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<P align="center">
<B><FONT face="serif">As filed with the Securities and Exchange Commission on
August 6, 2009 </FONT></B></P>
<P align="right" STYLE="border-bottom:3px double #000000;"><B><FONT face="serif">Registration No. 333-</FONT></B></P>
<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=42% nowrap>
<B><FONT face="serif">Cayman Islands<br>
</FONT></B><FONT size=1 face="serif">(State
or other jurisdiction</FONT> <FONT size=1 face="serif"><br>
of incorporation or organization)</FONT></TD>
  <TD width=2%>&nbsp;  </TD>
  <TD align=center width=44% nowrap>
<B><FONT face="serif">98-0191089</FONT></B>  <br>
<FONT size=1 face="serif">(I.R.S.
Employer Identification No.)</FONT></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 DIRECTORS STOCK &amp; OPTION PLAN <br>
(AS AMENDED AND RESTATED)</FONT></U><FONT face="serif"> </FONT></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></P>
<P align="center">
<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 align=left width=59% nowrap><FONT face="serif">&nbsp; </FONT><font face="WINGDINGS">&#254;</font> <FONT face="serif">&nbsp;Large
    accelerated filer</FONT> </TD>
  <TD align=left width=41% nowrap><font face=WINGDINGS>o</font><FONT face="serif">&nbsp;Accelerated filer</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=59% nowrap><FONT face="serif">&nbsp; </FONT><font face=WINGDINGS>o</font> <FONT face="serif">&nbsp;Non-accelerated
      filer </FONT><FONT size=2 face="serif">(Do
      not check if smaller reporting company)</FONT>  </TD>
  <TD align=left width=41% nowrap><font face=WINGDINGS>o</font><FONT face="serif">&nbsp;Smaller reporting company</FONT>  </TD>
</TR>
</TABLE>
<BR>


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD align=center width=60% nowrap colspan=3 style="border-bottom:3px double #000000;">
    <FONT size=1 face="serif">CALCULATION OF REGISTRATION FEE</FONT> </TD>
  <TD align=left width=12% nowrap style="border-bottom:3px double #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=15% nowrap>
<B><FONT size=1 face="serif">Title of Securities to be</FONT></B>  </TD>
  <TD align=center width=12% nowrap>
<B><FONT size=1 face="serif">Amount to be</FONT></B>  </TD>
  <TD align=center width=16% nowrap>
<B><FONT size=1 face="serif">Proposed Maximum</FONT></B>  </TD>
  <TD align=center width=18% nowrap>
<B><FONT size=1 face="serif">Proposed Maximum</FONT></B>  </TD>
  <TD align=center width=12% nowrap>
<B><FONT size=1 face="serif">Amount of</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Registered</FONT></B>  </TD>
  <TD align=center width=12% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Registered</FONT></B>  </TD>
  <TD align=center width=16% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Offering Price Per Share</FONT></B>  </TD>
  <TD align=center width=18% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Aggregate Offering Price</FONT></B>  </TD>
  <TD align=center width=12% nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=1 face="serif">Registration Fee</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=15% nowrap>
<FONT size=1 face="serif">Class A Ordinary Shares,</FONT>  </TD>
  <TD align=center width=12% nowrap>
<FONT size=1 face="serif">450,000 shares(1)</FONT>  </TD>
  <TD align=center width=16% nowrap>
<FONT size=1 face="serif">&#36;14.36(2)</FONT>  </TD>
  <TD align=center width=18% nowrap>
 <FONT size=1 face="serif">&#36;6,462,000.00</FONT>  </TD>
  <TD align=center width=12% nowrap>
 &nbsp;<FONT size=1 face="serif">&#36;</FONT><FONT size=1 face="serif">360.58</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=15% nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">par value &#36;.01 per share</FONT>  </TD>
  <TD align=center width=12% nowrap style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD align=center width=16% nowrap style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD align=center width=18% nowrap style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD align=center width=12% nowrap style="border-bottom:3px double #000000;">&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="3%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
  <TD width=97%>
<P align="left"><FONT size=1 face="serif">Represents an additional 450,000 Shares issuable under the XL Capital Ltd Directors Stock &amp; Option Plan (as amended and restated).</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=1 face="serif">(2)</FONT></TD>
  <TD width=97%>
<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>

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<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 450,000 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 directors under the
amended and restated XL Capital Ltd Directors Stock &amp; Option Plan (the &#147;Plan&#148;).</FONT></P>
<P align="left">
<FONT face="serif">The amendment of the Plan in order to comply with provisions of the Emergency Economic Stabilization Act of 2008 as described in our Definitive Proxy Statement for our 2009 annual general meeting of holders of our Shares was
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 Plan 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 150,000 in the number of shares authorized for issuance under the Plan and the amendment and restatement of the Plan as described
in our Definitive Proxy Statement for our 2008 annual general meeting of holders of our Shares were approved by the holders of our Shares at our 2008 annual general meeting held on April 25, 2008. The full text of the amended and restated Plan as
effective from April 25, 2008 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 17,
2008. An increase of 300,000 in the number of shares authorized for issuance under the Plan and the amendment and restatement of the Plan as described in our Definitive Proxy Statement for our 2003 annual general meeting of holders of our Shares
were approved by the holders of our Shares at our 2003 annual general meeting held on May 9, 2003. The full text of the amended and restated Plan as effective from May 9, 2003 until the subsequent amendment and restatement made on April 25, 2008 is
available on the Commission&#146;s website as an exhibit to our Definitive Proxy Statement on Schedule 14A, filed with the Commission on April 4, 2003.</FONT></P>
<P align="left">
<FONT face="serif">We previously filed our Registration Statement on Form S-8 (File No. 333-62137) filed with the Commission on August 24, 1998 (the &#147;Original Registration Statement&#148;) relating to shares issuable under the 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>

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<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:120px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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 <br>
(File No. 1-10804);</FONT></P>
<P align="left" style="margin-left:120px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:120px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <FONT face="serif">(iii)</FONT> <FONT face="serif">Annual
    Report on Form 10-K for the year ended December
    31, 2008 (File No. 1-10804);</FONT></P>
<P align="left" style="margin-left:120px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 and</FONT></P>
<P align="center">
<FONT face="serif">II-2</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left" style="margin-left:120px">
<FONT face="serif">July 28, 2009 and the Company&#146;s current report on Form
8-K/A dated</FONT> <FONT face="serif">February 4, 2009; and</FONT></P>
<P align="left" style="margin-left:120px"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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>

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<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_6"></A>

<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 cellspacing=0 cellpadding=0>
<TR>
  <TD width="8%" valign=bottom nowrap><B><FONT face="serif">Exhibit <br>
    Number</FONT></B></TD>
  <TD align="center" valign="bottom"><B><FONT face="serif">Exhibit </FONT></B></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT face="serif">4.1</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=92%>
<P align="left"><FONT face="serif">Memorandum of Association of the Registrant
    (incorporated by reference to Annex G to the Joint Proxy Statement of EXEL
    Limited and Mid-Ocean Limited dated July 2, 1998 (the &#147;Joint Proxy
     Statement&#148;).</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT face="serif">4.2</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=92%>
<P align="left"><FONT face="serif">Articles of Association (incorporated by reference to Annex G to the Joint Proxy Statement).</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD><FONT face="serif">5 </FONT></TD>
  <TD><FONT face="serif">Opinion of Appleby.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><FONT face="serif">23.1</FONT></TD>
  <TD><FONT face="serif">Consent of PricewaterhouseCoopers LLP.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><FONT face="serif">23.2</FONT>&nbsp;</TD>
  <TD><FONT face="serif">Consent of Appleby (included in Exhibit 5).</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><FONT face="serif">24</FONT>&nbsp; &nbsp;</TD>
  <TD><FONT face="serif">Powers of Attorney.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><FONT face="serif">99.1</FONT>&nbsp; </TD>
  <TD><FONT face="serif">Acceptance of Appointment of CT Corporation System as
    U.S. agent for Service of Process.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="left"><FONT face="serif">ITEM 9. UNDERTAKINGS.</FONT></P>
<P align="left" style="margin-left:120px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a) The undersigned Registrant hereby undertakes:</FONT></P>
<P align="left" style="margin-left:120px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(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:160px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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>

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<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left" style="margin-left:160px">&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:160px"> &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:120px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:120px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <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 of</FONT><FONT face="serif">fering.</FONT></P>
<P align="left" style="margin-left:160px"><FONT face="serif">(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>

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<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left" style="margin-left:160px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(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>

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<P align="left" style="page-break-before:always"></P><PAGE>
<P align="center">
<U><FONT face="serif">SIGNATURES</FONT></U></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="serif">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</FONT> <FONT face="serif">July
24, 2009.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=66% nowrap>&nbsp;</TD>
  <TD align=left width=3% nowrap>&nbsp;  </TD>
  <TD align=left nowrap 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=66% nowrap>&nbsp;</TD>
  <TD align=left width=3% nowrap>
<FONT face="serif">By:</FONT>  </TD>
  <TD align=left nowrap 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=66% nowrap>&nbsp;</TD>
  <TD align=left width=3% nowrap>&nbsp;  </TD>
  <TD align=left width=5% nowrap>
<FONT face="serif">Name:</FONT>  </TD>
  <TD align=left width=26% nowrap>
<FONT face="serif">Michael S. McGavick</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=66% nowrap>&nbsp;</TD>
  <TD align=left width=3% nowrap>&nbsp;  </TD>
  <TD align=left width=5% nowrap>
<FONT face="serif">Title:</FONT>  </TD>
  <TD align=left width=26% nowrap>
<FONT face="serif">Chief Executive Officer (Principal</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=66% nowrap>&nbsp;</TD>
  <TD align=left width=3% nowrap>&nbsp;  </TD>
  <TD align=left width=5% nowrap>&nbsp;  </TD>
  <TD align=left width=26% nowrap>
<FONT face="serif">Executive Officer) and Director</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="serif">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=34% nowrap>
<U><FONT face="serif">Signatures</FONT></U>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<U><FONT face="serif">Title</FONT></U>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=16% nowrap>
<U><FONT face="serif">Date</FONT></U>
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=34% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Michael S. McGavick</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<FONT face="serif">Chief Executive Officer (Principal</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=34% nowrap>
<FONT face="serif">Name: Michael S. McGavick</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<FONT face="serif">Executive Officer) and Director</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=16% nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=34% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Brian W. Nocco</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<FONT face="serif">Executive Vice President and Chief</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=34% nowrap>
<FONT face="serif">Name: Brian W. Nocco</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<FONT face="serif">Financial Officer (Principal Financial</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=16% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=34% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<FONT face="serif">Officer and Principal Accounting</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=16% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=34% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<FONT face="serif">Officer)</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=16% nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=34% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/ Dale R. Comey</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<FONT face="serif">Director</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=34% nowrap>
<FONT face="serif">Name: Dale R. Comey</FONT>
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=16% nowrap>&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>
<A name="page_10"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=34% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/</FONT>
<FONT face="serif">Robert R. Glauber</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>
<FONT face="serif">Director</FONT>  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Name: Robert R. Glauber</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>&nbsp;  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=34% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/</FONT>
<FONT face="serif">Herbert N. Haag</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>
<FONT face="serif">Director</FONT>  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Name: Herbert N. Haag</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>&nbsp;  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=34% align=left nowrap STYLE="border-bottom:1px solid #000000;">
    <FONT face="serif">/s/</FONT>
    <FONT face="serif">G. Thompson Hutton</FONT> </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>
<FONT face="serif">Director</FONT>  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Name: G. Thompson Hutton</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>&nbsp;  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=34% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/</FONT>
<FONT face="serif">Joseph Mauriello</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>
<FONT face="serif">Director</FONT>  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Name: Joseph Mauriello</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>&nbsp;  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=34% align=left nowrap STYLE="border-bottom:1px solid #000000;">
    <FONT face="serif">/s/</FONT>
    <FONT face="serif">Eugene M. McQuade</FONT> </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>
<FONT face="serif">Director</FONT>  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Name: Eugene M. McQuade</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>&nbsp;  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=34% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/</FONT>
<FONT face="serif">Alan Z. Senter</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>
<FONT face="serif">Director</FONT>  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Name: Alan Z. Senter</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>&nbsp;  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=34% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/</FONT>
<FONT face="serif">Ellen E. Thrower</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>
<FONT face="serif">Director</FONT>  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Name: Ellen E. Thrower</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>&nbsp;  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=34% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">/s/</FONT>
<FONT face="serif">Sir John M. Vereker</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>
<FONT face="serif">Director</FONT>  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>
<FONT face="serif">July 24, 2009</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Name: Sir John M. Vereker</FONT>  </TD>
  <TD width=4%>&nbsp;  </TD>
  <TD align=left width=43% nowrap>&nbsp;  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD align=left width=16% nowrap>&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>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=59% colspan="3" align=left nowrap>
    <div align="center"><U><FONT face="serif">EXHIBIT INDEX</FONT></U> </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="12%" valign=top nowrap><B><FONT face="serif">Exhibit</FONT></B></TD>
  <TD width=88%>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top><B><FONT face="serif">Number</FONT></B></TD>
  <TD><div align="center"><B><FONT face="serif">Exhibit</FONT></B></div></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT face="serif">4.1</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="left"><FONT face="serif">Memorandum of Association of the Registrant (incorporated by reference to Annex G to the Joint Proxy Statement).</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT face="serif">4.2</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="left"><FONT face="serif">Articles of Association (incorporated by reference to Annex G to the Joint Proxy Statement).</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT face="serif">5 </FONT></TD>
  <TD><FONT face="serif">Opinion of Appleby.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT face="serif">23.1</FONT>&nbsp;</TD>
  <TD><FONT face="serif">Consent of PricewaterhouseCoopers LLP.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT face="serif">23.2</FONT>&nbsp; </TD>
  <TD><FONT face="serif">Consent of Appleby (included in Exhibit 5).</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT face="serif">24 </FONT></TD>
  <TD><FONT face="serif">Power of Attorney.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT face="serif">99.1</FONT>&nbsp; </TD>
  <TD><FONT face="serif">Acceptance of Appointment of CT Corporation System as
    U.S. agent for Service of Process.</FONT></TD>
</TR>
</TABLE>
<P align="left">&nbsp;</P>
<HR noshade align="center" width="100%" size=4>


</BODY>

</HTML>
[{"type": "S-8", "sequence": "1", "filename": "c58421_s8.htm", "secsgml_size_bytes": 37301}]
{"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": "333-161124", "film-number": "09991946"}, "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"}}
c58421_s8.htm -- 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
(State
or other jurisdiction
of incorporation or organization)
98-0191089
(I.R.S.
Employer Identification No.)
XL House
One Bermudiana Road
Hamilton, HM 11, Bermuda
(Address of Principal Executive Offices)
___________________
XL CAPITAL LTD DIRECTORS STOCK & OPTION PLAN
(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,
450,000 shares(1)
$14.36(2)
$6,462,000.00
$
360.58
par value $.01 per share
(1)
Represents an additional 450,000 Shares issuable under the XL Capital Ltd Directors Stock & Option Plan (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 450,000 of the Company's Class A Ordinary Shares, par value $0.01 per share (the "Shares"), that may be acquired by Company directors under the
amended and restated XL Capital Ltd Directors Stock & Option Plan (the "Plan").
The amendment of the Plan in order to comply with provisions of the Emergency Economic Stabilization Act of 2008 as described in our Definitive Proxy Statement for our 2009 annual general meeting of holders of our Shares was
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 Plan 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 150,000 in the number of shares authorized for issuance under the Plan and the amendment and restatement of the Plan as described
in our Definitive Proxy Statement for our 2008 annual general meeting of holders of our Shares were approved by the holders of our Shares at our 2008 annual general meeting held on April 25, 2008. The full text of the amended and restated Plan as
effective from April 25, 2008 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 17,
2008. An increase of 300,000 in the number of shares authorized for issuance under the Plan and the amendment and restatement of the Plan as described in our Definitive Proxy Statement for our 2003 annual general meeting of holders of our Shares
were approved by the holders of our Shares at our 2003 annual general meeting held on May 9, 2003. The full text of the amended and restated Plan as effective from May 9, 2003 until the subsequent amendment and restatement made on April 25, 2008 is
available on the Commission's website as an exhibit to our Definitive Proxy Statement on Schedule 14A, filed with the Commission on April 4, 2003.
We previously filed our Registration Statement on Form S-8 (File No. 333-62137) filed with the Commission on August 24, 1998 (the "Original Registration Statement") relating to shares issuable under the 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 December
    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 and
II-2
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 Limited 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
Powers 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 of
fering.
(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.