-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BCfFvPpRQDyLchK1/B9pPQflVjGcdvc3UwQ0SRU+RtmNQWthdMnc+kfKDz3zFCMd MmHy8fdR0iAgvcutpT3RKA== 0000950162-00-000106.txt : 20000203 0000950162-00-000106.hdr.sgml : 20000203 ACCESSION NUMBER: 0000950162-00-000106 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000124 ITEM INFORMATION: FILED AS OF DATE: 20000201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: XL CAPITAL LTD CENTRAL INDEX KEY: 0000875159 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 980058718 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-10804 FILM NUMBER: 518873 BUSINESS ADDRESS: STREET 1: CUMBERLAND HOUSE STREET 2: 1 VICTORIA ST CITY: HAMILTON HM11 BERMUD STATE: D2 BUSINESS PHONE: 4412928515 MAIL ADDRESS: STREET 1: CAHILL GORDON & REINDEL(IMMANUEL KOHN) STREET 2: 80 PINE STREET CITY: NEW YORKI STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: EXEL LTD DATE OF NAME CHANGE: 19950720 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 24, 2000 XL CAPITAL LTD (Exact name of registrant as specified in its charter) Cayman Islands 1-10809 98-0191089 (State or other jurisdiction of (Commission File No.) (I.R.S. Employer incorporation or organization) Identification No.) Cumberland House, 1 Victoria Street, Hamilton, Bermuda HM 11 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (441) 292-8515 ITEM 5. Other Events. Attached hereto as Exhibit 99 is a press release issued by XL Capital Ltd (the "Company") on January 24, 2000 providing supplemental selected quarterly and year to date financial data for 1998 and 1999. Exhibit Description 99 Press release dated January 24, 2000 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: January 28, 2000 XL CAPITAL LTD By: /s/ Paul S. Giordano -------------------------------------- Name: Paul S. Giordano Title: Executive Vice President, General Counsel and Secretary EXHIBIT INDEX Exhibit Description 99 Press Release dated January 24, 2000 EX-99 2 PRESS RELEASE PRESS RELEASE Exhibit 99 XL Capital Ltd Cumberland House One Victoria Street P.O. Box HM 2245 Hamilton HM JX Bermuda Phone: (441) 292-8515 Fax: (441) 292-5280 NEWS RELEASE IMMEDIATE Contact: Gavin R. Arton (441) 292-8515 XL CAPITAL PROVIDES SUPPLEMENTAL SELECTED FINANCIAL DATA HAMILTON BERMUDA January 24, 2000 -- XL Capital Ltd (NYSE:XL) today provided supplemental selected quarterly and year to date financial data for 1998 and 1999. This supplemental selected financial data includes the merger with NAC Re Corp., which has been accounted for as a "pooling of interests" under U.S. generally accepted accounting principles ("GAAP"), and is based upon the Company's new fiscal year end of December 31. The results of operations for any interim period are not necessarily indicative of the results for a full year. The data for the fiscal year ended December 31, 1998 was derived from adjusted audited financial statements based on the Company's previous year end of November 30, 1998. This presentation does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. XL Capital Ltd through its wholly-owned subsidiaries, including XL Insurance Ltd, XL Mid Ocean Reinsurance Ltd, XL Capital Products Ltd, The Brockbank Group plc and NAC Re Corp., provides insurance and reinsurance coverages and financial products worldwide. As of September 30, 1999, XL had consolidated assets of approximately $14.1 billion and consolidated shareholders equity of approximately $5.4 billion. Additional information is available on the XL web site: www.xl-capital.com. # # #
XL CAPITAL LTD SUPPLEMENTAL SELECTED FINANCIAL DATA (UNAUDITED) Twelve Months Ended Nine Months Ended Six Months Ended Three Months Ended December 31 September 30 June 30 March 31 ------------ -------------------------- -------------------------- --------------------------- 1998 1999 1998 1999 1998 1999 1998 ------------ ------------ ------------ ------------ ----------- ------------ ------------ Selected Income Statement Data Gross premiums written 1,643,539 $1,862,913 $1,237,959 $1,233,296 $743,556 $ 731,991 $ 443,740 Net premiums written 1,324,264 1,466,823 1,036,855 972,006 626,544 583,921 378,395 Revenues Net premiums earned 1,324,291 1,289,868 922,853 801,139 538,717 386,753 274,149 Net investment income 417,290 398,833 291,426 268,273 180,106 135,680 92,923 Realized (losses) gains 211,204 72,389 164,225 85,060 135,749 67,476 77,349 Equity in net earnings of affiliates 50,292 24,707 53,673 9,335 36,222 (7,307) 15,501 Fees and other income 22,325 43,221 14,176 14,421 5,609 10,551 4,172 ----------- ----------- ----------- ----------- ---------- ------------ ----------- 2,025,402 1,829,018 1,446,353 1,178,228 896,403 593,153 464,094 Expenses Net losses and loss expenses 841,517 875,635 589,135 565,622 336,639 214,450 175,763 Acquisition costs and administration expenses 436,598 498,687 307,172 326,615 173,448 143,157 84,040 Interest expense 33,444 35,220 23,333 19,806 14,613 11,025 7,111 Amortization of intangible assets 26,881 37,049 12,685 23,185 6,557 10,407 3,347 Income before minority interest and income tax expense 686,962 382,427 514,028 243,000 365,146 214,114 193,833 Net income 656,330 $ 409,921 $ 491,993 $ 272,519 $351,722 $ 209,811 $ 186,300 Weighted average number of ordinary shares and ordinary share equivalents (diluted) 116,206 130,727 110,656 131,359 105,173 132,404 105,270 Per Share Net income $ 5.68 $ 3.15 $ 4.47 $ 2.08 $ 3.36 $ 1.59 $ 1.78 Realized losses (gains) and one time charges (1.59) 0.23 (1.25) 0.14 (1.25) (0.50) (0.71) ----------- ----------- ----------- ------------ ---------- ----------- ----------- GAAP operating income $ 4.09 $ 3.38 $ 3.22 $ 2.22 $ 2.11 $ 1.09 $ 1.07 Amortization of intangible assets 0.22 0.28 0.11 0.17 0.07 0.08 0.03 ----------- ----------- ----------- ------------ ---------- ----------- ----------- Economic operating income $ 4.31 $ 3.66 $ 3.33 $ 2.39 $ 2.18 $ 1.17 $ 1.10 =========== =========== =========== ============ ========== =========== =========== Operating ratios: Loss and loss expense 63.5% 60.5% 63.8% 58.7% 62.5% 55.4% 64.1% Underwriting expense 31.6% 35.2% 31.4% 35.1% 32.2% 37.0% 30.7% Combined expense 95.1% 95.7% 95.2% 93.8% 94.7% 92.4% 94.8%
This consolidated financial data includes the merger with NAC Re Corp., which has been accounted for as a "pooling of interests" under US GAAP, and is based upon the Company's new fiscal year end of December 31.
XL CAPITAL LTD SUPPLEMENTAL SELECTED FINANCIAL DATA (UNAUDITED) Twelve Months Ended Nine Months Ended Six Months Ended Three Months Ended December 31 September 30 June 30 March 31 ------------ -------------------------- -------------------------- --------------------------- 1998 1999 1998 1999 1998 1999 1998 ------------ ------------ ------------ ------------ ----------- ------------ ------------ Selected Income Statement Data Gross premiums written $405,580 $629,617 $494,403 $501,305 $ 299,816 $ 731,991 $ 443,740 Net premiums written 287,409 494,817 410,311 388,085 248,149 583,921 378,395 Revenues Net premiums earned 401,438 488,729 384,136 414,386 264,568 386,753 274,149 Net investment income 125,864 130,560 111,320 132,593 87,183 135,680 92,923 Realized (losses) gains 46,979 (12,671) 28,476 17,584 58,400 67,476 77,349 Equity in net earnings of affiliates (3,381) 15,372 17,451 16,642 20,721 (7,307) 15,501 Fees and other income 8,149 28,800 8,567 3,870 1,437 10,551 4,172 ---------- ---------- ----------- -------- ------------ --------- ------------ 579,049 650,790 549,950 585,075 432,309 593,153 464,094 Expenses Net losses and loss expenses 252,382 310,013 252,496 351,172 160,876 214,450 175,763 Acquisition costs and administration expenses 129,426 172,072 133,724 183,458 89,408 143,157 84,040 Interest expense 10,111 15,414 8,720 8,781 7,502 11,025 7,111 Amortization of intangible assets 14,196 13,864 6,128 12,778 3,210 10,407 3,347 Income before minority interest and income tax expense 172,934 139,427 148,882 28,886 171,313 214,114 193,833 Net income 164,337 $137,402 $140,271 $ 62,708 $ 165,422 $ 209,811 $ 186,300 Weighted average number of ordinary shares and ordinary share equivalents (diluted) 131,647 129,032 121,076 129,876 105,173 132,404 105,270 Per Share Net income $ 1.25 $ 1.07 $ 1.17 $ 0.49 $ 1.58 $ 1.59 $ 1.78 Realized losses (gains) and one time charges (0.33) 0.10 (0.07) 0.64 (0.54) (0.50) (0.71) ---------- ---------- ----------- -------- ------------ -------- ------------ GAAP operating income $ 0.92 $ 1.17 $ 1.10 $ 1.13 $ 1.04 $ 1.09 $ 1.07 Amortization of intangible assets 0.11 0.11 0.05 0.10 0.03 0.08 0.03 ---------- ---------- ----------- -------- ------------ -------- ------------ Economic operating income $ 1.03 $ 1.28 $ 1.15 $ 1.23 $ 1.07 $ 1.17 $ 1.10 ========== ========== =========== ======== ============ ======== ============ Operating ratios: Loss and loss expense 62.9% 63.4% 65.7% 61.8% 60.8% 55.4% 64.1% Underwriting expense 32.2% 35.2% 30.3% 33.4% 33.8% 37.0% 30.7% Combined expense 95.1% 98.6% 96.0% 95.2% 94.6% 92.4% 94.8%
This consolidated financial data includes the merger with NAC Re Corp., which has been accounted for as a "pooling of interests" under US GAAP, and is based upon the Company's new fiscal year end of December 31. -----END PRIVACY-ENHANCED MESSAGE-----