XL Capital Posts Losses:  WTC Attack & Other Events

Wednesday, October 24th, 2001 — Losses from the destruction of the World Trade Center contributed substantially to $840 million in third-quarter losses for Hamilton, Bermuda, insurer XL Capital, LTD, the company said.

"Our losses were overwhelmingly impacted by the results of the Sept. 11 attack," said Brian M. O'Hara, president and chief executive officer for XL during a conference call today.

"We are confident that we have identified all of the areas of exposure," added Mr. O'Hara.

Other losses for the year made for the most "complex" financial report for the company, noted Mr. O'Hara, adding that last month's events have made risk transfer "an increasingly valuable and scarce resource."

For the quarter, XL reported losses of $840 million, or $6.57 per share, compared with net income gain of $139.5 million, or $1.10 per share, for the third quarter of 2000.