XL Capital Ltd. gave chief executive officer Brian O'Hara no bonus and no stock options last year, after hurricanes and an increase in reserves for claims triggered a $1.25 billion net loss.

Mr. O'Hara received a $1.8 million bonus in 2004 and 200,000 options, XL said in a regulatory filing yesterday. His 2005 salary was unchanged at $1 million, Bloomberg reported.

This is the second time in three years that Mr. O'Hara has been refused a bonus. XL Capital showed a loss in the fourth quarter of 2003 of $314.8 million after taking a pre-tax charge of $694 million mainly for potential North American reinsurance claims stemming from its takeover of NAC Re.

Last year, XL reported an annual loss of $ 1.29 billion, or $9.14 a share, compared to a net profit of $1.12 billion, or $8.13 a share in 2004.

The loss stemmed from heavy storm losses in the second half of 2005 and a charge in the fourth quarter of $808.9 million, after interest, to reduce its reinsurance recoverables balance.

The charge came after XL lost an arbitration case with Credit Suisse connected with its takeover of the international insurance oeprations of Winterthur. XL was seeking to add $1.45 billion to its reserves from Credit Suisse, but instead it received $575 million after an actuary ruled its reserve estimate was out of range.