XL reports Q3 net loss of $1.65-1.67bn

XL, the Bermudian (re)insurer, reported third quarter net losses of $1.65-1.67bn, hit by its previously-reported charge of $1.4bn related to the seperation of the company from its beleagured credit insurer, SCA.

The group also had a charge of $195.4m relating to Hurricanes Gustav and Ike, which ravaged the US Gulf of Mexico in September. XL added that it had net realised losses on investment sales of $40.3m

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ABI insists fire safety scheme is temporary

Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.

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