XL Group says it took a 2011 fourth-quarter net loss of $515.5 million on a large impairment charge and catastrophe losses.
Catastrophe losses during the last quarter of 2011, net of reinsurance and reinstatement premiums, were $194.9 million—but the company's results were mainly driven by a non-cash goodwill-impairment charge of $429 million, says XL.
Explained during the company's earnings conference call, the impairment charge was due to continued low-market valuations and underperformance in the company's insurance segment.
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