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 millionafter-tax charge for its North American casualty reinsuranceoperations had impacted third-quarter results, leaving a net profitof $99 million?a 41.5 percent decline from $184.1 million reportedfor the period last year.
The previously announced $160 million charge was primarily fornewly reported casualty reinsurance claims from the 1997-to-2000underwriting years. In today's conference call with analysts, XLmanagement emphasized that, without the charge, the company isreporting strong underwriting results.
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