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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda--XL Capital Ltd. reported profits of $182.2 million for the first nine months of 2002.
For the comparable period in 2001, Hamilton, Bermuda-based XL Capital recorded a loss of $492.5 million, largely due to the Sept. 11 terrorist attacks.
XL's gross premiums for the first nine months were $7.05 billion, more than double its premium volume for the same period in 2001.
The 2002 nine-month figures include results for Winterthur International, which XL Capital acquired in July 2001, and Le Mans Re, which XL began accounting for as a subsidiary at the beginning of this year.
In addition, XL is seeing significant rate increases for insurance and reinsurance, said Brian M. O'Hara, president and chief executive officer.
"As we look forward, I am confident that the property and casualty markets will remain hard for some time," Mr. O'Hara said in a statement.