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	> Mark-it Signs Primus as Contributing Customer (Reuters — June 26, 2003)

	> A New Type of Credit Derivatives Player (Applied Derivatives — July, 2002)

	> XL Capital Invests $72.8 Mln in Credit Default Risk Company (Bloomberg — March 20, 2002)

	> Primus to Start Selling Credit Derivatives in May (Bloomberg - March 19, 2002)

	> Primus launches boutique credit derivatives shop (Reuters - March 14, 2002)

	> Primus to provide credit protection for dealers (Total Derivatives - March 15, 2002)

XL Capital Invests $72.8 Mln in Credit Default Risk Company

Hamilton, Bermuda, March 20 (Bloomberg) — XL Capital Ltd., a property-casualty insurer, said it invested $72.8 million in Primus Guaranty, Ltd., a newly formed provider of credit risk protection such as credit default swaps.

Hamilton, Bermuda-based XL is the lead investor in a group of four financial institutions buying stakes in Primus, XL said in a statement. XL's stake will be about 43 percent.

The market for credit risk protection, as measured by the credit default swap market, has grown "exponentially" over the past few years, XL said.

"We believe that credit risk protection will be one of the fastest growing risk transfer markets over the next five years," said Robert Lusardi, head of XL's financial products and services division, in a statement.

XL said it will receive two seats on Primus's board. XL Chairman Michael Esposito Jr. will serve as the chairman of Primus, and Lusardi will be a director and chairman of Primus's finance and investment committee.

Primus is led by Chief Executive Officer Thomas Jasper, a former managing director and global treasurer of Salomon Smith Barney Inc. He also was co-founder and former chairman of the International Swaps and Derivatives Association.

Shares of XL fell $1.47 to $90.60 in midday trading. They have fallen less than 1 percent year to date.