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XL Group reports sharp increase in 2010 profit

Jeff Casale

February 08, 2011 Reprints

P/C Insurers Bermuda XL Catlin More + Less -

HAMILTON, Bermuda—XL Group P.L.C. announced Tuesday that its net income for 2010 was up to $585.4 million from $206.6 million in 2009, a 183% increase.

The insurer and reinsurer also reported that its gross premiums written for 2010 was up slightly to $6.2 billion from $6.1 billion for 2009. Its combined ratio was up slightly to 94.8% from 93.6% in 2009.

For the fourth quarter, the Hamilton, Bermuda-based company reported a net income of $188 million, up from 2009's fourth quarter result of $40.3 million. XL said its strong performance during the fourth quarter was due to an increase in property/casualty underwriting income.

XL also reported a fourth-quarter loss ratio development of $121.5 million in the fourth quarter of 2010, compared with $30.8 million in the fourth quarter of 2009. XL said 2010's loss ratio largely was impacted by natural catastrophe losses of $30.3 million net of reinstatement premiums.

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XL Group reports sharp increase in 2010 profit

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