XL Capital


    1 to 32 of 32 results

    Sort By:


    Filter By:




    UBS drops action against Brian O’Hara

    XL Capital chairman Brian O'Hara appears to have settled his debt to UBS Bank, which was suing the insurance executive in the United States in an attempt to recover $1.5 million of outstanding loans. UBS Bank USA, of Salt Lake

    Insiders snap up depressed Bermuda insurance stocks

    Insiders at two of Bermuda's most stock market-challenged insurers have shown their faith in their companies by buying large quantities of shares on the open market, while many others are selling.

    Fidelity mutual fund group continues its ownership dominance in Bermuda market

    Boston, Massachusetts-based mutual fund group Fidelity continues to be the biggest single investor — by a considerable margin — in the Bermuda insurance and reinsurance market.Fidelity owns at least 5% of the common shares of 10 of the 17 Bermuda-based companies publicly-listed in the United States that were included in an ownership review by InsideBermuda, based on filings with the U. S. Securities and Exchange Commission.

    XL seeks to avoid paying out under Refco D&O policy

    A U. S. subsidiary of Bermuda-based XL Capital Ltd. is seeking to avoid having to pay the costs of defending former officers and directors of scandal-plagued commodities and futures broker Refco Inc. in a slew of litigation brought by parties who claim they were defrauded. XL Specialty Insurance Company, which is incorporated in Delaware and based in Hartford, Connecticut, claims an insurance policy it issued does not cover such losses because Refco was involved in fraudulent conduct before the policy became effective but hid the activity from XL.

    SCA hit with class actions lawsuits filed by buyers of municipal bonds

    Bermuda-based Security Capital Assurance Ltd., in which XL Capital owns a 46% stake, has been hit with a new wave of class action lawsuits. Already facing class action litigation brought on behalf of shareholders for alleged fraud, the latest lawsuits seek to recover damages on behalf of purchasers of municipal derivatives from January 1, 1992 to the present. The latest class action complaints - numbering three so far - were filed at three different federal courts in the United States from March 12 to April 23, 2008, with eight municipalities or cities and one university as the specimen plaintiffs.

    KPMG agrees to pay $10.5 m to settle lawsuit over audits of Bermuda reinsurer

    KPMG (Bermuda) has agreed to pay $10.5 million to settle class action shareholder litigation concerning its audits of Bermuda-based Annuity & Life Re (Holdings) Ltd. An order approving a provisional settlement agreement was issued by U. S. District Judge Ellen Bree Burns, sitting at the U. S. District Court for the District of Connecticut, on February 19, 2008. The settlement amount was due to be paid by KPMG "within ten business days" of the date of the order. KPMG entered into the settlement without admitting any wrongdoing.

    Tyson Foods seeks $113 m in Hurricane Katrina claims

    Giant meat processor Tyson Foods, Inc. is seeking damages of more than $113 million in litigation and arbitrations against insurers in Bermuda and elsewhere for alleged property damage and business interruption losses caused by Hurricane Katrina on August 29, 2005.Details

    KPMG (Bermuda) suspects class action plaintiff may have received illegal payment

    Did a major U. S. law firm illegally pay a Bermuda-based investment firm to serve as lead plaintiff in a class action lawsuit against KPMG (Bermuda) regarding its audits of Annuity & Life Re (Holdings) Ltd.?That's what KPMG wants to know before discovery winds up in an action at the U. S. District Court for the District of Connecticut. However, rather than answer that and other questions, the investment firm, Midstream Investments Ltd., has filed an eleventh-hour motion to withdraw from the case entirely and for a protective order to avoid being forced to provide evidence.

    Scottish Re is lone Q2 loss-maker of 14 reporting Bermuda insurers

    Of the 14 publicly-listed, Bermuda-based insurers and reinsurers who recently filed their second quarter earnings with the SEC, only Scottish Re reported a loss.Commenting on a loss of $2.43 per share, or $121 million, Scottish Re's Interim CEO, Paul Goldean, said: “The results for the quarter are a sharp departure from our original projections and estimates provided to our stakeholders”.

    Fidelity increases investment in Bermuda insurance market

    Mutual fund firm Fidelity has increased its position as the largest single investor group in the Bermuda insurance and reinsurance market.The Boston, Massachusetts-based group owns at least five per cent of the common shares of 12 of the 16 companies whose ownerships were reviewed by InsideBermuda, compared with eight of 14 companies in a similar review last year. As of June 30, 2006, Fidelity's total stake in the Bermuda market had a stock market value of approximately $5.6 billion.

    Bermuda insurers well-positioned for 2006 [Just like they were for 2005!!!]

    Property catastrophe reinsurer PXRE Group was the worst of the bunch as 15 Bermuda-based, publicly-listed insurers reported their - mostly horrendous - fourth quarter results to the SEC during February. Two-thirds of the firms reported net losses, while only two actually managed to make an underwriting profit, as opposed to relying on investment returns to compensate for a lack of underwriting success. Just about the only thing that many firms were successful at towards the end of 2005 was tapping into the seemingly endless supply of capital available to the industry.

    11 new insurers & $10 b of capital hurtle towards Jan. 1 renewal bonanza

    At least eleven new insurers have incorporated in Bermuda over the last two months, bringing with them capital that is likely to top $10 billion once financing has been completed. If Jan. 1 policy rates are as high as many expect them to be, these firms will have not so much a license to offer insurance as one to print money. All have set themselves capital-raising targets from $500 million to $1.5 billion, with $1 billion being the most popular target figure.

    Fidelity maintains position as ‘owner’ of Bermuda market

    Fidelity - the largest mutual fund group in the United States - has maintained its position as the largest single investor group in the Bermuda insurance market.Fidelity owns at least five per cent of common shares in eight of the 14 Bermuda-based, publicly-listed insurers whose ownerships were reviewed by InsideBermuda. That is three more major investments than another Boston, Massachusetts-based fund group, Wellington Management, which was revealed as the second biggest ownership group in our review. Collectively, Fidelity's stakes have a market value of more than $2.7 billion, with Wellington just behind at $2.5 billion.

    Bermuda News Briefs: April 30, 2004

    Bermuda News Briefs: Half of the 37,000 registered trademarks in Bermuda have been lost from the computerized Trademark Registry following a crash, The Royal Gazette newspaper reported on March 27, 2004; Centre Reinsurance International Co. has obtained a judgment for $4.4 million against Margent Group Inc. and Thomas G. Brown; Oil Insurance Limited announced on April 6 that two more energy companies had joined, continuing the recent trend of additions to its membership; AXIS U.S. Insurance has expanded its professional lines capabilities with the formation of a new professional liability unit and the establishment of a dedicated unit for financial institutions business; XL Capital Ltd. announced on April 19 that it would enter into the market for primary casualty risk management programs for major U.S. corporations; and details of several lawsuits involving Bermuda-domiciled firms that have been filed in the USA.

    Class action lawsuit against XL Capital

    XL Capital and three of its officers and directors have been named as defendants in a class action lawsuit alleging securities fraud. The complaint was filed at the U. S. District Court for the District of Connecticut on November 20, 2003 on behalf of investors who bought shares between November 1, 2001 and October 16, 2003.

    XL Capital partners with PlusFunds in hedge fund industry

    XL Capital has formed a strategic relationship with PlusFunds Inc. to support the development of investment products based on Standard & Poor's latest index, the S&P Hedge Fund Index."The Index is designed to be investable and representative of the broad

    ACE/XL settle World Trade Center dispute

    ACE and XL Capital have settled their litigation with the leaseholder of the World Trade Center, Silverstein Properties Inc. Under the terms of the deal, ACE will pay $298 million and XL will pay $67 million, the full limits of the policies they underwrote, within 30 days.

    Q4 2001 Results Round-Up for Bermuda insurers

    Seven Bermuda insurers reported fourth quarter earnings in February, with Mutual Risk Management, XL Capital and Annuity and Life Re posting losses and ACE, IPC Holdings, PartnerRe and Scottish Annuity reporting profits.

    XL Insurance and Swiss Re settle differences

    XL Capital announced on February 27 that its insurance subsidiary, XL Insurance (Bermuda) Ltd, and Swiss Re Financial Products Corp. had withdrawn their respective claims in the lawsuit filed in London in 2001 related to a contractual disagreement over the validity of a "reference entity" and the operation of certain other terms and conditions contained in a credit default swap between the two companies.

    XL Capital announces fourth quarter loss

    XL Capital announced on January 28 that it expects to report a fourth quarter loss of $60 million. The loss is largely due to the firm taking charges related to increased prior-period casualty reinsurance loss reserves and several large Q4 loss events, including Enron.

    XL Capital and PartnerRe report Enron losses

    XL Capital and PartnerRe had at least two things in common in December - they both announced large exposures relating to the collapse of Enron Corp. and they both filed shelf registration statements with the SEC.The registrations will allow them to sell up to $2.1 billion worth of securities, with XL accounting for $1.5 billion of that amount and PartnerRe $600 million.

    World Trade Center leaseholder sues ACE and XL Capital

    The leaseholder of the World Trade Center this week filed suit against ACE Ltd. and XL Capital Ltd. in November seeking to force them to resolve disputes over insurance claims relating to September 11. Larry Silverstein is asking the court

    Suspicious trading patterns of MRM stock

    News of Mutual Risk Management's infusion of $112.5 million from a consortium of XL Capital Ltd, First Union Capital Partners, High Ridge Capital and Century Capital Partners II seems to have leaked out yesterday before the deal was officially announced, judging by trading patterns on the New York Stock Exchange.