Red ink flows in the Caribbean
Cost-cutting and disciplined underwriting are firmly on the agenda at XL Capital after the Bermuda-based insurer and reinsurer posted a $US1.43 billion ($2.17 billion) fourth-quarter net loss for 2008.
This brought the loss for the full year to $US2.63 billion ($4 billion).
Factors in the Q4 loss include a $US990 million ($1.5 billion) “non-cash charge for the partial impairment of goodwill” and an investment portfolio restructuring charge of $US400 million ($608 million) in the course of reducing risk.
XL Capital says it will trim its global workforce by 10% this year.
Meanwhile, international specialty property/casualty insurer and reinsurer Catlin Group has announced a $US200 million ($437 million) rights issue to boost capital.
Catlin booked a pre-tax loss of $US13 million ($19.7 million) for 2008, compared with a profit of $US543 million ($825 million) the previous year.
Chairman Sir Graham Hearne said the group’s performance during the year was significantly affected by the volatility in global investment markets as well as the increase in catastrophe and single-risk losses.
This brought the loss for the full year to $US2.63 billion ($4 billion).
Factors in the Q4 loss include a $US990 million ($1.5 billion) “non-cash charge for the partial impairment of goodwill” and an investment portfolio restructuring charge of $US400 million ($608 million) in the course of reducing risk.
XL Capital says it will trim its global workforce by 10% this year.
Meanwhile, international specialty property/casualty insurer and reinsurer Catlin Group has announced a $US200 million ($437 million) rights issue to boost capital.
Catlin booked a pre-tax loss of $US13 million ($19.7 million) for 2008, compared with a profit of $US543 million ($825 million) the previous year.
Chairman Sir Graham Hearne said the group’s performance during the year was significantly affected by the volatility in global investment markets as well as the increase in catastrophe and single-risk losses.