XL Profit Falls On Casualty Re Charge
NU Online News Service, Oct. 30, 3:50 p.m. EST?Bermuda-based XL Capital Ltd. said a $160 million after-tax charge for its North American casualty reinsurance operations had impacted third-quarter results, leaving a net profit of $99 million?a 41.5 percent decline from $184.1 million reported for the period last year.
The previously announced $160 million charge was primarily for newly reported casualty reinsurance claims from the 1997-to-2000 underwriting years. In today's conference call with analysts, XL management emphasized that, without the charge, the company is reporting strong underwriting results.
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