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XL reports 168% jump in profits

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HAMILTON, Bermuda--XL Capital Ltd. reported profits of $239.9 million for the first quarter of 2003, a 168% increase over the same period in 2002.

The Hamilton, Bermuda-based insurer reported gross premiums written of $3.15 billion for the quarter, a 12.2% increase over the same period a year earlier.

XL reported a first-quarter combined ratio of 86.1% for its property/casualty and reinsurance operations, compared with 92.1% in the first quarter of 2002.