XLCA reveals $810m exposure to troubled Alabama county
SCA, a subsidiary of XL's 46%-owned financial insurer XL capital assurance (XLCA) SCA said that it expects to make a $10.6m claim to holders of Jefferson County Alabama's sewer warrants as the county is gripped by a financial crisis. The claim payment is expected to be made today (June 3, 2008).
However, it also emerged that as of June 2, 2008, XLCA's exposure to Jefferson County was $810m, net of reinsurance and XLCA admitted that it currently has set no loss reserves in connection with
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