XL Capital hit by $694m pre-tax reserve charge
Bermuda-based (re)insurer XL Capital has announced that the company's fourth-quarter 2003 results will be hit by a $694m pre-tax reserve charge following a claims audit review.
The bulk of the charge, around $663m, is due to adverse development in the company's North American reinsurance operations for casualty business written during the 1997-2001 period.Brian O'Hara
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