XL Capital Ltd. plans to raise an estimated $2.8 billion in new capital through two equity offerings.
The Bermuda-based property-casualty insurer and reinsurer will sell about $2.15 billion in ordinary shares and raise another $650 million from an offering of equity security units.
In addition to the $1.5 billion in after-tax losses the company incurred in the third quarter from catastrophes, XL must also contend with an unfavorable arbitration award in connection with its 2001 acquisition of Winterthur Swiss Insurance Company.
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