After reporting a 2005 fourth-quarter net loss of $821.9 million, management of XL Capital Ltd said today they expect good results this year and a hardening reinsurance market.

The Bermuda-based insurer and reinsurer said its fourth-quarter net loss amounted to of $5.51 per share, compared with net income of $288 million, or $2.07 per share, for the quarter ended Dec. 31, 2004. The loss was attributed to an arbitration decision and the 2005 hurricanes.

Net loss for the quarter ended December 31, 2005 included net losses of $834.2 million, pre and post tax, associated with an arbitration decision concerning its 2001 purchase of Winterthur International

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