ADVFN - Advanced Financial Network.
HOME» NYSE » X » XL Stock Price » XL Stock News

Xl Capital Share News

 Xl Capital Ltd. Stock Price
XL Stock Price
 Xl Capital Ltd. Stock Chart
XL Stock Chart
 Xl Capital Ltd. Stock News
XL Stock News
 Xl Capital Ltd. Company Information
XL Company Information
 Xl Capital Ltd. Stock Trades
XL Stock Trades

Insurers Led By Lloyd's Ask Judge To Rule On BP Costs Tied To Spill

By Erik Holm Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- A group of insurance companies that sold $700 million in coverage to Transocean Ltd. (RIG) asked a federal court Friday to decide whether they must pay for costs that BP PLC (BP) is incurring as it cleans up the massive oil spill in the Gulf of Mexico. The insurers, led by underwriters at Lloyd's of London, argue in court papers that they aren't required under Transocean's so-called excess-liability policy to cover BP's costs because the policy covers pollution "originating above the surface of the land or water." "Because liabilities BP faces for pollution emanating from BP's well are from below the surface and from BP's well, those liabilities are not within the scope of the additional insured protection," the court papers say. BP has said it is self-insured against such losses. The court papers suggest that BP's contract required Transocean, which owned the Deepwater Horizon, to carry the pollution insurance. Scott Dean, a spokesman for BP, and Marcus Matthews, the attorney for the Lloyd's underwriters, didn't immediately return a phone call seeking comment. The lawsuit is among the first by insurers seeking clarification over who must bear the costs tied to the sinking of the Deepwater Horizon oil rig last month. Swiss Reinsurance Co. (RUKN.VX) estimated two weeks ago that insurers would incur $1.5 billion to $3.5 billion in claims, and the spill in the Gulf of Mexico has only grown since then. The suit, filed in U.S. District Court in the Southern District of Texas, says the group that sold the excess liability coverage to Transocean also includes Zurich Financial Services AG (ZURN.VX), XL Capital Ltd. (XL), Axis Capital Holdings (AXS), W.R. Berkley Corp. (WRB), Navigators Group Inc. (NAVG) and Liberty Mutual Insurance Co. Insurers typically prefer to share larger risks. Other insurers that have said they will likely incur some costs tied to the sinking of the rig and the spill include American International Group Inc. (AIG), Munich Re (MUV2) and Swiss Re. The price to insure offshore drilling operations has already increased by 15% or more since last month's disaster, said Richard Kerr, chief executive of MarketScout, the Dallas-based electronic insurance exchange. -By Erik Holm, Dow Jones Newswires; 212-416-2892; erik.holm@dowjones.com

Stock News for Xl Capital (XL)
DateTimeHeadline
12/17/201410:00:05Catlin Gets Offer Approach From XL Group
11/15/201309:19:39Omega Advisors 3Q 13F: Largest Purchases
11/15/201309:19:36Omega Advisors 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201306:39:14CR Intrinsic Investors 3Q 13F: Largest Eliminations
07/30/201309:33:01U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
08/08/201209:38:33US HOT STOCK FUTURES: HOT STOCKS TO WATCH
02/10/201208:54:58US STOCK FUTURES: HOT STOCKS TO WATCH
09/27/201116:43:02Corporate Bond Issuers See Opening, Flood Market With New Bonds
09/27/201112:26:10Sanofi Launches $1 Billion, 3-Year Bond Issue
08/02/201117:28:39XL Group 2Q Profit Up 16% As Core Earnings Unexpectedly Rise
06/16/201109:46:50XL Names Insurance-Industry Veteran Porrino As Financial Chief
06/13/201118:57:34XL Group Sees $50 Million To $75 Million In Losses Tied To US...
05/23/201119:05:04XL To Start Search For Financial Chief As Esteves Plans Departure
05/16/201117:51:45Managers Show Quarterly Holdings; Buffett Buys MasterCard Stake
05/03/201117:06:12XL Group Swings To Red In 1Q On Wide Catastrophe Losses
04/06/201111:32:08CORRECT (4/4): XL Group Estimates Japan Losses At $190 Million...
04/04/201118:26:06XL Group Estimates Japan Losses At $190 Million To $200 Million
03/21/201116:44:08AIG, Other Insurers Settle Long-Running Suit Over Bid-Rigging

Xl Capital and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad