Three leading Bermuda-based carriers recapped a challenging year in 2007 with their fourth-quarter reports last week, as the fallout from the subprime mortgage crisis and a deepening soft market posed significant hurdles to overcome.
o XL Capital Ltd. reported a loss in net income of over $1 billion--in line with its previously announced move to write-down charges of $1.5 billion for its holdings in credit market insurers.
o ACE Ltd. reported a drop in fourth-quarter net income of 14 percent on losses from market reevaluations in its life business and investment in a bond insurer--although full-year results were positive, with premium growth cited despite falling commercial insurance prices.
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