XL reports $475m loss
XL has reported a net loss of $475m (£301.3m) for 2011 along with a combined operating ratio of 107.5% for property and casualty (P&C) business.
The results were in stark contrast to the previous year when the insurer returned a profit of $585.5m and a combined operating ratio of 94.8%.
The insurer highlighted that the loss was largely driven by a non-cash goodwill impairment charge of $429m in the fourth quarter of the year along with significant natural catastrophe losses. It made an operating net loss of $79.6m in the final three months of 2011.
XL also revealed that P&C gross written premiums rose by 10.2% to $6.9bn in 2011 from $6.3bn
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