XL CUTS JOBS, CONSOLIDATES

Bermuda’s XL Capital Ltd. unveiled the second phase of its restructuring plan, announcing a refocusing on more profitable underwriting lines and a consolidation of management functions, which will lead to a drop in gross premiums and 120 lost jobs.

As outlined in an announcement by CEO Brian O’Hara, the move comes in response to the generally depressed state of the insurance industry and the company’s desire to “concentrate on those things that we do well and continuously look for ways to improve our productivity and reduce our operating expenses.”