XL reports profits turnaround

HAMILTON, Bermuda—XL Capital Ltd. reported net income of $1.28 billion for the first nine months of 2006.

The 2006 nine-month profit compares with a loss of $440.1 million for the comparable period last year, which included severe storm-related losses in the third quarter of 2005.

Hamilton, Bermuda-based XL also reported an 88.8% combined ratio from general insurance and reinsurance operations for first three quarters of 2006, compared with 122.2% in the prior-year period.

Gross premiums written from general operations were $7.04 billion, down 5.8% from the comparable three quarters in 2005.