XL Capital said it will slash 10 percent of its workforce to balance a 2009 budget that reduces its premium targets in the range of 20-to-25 percent.
Ten percent of the 4,000 employees that the firm lists worldwide would amount to 400 jobs.
The job cuts were revealed as the Bermuda-based company reported a $1.4 billion loss for fourth-quarter 2008, or $4.36 per share. For the full year, the net loss totaled $2.6 billion, or $11.02 per share.
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