Bermuda’s XL Capital Ltd has provided the following “preliminary metrics” on its expected third quarter 2008 results. XL said its independent auditors are currently reviewing the results for the quarter, and they could be changed as a result.
The preliminary figures are as follows:
— Book value, as of September 30, 2008, is expected to be in the range of $21.00 to $22.50 per ordinary share on a fully diluted basis. On that date, the Company’s total common share count was approximately 330.8 million.
— The Company estimates that during the third quarter of 2008, the decline in value of its investment portfolio (comprised of changes in unrealized losses, other than temporary impairments and realized losses on securities sales) due to movements in market prices was in a range of $1.0 billion to $1.2 billion.
— XL’s estimated book value per ordinary share as of September 30, 2008 (as estimated above) was also negatively impacted, although to a lesser extent, by the strengthening of the US Dollar versus other leading currencies during the period.
CEO Michael S. McGavick commented: “We are determined to provide investors with the information they need to assess the value of XL’s shares. I believe that the preliminary estimates we have provided today will assist in these efforts. The next time that we expect to be able to provide further meaningful financial information is early next week and I look forward to doing so in our call on Tuesday.”
XL has scheduled a conference call to discuss this announcement and the quarter’s preliminary results at 8:30 a.m. Eastern Time on Tuesday, October 14, 2008.
The call on can be accessed through a listen-only dial-in number or through a live web cast. To listen to the conference call, please dial (877) 422-4657 or (706) 679-0474, Conference ID# 67852140. The web cast will be available at the Company’s web site located at www.xlcapital.com and will be archived there from approximately 11:30 a.m. Eastern Time on October 14, 2008, through midnight Eastern Time on November 14, 2008. A telephone replay of the conference call will also be available beginning at 11:30 a.m. Eastern Time on October 14, 2008, until midnight Eastern Time on November 4, 2008, by dialing (800) 642-1687 or (706) 645-9291, Conference ID# 67852140.
Source: XL Capital
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