XL's $647M Charge Triggers Rating Actions
NU Online News Service, Jan. 15, 2:34 p.m. EST?Rating agencies have reacted negatively to the big reserve charge announced Tuesday by XL Capital Ltd.[@@]
Bermuda-based XL Capital Ltd. said it is taking a $647 million after-tax charge for its 2003 fourth quarter. XL said the charge, which follows previously announced claims-audit and regularly scheduled year-end reserve reviews, will largely cover reinsurance losses in its North American operations involving contracts sold by NAC Re Corp., a reinsurer that XL bought in 1999.
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