February 10, 2009

XL Cuts 10% of Staff, Slashes Dividend After Loss

According to Bloomberg: “XL Capital Ltd., the Bermuda-based business insurer, is cutting 10 percent of its staff and slashing the dividend by 47 percent after posting a second straight loss on investment declines.”

  • North American insurers have slashed more than 4,000 jobs since the end of September.
  • XL had 4,011 employees as of Dec. 31, 2007, according to a regulatory filing last year.
  • XL joins insurers including Hartford Financial Services Group Inc. and Genworth Financial Inc. in dismissing employees after investment losses depleted capital.

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