After months of forecasts of multiple hurricanes, the surprise of third-quarter 2006–the absence of catastrophe losses–fueled record earnings for Bermuda insurers and reinsurers, and unexpected questions about missed opportunities for even greater profits.

Executives of XL Capital were on the receiving end of one such question when they reported nearly $400 million in third-quarter net income, and over $1.2 billion for the first nine months during an October earnings conference call.

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