Fitch revises XLIT to negative

Fitch Ratings said it affirmed the ratings of XLIT Ltd. (a Cayman Islands subsidiary of XL Group Ltd) and its property/casualty (re)insurance subsidiaries.

The affirmations include the insurer financial strength rating of its core operating companies at A+ (strong) and XL's senior unsecured debt at BBB+ and issuer default rating at A-.

The outlook was revised to negative from stable.

Fitch said the outlook revision reflects a meaningful deterioration in capitalization following about $1.48 billion (pre-tax) of net natural catastrophe losses incurred in the third quarter of 2017, primarily from Hurricanes Harvey, Irma and Maria. As a result, XL experienced an 11% decline in shareholders' equity to $11.5 billion at Sept. 30, 2017 from $13 billion at year-end 2016.

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