XL's Q1 net income drops 56%
Bermudian (re)insurer XL Capital reported a 56% drop in net income over the first quarter of the year, due to difficult credit conditions and dropping property and casualty insurance pricing.
Net income dropped to $244.4m, down from $563.5m the year before. Net written premiums from its P&C book fell to $2.14bn, down from $2.4bn a year before.
The group also reported net unrealised
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