XL Group (NYSE:XL) reported Q3 EPS of $0.52, missing consensus estimates of $0.60 per share. The board of directors approved a new share buyback program, authorizing the company to buy back up to $1 billion of its ordinary shares. CEO Mike McGavick said, "We have delivered another quarter of solid operating results in a market that continues to be challenging. P&C; operations delivered a healthy combined ratio of 94.9% which includes 6.5 points of favorable prior year development. The current accident year combined ratio for the P&C; operations of 101.4% in the quarter included $66.2 million of natural catastrophe losses, net of reinstatement premiums. The underlying combined ratio which excludes prior year development and natural catastrophes was 96.2%, virtually unchanged from the prior year. This demonstrates our underwriting discipline in a challenging market. However, despite this solid underwriting discipline, we continue to feel the impact that the prolonged soft market has on earnings."

• published: 02 Nov 2010
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