XL Capital Ltd., the large Bermuda-based reinsurer with operations in Hartford, posted a wider-than-expected quarterly loss, as losses from its property and casualty insurance business more than doubled, Reuters reports.
XL said first-quarter property and casualty insurance net losses, net of reinstatement premiums, amounted to $387.4 million, compared with a loss of $181.1 million a year ago.
January-March net loss was $227 million, or 73 cents a share, compared with a profit of $128 million, or 37 cents a share, a year ago.
On an operating basis, excluding investment losses and gains, XL posted a loss of 52 cents a share.
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Analysts were looking for a loss of 45 cents a share, excluding items, according to Thomson Reuters I/B/E/S.
