XL Adding $200M to WTC Reserves; Records Added 2ndQ Loss
Bermuda-based XL Capital Ltd. will add $200 million to its reserves for Sept. 11 terrorism losses and will record an added $120 million second-quarter loss from investments in telecommunications and other companies.
The $200 million reserve boost includes $135 million in reinsurance reserves that were a result of higher-than-expected Sept. 11 business interruption losses along with XL’s exposure to Lloyd’s of London Central Fund claims as a reinsurer, according to the company.
The remaining $65 million of the increase goes toward accident and health business authored by XL’s Lloyd’s operation, which covered a greater-than originally expected amount of World Trade Center victims.
Popular Today
- Cyber Rates Are Down, Risks Are Up but Small Businesses Slow to Adopt
- CCC Intelligent Solutions Agrees to $6.1B Take-Private Deal with GTCR, Elliott
- KCC Says Isaias Insured Losses to Be $3 Billion; AM Best Calls Storm an Earnings Event
- Travelers Reports Solid Underwriting, Record Investment Income for Q3