Bermuda-based XL Capital Ltd. posted a third-quarter bottom line loss of almost $1.05 billion in the wake of Hurricanes Katrina and Rita and other natural catastrophes.
The company also announced its involvement--as a cedent, but not as an investor--in a new reinsurance venture without disclosing the name of the new company.
XL's $1,049.2 million net loss figure, announced Monday, equates to $7.53 per share. By contrast, in third-quarter 2004, XL posted net income of $22.5 million, or 16 cents per share.
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