XL reports $475m loss


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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