XL Capital Increases Reserve by $191M

XL Capital Ltd (NYSE: XL)announced Friday that its second quarter 2005 results will be adversely impacted by an increase in net reserves in its North American reinsurance operations of $191 million pre-tax. The after-tax charge is $183 million or $1.31 per ordinary share. This increase resulted from XL's scheduled semi-annual reserve review, which is substantially complete. However, there is an ongoing review relating to policy benefit reserves with respect to certain novated blocks of U.S.-based-term life mortality reinsurance business, which XL expects to complete by the time of issuing its...