Bermuda’s XL Capital Ltd. reported net income available to ordinary shareholders for the quarter ended March 31, 2007 of $549.7 million, or $3.06 per ordinary share, compared with net income of $458.5 million, or $2.56 per ordinary share, for the quarter ended March 31, 2006.
XL noted that “net income for the quarter ended March 31, 2007 included pre-tax, net losses from Windstorm Kyrill of $55 million, which is lower than the Company’s previously announced estimated range of between $60 million and $75 million. After taking into account net reinstatement premiums and tax effects, the net income impact of this event was $42.0 million.”
Net income, excluding net realized gains and losses for the first quarter of 2007, was $543.4 million, or $3.03 per ordinary share, compared with $405.5 million, or $2.26 per ordinary share, for the prior year period.
At March 31, 2007, net book value per ordinary share was $54.95 as compared with $53.12 at December 31, 2006.
President and CEO Brian M. O’Hara commented: “This quarter’s excellent results reflect our drive to deliver value for our shareholders. Underwriting results in Insurance were strong and Reinsurance results were solid despite losses from Windstorm Kyrill. Our other segments continued their positive contributions and our affiliates generated outstanding returns again.”
Underwriting profit for the quarter ended March 31, 2007 was $107.3 million compared with $64.7 million in the prior year period. The current quarter included a foreign exchange loss of $7.3 million as compared with a loss of $30.7 million in the prior year quarter. These results included pre-tax, net losses related to Kyrill of $10 million.
The entire report is available on the company’s web site at: www.xlcapital.com.
XL will host a conference call to discuss its first quarter 2007 results today, April 25, 2007 at 10:00 a.m. Eastern time. The conference call can be accessed through a listen-only dial-in number or through a live web cast. To listen to the conference call, please dial (877) 422-4657 or (706) 679-0474, Conference ID# 2785039.
The web cast will be available on XL’s web site an will be archived on this site from approximately 1:00 p.m. Eastern time on April 25, 2007 through midnight Eastern time on May 25, 2007. A slide presentation accompanying the Company’s discussion of its first quarter 2007 results will also be available on the Company’s web site approximately 15 minutes before the commencement of the conference call.
A telephone replay of the conference call will be available beginning at approximately 1:00 p.m. ET on April 25, 2007 until midnight on May 16, 2007 by dialing (800) 642-1687 or (706) 645-9291, Conference ID # 2785039.
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