Capital Ltd
c/o CT Corporation System
111 Eighth Avenue
New York, New York 10011
(Name and address of agent for service)
(212) 590-9009
(Telephone number, including area code, of agent for service)
___________________
Copy to:
Kenneth W. Orce, Esq.
Cahill Gordon & Reindel
LLP
80 Pine Street
New York, NY 10005-1702
___________________
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer,"
"accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
þ
Large
      accelerated filer
o
Accelerated filer
o
Non-accelerated filer
(Do not check if smaller reporting company)
o
Smaller reporting company
CALCULATION OF REGISTRATION FEE
Title of Securities to be
Amount to be
Proposed Maximum
Proposed Maximum
Amount of
Registered
Registered
Offering Price Per Share
Aggregate Offering Price
Registration Fee
Class A Ordinary Shares,
24,000,000
$14.36(2)
$344,640,000.00
$19,230.91
par value $.01 per share
shares(1)
(1)
Represents an additional 24,000,000 Shares issuable under the XL Capital Ltd 1991 Performance Incentive Program (as amended and restated).
(2)
Pursuant to Rule 457(h)(1) under the
    Securities Act of 1933, the proposed maximum offering price per share, the
    proposed maximum aggregate offering price and the registration fee have been
    calculated based on the basis of the average of the high and low prices reported
    for the Class A Ordinary Shares reported on the New York Stock Exchange on
    August 3, 2009.
EXPLANATORY NOTE
We are filing this Registration Statement to register an additional 24,000,000 of the Company's Class A Ordinary Shares, par value $0.01 per share (the "Shares"), that may be acquired by Company employees under
the amended and restated XL Capital Ltd 1991 Performance Incentive Program (the "Program").
An increase of 13,500,000 in the number of shares authorized for issuance under the Program and the amendment and restatement of the Program as described in our Definitive Proxy Statement for our 2009 annual general meeting of
holders of our Shares were approved by the holders of our Shares at our 2009 annual general meeting held on April 24, 2009. The full text of the amended and restated Program is available on the Securities and Exchange Commission's (the
"Commission") website as an exhibit to our Definitive Proxy Statement on Schedule 14A, filed with the Commission on March 9, 2009. An increase of 10,500,000 in the number of shares authorized for issuance under the Program and the
amendment and restatement of the Program as described in our Definitive Proxy Statement for our 2005 annual general meeting of holders of our Shares were approved by the holders of our Shares at our 2005 annual general meeting held on April 29,
2005. The full text of the amended and restated Program as effective from April 29, 2005 until the subsequent amendment and restatement made on April 24, 2009 is available on the Commission's website as an exhibit to our Definitive Proxy
Statement on Schedule 14A, filed with the Commission on March 24, 2005.
We previously filed our Registration Statement on Form S-8 (File No. 333-89568), filed with the Commission on May 21, 2002 (the "Original Registration Statement") covering (i) 8,000,000 shares issuable under the Program
(as amended and restated) and (ii) an aggregate of 1,225,000 shares issuable under the XL Capital Ltd Employee Share Purchase Plan, XL Capital globalShare - Share Incentive Plan, XL Capital Ltd UK Employee Share Purchase Plan, XL Capital Ltd
globalShare - Save as You Earn and XL Capital Ltd globalShare - Swiss Employee Share Purchase Plan. Pursuant to General Instruction E to Form S-8, the contents of the Original Registration Statement, including the periodic and current reports that
we filed with the Commission after the effectiveness of the Original Registration Statement, are incorporated herein by reference except to the extent supplemented, amended or superseded by the information set forth herein. Any items in the Original
Registration Statement not expressly changed hereby shall be as set forth in the Original Registration Statement.
II-1
PART II
INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF
DOCUMENTS BY REFERENCE.
The following documents filed by XL Capital Ltd (the "Company" or the "Registrant") with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 are
hereby incorporated by reference into this registration statement:
(i)
Quarterly
Reports on Form 10-Q for the quarters ended
March 31,
2009 and June 30, 2009 (File No. 1-10804);
(ii)
Proxy
    Statement for the Annual General Meeting of holders of the Company's
    Class A Ordinary Shares held on April 24, 2009 (File No.  1-10804);
(iii)
Annual
Report on Form 10-K for the year ended De
cember 31,
2008 (File No. 1-10804);
(iv)
The
    Company's current reports on Form 8-K dated January 13, 2009, January
    23, 2009, February 11, 2009, February 17, 2009, March 3,  2009, March 24,
    2009, April 28, 2009, June 9, 2009
II-2
and July 28, 2009 and the Company's current report on
Form 8-K/A
dated February 4, 2009; and
(v)
The
    Company's current report on Form 8-K filed on August 7, 1998 (File No.
    1-10804) relating to the deemed registration of the  Ordinary Shares under
    Section 12(b) of the Securities Exchange Act of 1934 (the "Exchange
    Act") pursuant to Rule 12g-3(a) of the Exchange Act and the description
    of such shares set forth under the caption "Description of XL Capital
     Ordinary Shares" contained in the Prospectus dated December 1, 2005,
     as filed with the Commission on July 31, 2008 and as incorporated by reference
     into the Company's registration statement on Form 8-A filed on August
     6, 2008.
All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this registration statement and prior to the filing of a post-effective
amendment to this registration statement indicating that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this registration statement and to be part
hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this registration statement to the
extent that a statement contained herein or in any subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded
II-3
shall not be deemed, except as so modified or superseded,
to constitute a part of this registra
tion statement.
ITEM 8. EXHIBITS.
Exhibit
Number
Exhibit
4.1
Memorandum of Association of the Registrant (incorporated
by reference to
Annex G to the Joint Proxy Statement of EXEL Limited and Mid-Ocean
Lim
ited dated July 2, 1998 (the "Joint Proxy Statement").
4.2
Articles of Association (incorporated by reference to Annex G to the Joint
Proxy Statement).
5
Opinion of Appleby.
23.1
Consent of PricewaterhouseCoopers LLP.
23.2
Consent of Appleby (included in Exhibit 5).
24
Power of Attorney.
99.1
Acceptance of Appointment of CT Corporation System as U.S. agent for Service of Process.
ITEM 9. UNDERTAKINGS.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)
To
    include any prospectus required by Section 10(a)(3) of the Securities Act
    of 1933 (the "Act");
II-4
(ii)
To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent
post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement (except to the extent the information required to be included by clauses (i) or (ii)
is contained in periodic reports filed by the Registrant pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") that are incorporated by reference into this registration statement;
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or
any material change to such information in this registration statement;
(2) That, for the purpose of determining any liability under the Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(3) To remove from registration by means of a post-effective
amendment
any of the securities being registered which
remain unsold at the termination of the offering.
(b) The undersigned Registrant
hereby undertakes that, for purposes of de
termining
any liability under the Act, each filing of the Registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated
by reference in this registration statement shall be deemed to be a new registration
statement relating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the
initial bona fide offering thereof.
II-5
(c) Insofar as indemnification
    for liabilities arising under the Act may be permitted to directors, officers
    and controlling persons of the Registrant pursuant to the foregoing provisions,
    or  otherwise, the Registrant has been advised that in the opinion of the
    Securities and Exchange Commission such indemnification is against public
    policy as expressed in the Act and is, therefore, unenforceable. In the event
    that a claim for  indemnification against such liabilities (other than the
    payment by the Registrant of expenses incurred or paid by a director, officer
    or controlling person of the Registrant in the successful defense of any
    action, suit or proceeding) is asserted  by such director, officer or controlling
    person in connection with the securities being registered, the Registrant
    will, unless in the opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate  jurisdiction the
    question whether such indemnification by it is against public policy as expressed
    in the Act and will be governed by the final adjudication of such issue.
II-6
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933,
the Registrant certi
fies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized,  in the City of Hamilton and Country of Bermuda, on July 24, 2009.
XL CAPITAL LTD
By:
/s/ Michael S. McGavick
Name:
Michael S. McGavick
Title:
Chief Executive Officer (Principal
Executive Officer) and Director
Pursuant to the requirements of the Securities Act of 1933,
as amended, this
Registration Statement has been signed
below by the following persons in the capacities and
on
the dates indicated.
Signatures
Title
Date
/s/ Michael S. McGavick
Chief Executive Officer (Principal
July 24, 2009
Name: Michael S. McGavick
Executive Officer) and Director
/s/ Brian W. Nocco
Executive Vice President and Chief
July 24, 2009
Name: Brian W. Nocco
Financial Officer (Principal Financial
Officer and Principal Accounting
Officer)
/s/ Dale R. Comey
Director
July 24, 2009
Name: Dale R. Comey
II-7
/s/ Robert R. Glauber
Director
July 24, 2009
Name: Robert R. Glauber
/s/ Herbert N. Haag
Director
July 24, 2009
Name: Herbert N. Haag
/s/ G. Thompson Hutton
Director
July 24, 2009
Name: G. Thompson Hutton
/s/ Joseph Mauriello
Director
July 24, 2009
Name: Joseph Mauriello
/s/ Eugene M. McQuade
Director
July 24, 2009
Name: Eugene M. McQuade
/s/ Alan Z. Senter
Director
July 24, 2009
Name: Alan Z. Senter
/s/ Ellen E. Thrower
Director
July 24, 2009
Name: Ellen E. Thrower
/s/ Sir John M. Vereker
Director
July 24, 2009
Name: Sir John M. Vereker
II-8
EXHIBIT INDEX
Exhibit
Number
Exhibit
4.1
Memorandum of Association of the Registrant (incorporated by reference to
Annex G to the Joint Proxy Statement).
4.2
Articles of Association (incorporated by reference to Annex G to the Joint
Proxy Statement).
5
Opinion of Appleby.
23.1
Consent of PricewaterhouseCoopers LLP.
23.2
Consent of Appleby (included in Exhibit 5).
24
Power of Attorney.
99.1
Acceptance of Appointment of CT Corporation System as U.S. agent for Service of Process.