XL Capital Ltd

In line with its peers, the group has radically reconfigured the way in which it measures and manages risk

Most US/Bermuda based global insurance and reinsurance groups underwriting property catastrophe risk in North America had a tough year in 2005 as a result of record hurricane losses during the third and fourth quarters. But for Bermuda’s XL Capital, which saw its net income deteriorate from a profit of $1.1bn in 2004 to a loss of $1.3bn in 2005, it was a tougher year than for most in the sector.