All seven publicly traded Bermuda insurers and reinsurers that reported third-quarter earnings this week delivered strong underwriting results, but for XL Capital, the good news was overshadowed by investment woes.

Third-quarter income for XL was $328 million, or $1.82 per ordinary share, compared with net income of $415.8 million, or $2.32 per ordinary share, for the quarter ended Sept. 30, 2006.

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