XL Capital posts large third-quarter loss
Bermuda-based insurer XL Capital has posted a quarterly net loss of $US1.65 billion ($2.45 billion), which is in line with preliminary estimates.
The loss compares with a profit of $US328 million ($487 million) the previous year.
XL last month warned its quarterly results would be hurt by charges of $US1.4 billion ($2.03 billion) related to a stake it held in troubled bond insurer Syncora Holdings and its subsidiaries.
The insurer also recorded $US293 million ($435 million) in losses on investments while net premiums were down 2.1% for the quarter.
The loss compares with a profit of $US328 million ($487 million) the previous year.
XL last month warned its quarterly results would be hurt by charges of $US1.4 billion ($2.03 billion) related to a stake it held in troubled bond insurer Syncora Holdings and its subsidiaries.
The insurer also recorded $US293 million ($435 million) in losses on investments while net premiums were down 2.1% for the quarter.