Hamilton, Bermuda-based XL Capital reported first-quarter net income of $244.4 million, down 57 percent from the same period a year ago when the company reported a net income of $562.5 million.
Brian M. O'Hara, XL president, chief executive officer and acting chairman, said results were impacted by the "extremely difficult" global credit market conditions.
Net realized losses on investments were $102.3 million compared to a gain of $9.3 million in the first quarter of 2007, XL Capital said.
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