XL Capital, Ltd., announced last night that it would boost net reserves in its North American reinsurance operations almost $200 million, with nearly 30 percent of the total coming from a single cedent's workers' compensation business.
The total reserve boost is $191 million before taxes. In addition to workers' comp, the overall charge includes increases related to several other casualty lines and will adversely impact second-quarter results, the Hamilton, Bermuda, company said.
The after-tax charge is $183 million, or $1.31 per ordinary share.
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