In the wake of rumors that XL Capital Ltd. is up for sale–withthe company admitting only to exploring “value-enhancingopportunities available to it”–Standard & Poor's loweredratings on the firm's core operating companies, citing the Bermudainsurer's diminished underwriting performance and competitiveposition.
An outright denial of a potential sale was not part of thecompany's vaguely worded announcement, which noted that while nottypically responding to rumors, XL felt it was appropriate under“the current circumstances.”
The company said it is looking at opportunities and is beingassisted in this effort by Goldman, Sachs & Company.
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