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HAMILTON, Bermuda--XL Capital Ltd. has restated cash-flow figures for financial statements between 2003 and 2006 because it had incorrectly included the impact of foreign exchange rates.
The restatement, announced by the Hamilton, Bermuda-based insurer and reinsurer on Thursday, is "required to eliminate the impact of those rate changes on balances held in certain foreign currency denominated subsidiaries," according to a regulatory filing.
Previously issued financial statements and related reports for the years ended 2003, 2004 and 2005, along with the first two quarters of 2006, should no longer be relied on, according to the filing. However, the restatement of cash flows has no impact on XL's balance sheet, a spokeswoman said.