Bermuda-based XL Capital reported fourth-quarter net income of $471 million, compared with a loss of $822 million for the catastrophe-scarred comparable period in 2005.
Gross premium written for the quarter decreased 1.1 percent, the company said, as a result of corporate risk management initiatives and fewer long-term agreements.
Bear Stearns & Co. Inc. analyst David Small found that the better than expected results were driven by a number of special factors including a lower than expected tax rate.
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