XL Insurance, the global insurance operations of XL Group, has reported a net loss attributable to ordinary shareholders was $227.3m, or loss of $0.73 per share for the first quarter of 2011, compared to a net income of $128m, or $ 0.37m per share, in the first quarter of 2010.
The insurer said the loss in the first quarter was driven by the increase in P&C net losses incurred due to large current year natural catastrophe losses net of reinstatement premiums of $387.4m compared to $181.1m for the prior year quarter.
Total revenues were $1.61bn for the first quarter of 2011, compared to $1.63bn for the same period last year.
Net premiums written were $1.71bn for the first quarter of 2011, compared to $1.60bn for the corresponding quarter last year.
XL Insurance CEO Mike McGavick said that the first quarter results demonstrate resilience in the face of global catastrophic events.
"As markets respond to these events and others, we believe our underwriting excellence, operating efficiency and capital strength put XL in an exceptional position to pursue the opportunities provided by improving market conditions," McGavick said.