- Book value per ordinary share increased by 26% to $23.84 at
September 30, 2009 HAMILTON, Bermuda, Oct. 28
/PRNewswire-FirstCall/ -- XL Capital Ltd ("XL" or the "Company")
(NYSE:XL) today reported its third quarter 2009 results. Commenting
on the Company's performance, Chief Executive Officer, Mike
McGavick, said: "Solid underwriting and careful expense management,
combined with our prudent reserving practices, provided a healthy
combined ratio of 93.2% from P&C operations. For the quarter,
we have recorded a 26% increase in book value per ordinary share to
$23.84 and a 30% increase in tangible book value per ordinary share
to $21.36. Total shareholders' equity increased from $7.5 billion
to $9.2 billion in the quarter. "These are encouraging numbers but
clearly there are areas for continued improvement. For instance,
gross premiums written for our P&C operations were 16.6% lower
than the prior year quarter. Although on target with our current
guidance for the year, continuing this recovery means we must
remain vigilant in the face of challenging pricing conditions.
"Pressures from the current economic environment and where we are
in the underwriting cycle have not deterred us from seeking the
right price regardless of the impact on top line. We will continue
to do so. "The other area for improvement remains the investment
portfolio. While XL had strong operating income in the quarter of
$306.4 million, or $0.89 per ordinary share, that strong operating
performance was offset by our recognition of $310.8 million in
after-tax net realized losses related principally to other than
temporary impairments. Although this charge resulted in a net loss
available to ordinary shareholders of $11.4 million or $0.03 per
ordinary share, we remain committed to an investment portfolio more
properly suited to a P&C company, and have made significant
strides over the past year to de-risk our portfolio in pursuit of
that goal. "On the positive side, our portfolio marks improved by
$1.4 billion during the third quarter, and 54% of the $34.0 billion
portfolio was in cash, government, government-related or
government-supported securities at the end of the third quarter.
Given the increased stability in the capital markets, we have
selectively redeployed some of our cash and proceeds from sales and
maturities into high quality assets, achieving new money yields of
3.9%. He concluded: "Overall we are pleased with the third quarter.
Our operating results indicate what our clients and brokers have
already clearly concluded -- XL is delivering for our customers
and, on an operating basis, for shareholders. As we approach the
January renewal season, XL is fully focused on serving the needs of
our customers, delivering value to our shareholders and emerging as
the best P&C (re)insurer wherever we choose to compete." Three
Months Ended September 30 (US Dollars in thousands except per share
amounts) (Per Share - Diluted) 2009 2008 Change 2009 2008 Change
Net loss available to ordinary shareholders ($11,402) ($1,649,024)
NM ($0.03) ($6.04) NM Operating income(1) 306,409 107,765 184% 0.89
0.39 128% The Company incurred a net loss available to ordinary
shareholders for the third quarter of $11.4 million, or $0.03 per
ordinary share, compared to a net loss available to ordinary
shareholders of $1,649.0 million, or $6.04 per ordinary share for
the third quarter of 2008. Operating income was $306.4 million, or
$0.89 per ordinary share, compared to $107.8 million, or $0.39 per
ordinary share in the third quarter of 2008. The significant
improvement in the net loss available to ordinary shareholders from
the prior year quarter is primarily due to a charge of $1.4 billion
in the prior year quarter related to the transaction closed on
August 5, 2008 with Syncora Holdings Ltd. (formerly Security
Capital Assurance Ltd) and certain of its subsidiaries. Also
contributing to the improvement was an increase in operating income
of $198.6 million primarily due to an increase of $183.7 million
from the underwriting contribution of XL's P&C operations and
an increase of $97.2 million in the net income from investment
affiliates. These were partially offset by a decrease in investment
income of $109.1 million compared to the third quarter of 2008. Net
investment income for the quarter was $327.1 million compared to
$436.3 million in the prior year quarter. Net investment income
from P&C operations, excluding investment income from
structured products, decreased 27.7% from the prior year quarter to
$211.8 million. This decrease was primarily due to lower investment
yields, driven by both the impact of lower US LIBOR rates on
floating rate structured credit assets, and higher allocations to
lower yielding US Treasuries, Agencies and cash as a result of
continued de-risking activities. Pre-tax net realized investment
losses for the quarter were $325.5 million compared to a loss of
$292.9 million in the third quarter of 2008. The loss for the third
quarter of 2009 included other than temporary impairments, net of
non-credit impairments, totaling $321.7 million, and realized
losses on securities sales of $3.8 million. The other than
temporary impairments in the quarter arose primarily from
impairments of corporate securities, principally certain European
medium term notes, combined with below investment grade structured
securities. The annualized return on ordinary shareholders' equity,
based on operating income, was 16.7% for the quarter as compared to
5.8% in the prior year quarter. For the first nine months of 2009,
the Company produced net income of $246.9 million or $0.73 per
ordinary share, compared to a net loss of $1.2 billion or $5.70
loss per ordinary share, for the prior year period. Operating
income was $681.5 million or $2.00 per ordinary share, compared to
$650.8 million or $3.09 per ordinary share in the prior year
period. The annualized return on ordinary shareholders' equity,
based on operating income, was 13.7% for the first nine months of
2009 compared to 10.8% in the prior year period. P&C Operations
Three Months Ended September 30 (US Dollars in thousands) 2009 2008
Gross Premiums Written $1,584,209 $1,899,975 Net Premiums Written
1,195,119 1,257,914 Net Premiums Earned 1,293,879 1,525,023
Underwriting Income (Loss) 88,279 (95,392) Loss Ratio 63.2% 79.3%
Expense Ratio 30.0% 27.0% Combined Ratio 93.2% 106.3% -- P&C
gross and net premiums written declined from the prior year quarter
primarily due to planned reductions in long-term agreements,
strengthening of the US dollar compared to the third quarter of
2008, lower insured values reflecting macroeconomic conditions and
planned reductions in several targeted areas. Also impacting the
decline was XL's focus on rate achievement in a competitive
environment. -- P&C net premiums earned included $905.4 million
from the Insurance segment and $388.5 million from the Reinsurance
segment. -- The loss ratio for the quarter was 63.2% compared to
79.3% for the third quarter of 2008. Included in the current
quarter loss ratio was prior year favorable development of $74.3
million compared to $92.8 million in the third quarter of 2008. --
The third quarter 2009 loss ratio had catastrophe losses, net of
reinsurance recoveries and reinstatement premiums, of $30.8 million
compared to the $208.5 million in the third quarter of 2008, which
included Hurricanes Gustav and Ike. -- The expense ratio during the
quarter included charges of approximately $7.6 million related to
the Company's previously announced cost reduction efforts, of which
$6.5 million and $1.1 million related to the Insurance and
Reinsurance segments, respectively. In the prior year quarter there
was also a restructuring charge of $17.3 million. The third quarter
2009 expense ratio also included increased acquisition costs
primarily as a result of changes in the mix of business and higher
profit-related commissions. -- The P&C combined ratio for the
quarter was 93.2% compared to 106.3% for the quarter ended
September 30, 2008. Excluding the charges for the cost reduction
initiatives, the current quarter combined ratio would have been
92.6%. Capital Position Book value per ordinary share was $23.84 as
compared to $18.89 at June 30, 2009. Net unrealized losses on
investments, net of tax, were $1.5 billion at September 30, 2009
compared with net unrealized losses, net of tax of $3.2 billion at
June 30, 2009. The decrease in net unrealized losses for the
quarter in the Company's P&C operations was substantially due
to the tightening of credit spreads on both corporate and
structured credit assets, and from the impact of decreases in US
Government interest rates. The decrease in net unrealized losses in
the Company's Life operations was a result of tightening credit
spreads in Sterling and Euro corporate securities, particularly
hybrid corporate financials, and the effect of decreases in
interest rates. Further details of the results for the quarter and
of the Company's fixed income investment portfolio may be found in
the Company's Financial Supplement and Fixed Income Portfolio Data
Supplement, respectively. These documents are both dated October
28, 2009 and are available from the Investor Relations section of
the XL Capital website. The Company will host a conference call to
discuss its Third Quarter results on Wednesday, October 28, 2009 at
5:00 p.m. Eastern time. The conference call can be accessed through
a listen-only dial-in number or through a live webcast. To listen
to the conference call, please dial (866) 617-1526 or (210)
795-0624, passcode: 'xl global'. The webcast will be available at
http://www.xlcapital.com/ and will be archived on XL's website from
approximately 8:00 p.m. Eastern Time on October 28, 2009, through
midnight Eastern Time on November 27, 2009. A telephone replay of
the conference call will also be available beginning at 8:00 p.m.
Eastern Time on October 28, 2009, until midnight Eastern Time on
November 27, 2009, by dialing (800) 337-5619 or (402) 220-9652,
passcode: 'xl global'. This press release contains forward-looking
statements. Statements that are not historical facts, including
statements about XL's beliefs, plans or expectations, are
forward-looking statements. These statements are based on current
plans, estimates, and expectations, all of which involve risk and
uncertainty. Actual results may differ materially from those
included in such forward-looking statements and therefore you
should not place undue reliance on them. A non-exclusive list of
the important factors that could cause actual results to differ
materially from those in such forward-looking statements includes
(a) changes in ratings, rating agency policies or practices; (b)
greater frequency or severity of claims and loss activity than XL's
underwriting, reserving or investment practices anticipate based on
historical experience or industry data; (c) trends in rates for
property and casualty insurance and reinsurance; (d) other changes
in general economic conditions, including the effects of inflation
and changes in interest rates, credit spreads, foreign currency
exchange rates and other factors; (e) developments, including
uncertainties related to the depth and duration of the current
recession, and future volatility in the world's credit, financial
and capital markets that adversely affect the performance and
valuation of XL's investments or access to such markets; (f) the
potential for changes to methodologies, estimations and assumptions
that underlie the valuation of the Company's financial instruments
that could result in changes to investment valuations; (g) changes
to the Company's assumptions as to whether it has the ability and
intent to hold available-for-sale securities to recovery; (h) the
potential effects of domestic and foreign regulatory developments,
including those which could impact the financial markets or
increase XL's business costs and required capital levels; (i) the
ability of XL's subsidiaries to pay dividends to the Company; (j)
changes in the size of XL's claims relating to natural catastrophe
losses due to the preliminary nature of some reports and estimates
of loss and damage to date; and (k) the other factors set forth in
XL's reports on Form 10-K, Form 10-Q, and other documents on file
with the Securities and Exchange Commission, as well as
management's response to any of the aforementioned factors. XL
undertakes no obligation to update or revise publicly any
forward-looking statement, whether as a result of new information,
future developments or otherwise. Contact: David R. Radulski
Investor Relations (441) 294-7460 Carol A. Parker Trott Media
Relations (441) 294-7290 (1). Defined as net income (loss)
available to ordinary shareholders excluding net realized gains and
losses on investments, goodwill impairment charges, net realized
and unrealized gains and losses on credit, structured financial and
investment derivatives, net of tax, for the Company and its share
of these items for the Company's insurance company affiliates for
the periods presented and charges in respect of guarantees relating
to subsidiaries of Syncora Holdings Ltd. ("Syncora"), as well as
the gain recognized on the repurchase of the Company's Series C
preference ordinary shares. "Operating income" and "annualized
return on ordinary shareholders' equity based on operating income"
are non-GAAP measures. See the schedule entitled "Reconciliation"
at the end of this release for a reconciliation of "operating
income" to net income (loss) available to ordinary shareholders. XL
CAPITAL LTD SUMMARY CONSOLIDATED FINANCIAL DATA (U.S. dollars in
thousands) Three Months Ended Nine Months Ended Income Statement
Data: September 30 September 30 (Unaudited) (Unaudited) 2009 2008
2009 2008 Revenues: Gross premiums written: - P&C operations
$1,584,209 $1,899,975 $4,963,627 $6,387,100 - Life operations
156,870 156,148 442,693 552,357 Net premiums written : - P&C
operations 1,195,119 1,257,914 3,778,708 4,753,934 - Life
operations 146,941 145,741 409,200 520,887 Net premiums earned : -
P&C operations 1,293,879 1,525,023 3,897,315 4,586,590 - Life
operations 151,840 169,608 429,625 502,125 Net investment income
327,145 436,281 1,003,459 1,375,862 Net realized (losses) gains on
investments (325,520) (292,903) (657,887) (393,114) Net realized
and unrealized (losses) gains on derivative instruments (9,133)
(58,454) (9,571) (5,648) Net income (loss) from investment
affiliates 42,288 (54,886) 52,481 (63,522) Fee income and other
5,331 19,132 27,285 40,219 Total revenues $1,485,830 $1,743,801
$4,742,707 $6,042,512 Expenses: Net losses and loss expenses
incurred $818,238 $1,209,565 $2,388,149 $3,149,043 Claims and
policy benefits 185,067 199,861 517,614 605,885 Acquisition costs
212,846 216,879 654,337 729,413 Operating expenses 230,908 319,432
763,514 881,554 Exchange (gains) losses (16,843) (139,467) 103,754
(63,786) Extinguishment of debt - 22,527 - 22,527 Interest expense
53,469 78,000 169,008 267,553 Amortization of intangible assets 465
1,386 1,394 2,226 Total expenses $1,484,150 $1,908,183 $4,597,770
$5,594,415 Net income (loss) before non-controlling interest,
income tax and net income from operating affiliates $1,680
$(164,382) $144,937 $448,097 Non-controlling interest in net loss
of subsidiary (7) - (47) - Income tax 3,616 47,843 65,614 129,750
Net loss (income) from operating affiliates (23,027) 1,404,299
(30,366) 1,452,647 Net income (loss) $21,098 $(1,616,524) $109,736
$(1,134,300) Preference share dividends (32,500) (32,500) (74,626)
(65,000) Gain on repurchase of Series C preference ordinary shares
- - 211,816 - Net (loss) income available to ordinary shareholders
$(11,402) $(1,649,024) $246,926 $(1,199,300) SUMMARY CONSOLIDATED
FINANCIAL DATA (U.S. dollars in thousands, except per share
amounts) Balance Sheet Data: As at As at September 30 December 31,
2009 2008 (Unaudited) (Note 1) Total investments available for sale
$30,010,739 $27,464,510 Cash and cash equivalents 3,906,277
4,353,826 Investments in affiliates 1,193,917 1,552,789 Unpaid
losses and loss expenses recoverable 3,827,343 3,997,722 Total
assets 47,221,241 45,622,278 Unpaid losses and loss expenses
21,202,343 21,650,315 Deposit liabilities 2,442,800 2,710,987
Future policy benefit reserves 5,754,176 5,452,865 Unearned
premiums 4,185,151 4,217,931 Notes payable and debt 2,452,373
3,189,734 Redeemable series C preference ordinary shares 182,673
500,000 Total shareholders' equity 9,173,517 6,116,831 Diluted book
value per ordinary share $23.84 $15.46 Basic book value per
ordinary share $23.88 $15.46 Note 1: Certain items have been
reclassified to conform with the current period presentation XL
CAPITAL LTD RECONCILIATION The following is a reconciliation of the
Company's (i) net income (loss) available to ordinary shareholders
to operating income (loss) (Note 1) and (ii) annualized return on
ordinary shareholders' equity (based on operating income (loss)) to
average ordinary shareholders' equity for the three months ended
September 30, 2009 and 2008. (U.S. dollars in thousands except per
share amounts) Three Months Ended September 30 (Unaudited) 2009
2008 (Note 3) Net (loss) income available to ordinary shareholders
$(11,402) $(1,649,024) Net realized losses on investments, net of
tax 310,815 286,421 Net realized and unrealized losses (gains) on
investment derivatives, net of tax 3,762 56,334 Net realized and
unrealized losses (gains) on credit and structured financial
derivatives, net of tax 5,541 77 Net realized and unrealized
(gains) losses on investments and derivatives of the Company's
insurance company affiliates (2,307) (1,775) Charge in respect of
guarantees issued to subsidiaries of Syncora - 1,415,732 Operating
income (Note 1) $306,409 $107,765 Per ordinary share results: (Note
2) Net (loss) income attributable to ordinary shareholders $(0.03)
$(6.04) Operating Income (Note 1) $0.89 $0.39 Weighted average
ordinary shares outstanding: Basic 342,118,289 273,083,538 Diluted
342,620,454 273,083,538 Return on Ordinary Shareholders' Equity:
Average ordinary shareholders' equity $7,321,000 $7,464,868
Operating income (Note 1) $306,409 $107,765 Annualized operating
income (Note 1) $1,225,636 $431,060 Annualized Return on Ordinary
Shareholders' Equity - Operating income (Note 1) 16.7% 5.8% Note 1:
Operating income is defined as net income (loss) available to
ordinary shareholders excluding net realized gains and losses on
investments, goodwill impairment charges, net realized and
unrealized gains and losses on credit, structured financial and
investment derivatives, net of tax for the Company and its share of
these items for the Company's insurance company affiliates for the
periods presented and charges in respect of guarantees relating to
subsidiaries of Syncora, as well as the gain recognized on the
repurchase of the Company's Series C preference ordinary shares.
Operating income and annualized return on ordinary shareholders'
equity based on operating income are non-GAAP measures. See
comments on regulation G. Note 2: Diluted weighted average number
of ordinary shares outstanding are used to calculate per share data
except where they are anti-dilutive to earnings per share or where
there is a net loss. When they are anti-dilutive or when a net loss
occurs, basic weighted average ordinary shares outstanding are
utilized in the calculation of net loss per share and net operating
loss per share. Note 3: Certain amounts have been reclassified to
conform with the current period presentation. XL CAPITAL LTD
RECONCILIATION The following is a reconciliation of the Company's
(i) net income (loss) available to ordinary shareholders to
operating income (loss) (Note 1) and (ii) annualized return on
ordinary shareholders' equity (based on operating income (loss)) to
average ordinary shareholders' equity for the nine months ended
September 30, 2009 and 2008. (U.S. dollars in thousands except per
share amounts) Nine Months Ended September 30 (Unaudited) 2009 2008
(Note 4) Net income (loss) available to ordinary shareholders
$246,926 $(1,199,300) Net realized losses on investments, net of
tax 636,538 382,208 Net realized and unrealized losses (gains) on
investment derivatives, net of tax 5,112 16,519 Net realized and
unrealized losses (gains) on credit and structured financial
derivatives, net of tax 7,055 135 Net realized and unrealized
(gains) losses on investments and derivatives of the Company's
insurance company affiliates (2,316) (2,511) Gain on repurchase of
Series C preference ordinary shares (211,816) - Charge in respect
of guarantees issued to subsidiaries of Syncora - 1,453,786
Operating income (Note 1) $681,499 $650,837 Per ordinary share
results: (Notes 2 and 3) Net income (loss) attributable to ordinary
shareholders $0.73 $(5.70) Operating Income (Note 1) $2.00 $3.09
Weighted average ordinary shares outstanding: Basic 339,094,588
210,386,823 Diluted - Net income 339,348,679 210,386,823 Diluted -
Operating income 342,371,381 210,386,823 Return on Ordinary
Shareholders' Equity: Average ordinary shareholders' equity
$6,643,194 $8,054,343 Operating income (Note 1) $681,499 $650,837
Annualized operating income (Note 1) $908,665 $867,783 Annualized
Return on Ordinary Shareholders' Equity - Operating income (Note 1)
13.7% 10.8% Note 1: Operating income is defined as net income
(loss) available to ordinary shareholders excluding net realized
gains and losses on investments, goodwill impairment charges, net
realized and unrealized gains and losses on credit, structured
financial and investment derivatives, net of tax for the Company
and its share of these items for the Company's insurance company
affiliates for the periods presented and charges in respect of
guarantees relating to subsidiaries of Syncora, as well as the gain
recognized on the repurchase of the Company's Series C preference
ordinary shares. Operating income and annualized return on ordinary
shareholders' equity based on operating income are non-GAAP
measures. See comments on regulation G. Note 2: Diluted weighted
average number of ordinary shares outstanding are used to calculate
per share data except where they are anti-dilutive to earnings per
share or where there is a net loss. When they are anti-dilutive or
when a net loss occurs, basic weighted average ordinary shares
outstanding are utilized in the calculation of net loss per share
and net operating loss per share. Note 3: Diluted weighted average
ordinary shares outstanding for year to date ended September 30,
2009 include the impact of the Company's 2005 Equity Security units
("ESU") on an "if converted" basis for the period January 1, 2009
to February 17, 2009 when they were converted into class A ordinary
shares. Net income and Operating income per share for year to date
ended September 30, 2009 have been adjusted to exclude $4,829 of
ESU interest from January 1, 2009 to February 17, 2009. Note 4:
Certain amounts have been reclassified to conform with the current
period presentation. Comment on Regulation G This press release
contains the presentation of (i) operating income (loss), which is
defined as net income (loss) excluding net realized gains and
losses on investments, goodwill impairment charges, net realized
and unrealized gains and losses on credit, structured financial and
investment derivatives, net of tax, for the Company and its share
of these items for the Company's insurance company affiliates for
the periods presented and charges in respect of guarantees relating
to subsidiaries of Syncora, as well as the gain recognized on the
repurchase of the Company's Series C preference ordinary shares and
(ii) annualized return on ordinary shareholders' equity (based on
operating income (loss)). These items are "non-GAAP financial
measures" as defined in Regulation G. The reconciliation of such
measures to the most directly comparable GAAP financial measures in
accordance with Regulation G is included above. XL presents its
operations in the way it believes will be most meaningful and
useful to investors, analysts, rating agencies and others who use
XL's financial information in evaluating XL's performance. This
presentation includes the use of "operating income (loss)" and
annualized return on ordinary shareholders' equity based on
operating income (loss). Investment derivatives include all
derivatives entered into by XL other than weather and energy and
credit derivatives (discussed further below). Although the
investment of premiums to generate income (or loss) and realized
capital gains (or losses) is an integral part of XL's operations
and the Company's insurance company operating affiliates, the
determination to realize capital gains (or losses) is independent
of the underwriting process. In addition, under applicable GAAP
accounting requirements, losses can be created as the result of
other than temporary declines in value and from goodwill impairment
charges without actual realization. In this regard, certain users
of XL's financial information, including certain rating agencies,
evaluate earnings before tax and capital gains to understand the
profitability of the recurring sources of income without the
effects of these two variables. Furthermore, these users believe
that, for many companies, the timing of the realization of capital
gains and the recognition of goodwill impairment charges are
largely opportunistic and are a function of economic and interest
rate conditions. In addition, with respect to credit derivatives,
because XL and its insurance company operating affiliates generally
hold financial guaranty contracts written in credit default
derivative form to maturity, the net effects of the changes in fair
value of these credit derivatives are excluded (similar with other
companies' treatment of such contracts) as the changes in fair
value each quarter are not indicative of underlying business
performance. Unlike these credit derivatives, XL's weather and
energy derivatives are actively traded (i.e., they are not held to
maturity) and are, therefore, not excluded from net income as any
gains or losses from this business are considered by management
when evaluating and managing the underlying business. Charges in
respect of guarantees issued by XL Insurance (Bermuda) Ltd, in
respect of subsidiaries of Syncora, as well as the gain recognized
on the repurchase of the Company's Series C preference ordinary
shares, are excluded as these transactions were capital in nature
and outside the scope of the Company's underlying business. In
summary, XL evaluates the performance of and manages its business
to produce an underwriting profit. In addition to presenting net
income (loss), XL believes that showing operating income (loss)
enables investors and other users of XL's financial information to
analyze XL's performance in a manner similar to how management of
XL analyzes performance. In this regard, XL believes that providing
only a GAAP presentation of net income (loss) makes it much more
difficult for users of XL's financial information to evaluate XL's
underlying business. Also, as stated above, XL believes that the
equity analysts and certain rating agencies that follow XL (and the
insurance industry as a whole) exclude these items from their
analyses for the same reasons and they request that XL provide this
non-GAAP financial information on a regular basis. Return on
average ordinary shareholder's equity ("ROE") excluding net
realized gains and losses on investments, goodwill impairment
charges and net realized and unrealized gains and losses on credit
and investment derivative instruments, net of tax, for the Company
and its share of these items for Syncora and the Company's other
insurance company operating affiliates (the "Exclusions"), is a
widely used measure of any company's profitability. Annualized
return on average ordinary shareholders' equity (minus the
Exclusions) is calculated by dividing annualized net income minus
the Exclusions for any period by the average of the opening and
closing ordinary shareholders' equity. The Company establishes
target ROEs (minus the Exclusions) for its total operations,
segments and lines of business. If the Company's ROE (minus the
Exclusions) return targets are not met with respect to any line of
business over time, the Company seeks to re-evaluate these lines.
In addition, the Company's compensation of its senior officers is
dependant upon, among other things, the achievement of the
Company's performance goals to enhance shareholder value which
include ROE (minus the Exclusions) and its P&C combined ratio.
DATASOURCE: XL Capital Ltd CONTACT: David R. Radulski, XL Investor
Relations, +1-441-294-7460, or Carol A. Parker Trott, XL Media
Relations, +1-441-294-7290 Web site: http://www.xlcapital.com/
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