With expected premium declines in the 20-to-25 percent range topping its 2009 budget numbers, XL Capital has announced plans to slash 10 percent of its workforce to keep expenses in line with revenues. With the company listing just over 4,000 employees worldwide, that would translate to about 400 jobs lost.
The expected premium drops and 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.
XL had also reported over $1 billion of red ink in the fourth quarter in 2007, with a net loss of $1.2 billion on its bottom line back then, while reporting income for the full year in 2007 of just over $200 million.
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