In the wake of rumors that XL Capital Ltd. is up for sale–with the company admitting only to exploring “value-enhancing opportunities available to it”–Standard & Poor's lowered ratings on the firm's core operating companies, citing the Bermuda insurer's diminished underwriting performance and competitive position.
An outright denial of a potential sale was not part of the company's vaguely worded announcement, which noted that while not typically responding to rumors, XL felt it was appropriate under “the current circumstances.”
The company said it is looking at opportunities and is being assisted in this effort by Goldman, Sachs & Company.
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