XL Capital 3Q to be Lower Than Expected

XL Capital Ltd ("XL" or the "Company") (NYSE: XL) announced Friday that third quarter results will be lower than anticipated due to higher than expected losses in its North American reinsurance operations primarily from new casualty claims for the 1997 to 2000 underwriting years. As a result of these losses, the Company expects its third quarter 2003 net income to be reduced by approximately $184 million pre-tax or $160 million after-tax, or approximately $1.16 per ordinary share, compared to analysts' current expectations. The Company will report third quarter results after the close...