Unacceptable non-cat losses and impairment charge result in $474.8m full-year loss for XL
XL Group chief executive Mike McGavick said the insurer and reinsurer is taking steps to correct repeated “unacceptable” levels of non-catastrophe losses, following the carrier’s net loss of $474.8m last year, with this figure largely being driven by a fourth quarter goodwill impairment charge of $429m.