Catastrophes and integration costs hit XL Catlin's resultsReprints
Catastrophes weighed heavily on the results of Bermuda-based insurer and reinsurer XL Catlin, formed by XL Group P.L.C.'s acquisition of Catlin Group Ltd., The Royal Gazette reported.
XL Catlin attributed the weak results to huge catastrophe losses and integration costs. XL Catlin posted an operating net income of $106 million in the quarter, down from $246 million reported in the same period of 2015. XL Catlin incurred $240 million in catastrophe losses in the quarter. XL Catlin's net income totaled $43.8 million during the period.