XL Capital, Ltd., announced last night that it would boost net reserves in its North American reinsurance operations almost $200 million, with nearly 30 percent of the total coming from a single cedent's workers' compensation business.
The total reserve boost is $191 million before taxes. In addition to workers' comp, the overall charge includes increases related to several other casualty lines and will adversely impact second-quarter results, the Hamilton, Bermuda, company said.
The after-tax charge is $183 million, or $1.31 per ordinary share.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
