XL raises first-quarter profits

By Richard Banks, London

BERMUDIAN giant XL Capital yesterday reported net operating income for the first quarter of this year of $250.1m, up from $207.6m in the same period last year. But the company also confirmed a $40.9m writedown of its investment in Bermuda’s troubled Annuity & Life Re Holdings, which has closed its doors to new business and is facing possible delisting from the New York stock exchange. The adjustment is included in the first-quarter figures.