quarter of 2001, compared with net income of $0.6 million, or income of $0.01 per share, in
2000's fourth quarter. The net operating loss for the fourth quarter ended December 31, 2001 was
$6.1 million, or a loss of $0.05 per share, compared to net operating income of $143.0 million, or income of $1.13 per share in the fourth quarter a year ago. Economic operating income was $8.2 million, or $0.06 per share, in the fourth quarter of 2001 compared with $160.1 million, or $1.26 per share, during the same period in 2000. These results reflect the inclusion of the acquiredWinterthur International operations from July 1, 2001. The Company's 2001 fourth quarter results primarily reflect previously announced adverse prior period loss development on its U.S. casualty reinsurance book, losses related to the bankruptcy of
Enron Corp., American Airlines Flight 587 and several large European property losses.
For the year ended December 31, 2001, the net loss was $576.1 million, or a loss of $4.55 per
share, compared with net income of $506.4 million, or income of $4.03 per share, for the year ended December 31, 2000. The net operating loss for 2001 was $451.2 million, or a loss of $3.56per share, compared with net operating income of $567.6 million, or income of $4.52 per share, for the year ended December 31, 2000. The economic operating loss was $392.6 million, or a loss of $3.10 per share, during 2001 compared with economic operating income of $626.2 million, or income of $4.98 per share, for 2000.
Full report available at www.xlcapital.com.
A live on- line webcast of a call with analysts and investors will be held at 8:00 a.m. Eastern Time on Wednesday, February 13, 2002 to review the fourth quarter results at www.xlcapital.com.