Companies presenting yesterday at the Bermuda Angle conference - XL Capital, Trenwick, PartnerRe and MaxRe - each issued statements today on anticipated third-quarter and full-year results.

The companies - in compliance with the US Securities and Exchange Commission (SEC) recent Regulation of Fair Disclosure (FD) regulations - must disclose information provided to analysts at the annual Angle conference, which concluded yesterday.

The conference objective is to give analysts access to the senior executives of these companies, to ask questions and get up-to-date information on the company's financial positions.

The companies are, in addition to traditional forms of disclosure, such as press releases, leveraging Web-based technology - and in particular, webcasts - to bring conference presentations to a wider audience.

In complying with the SEC's Regulation FD companies want to make sure information is available to as wide an audience as possible - including shareholders and the interested public.

XL Capital, which was first to present at yesterday's session of the Angle conference said its estimate of gross claims, related to the September 11th attacks, is approximately $1.8 billion. XL's preliminary estimate of claims arising from the attack is expected to be up to $700 million net.

Brian O'Hara, XL's chief executive officer said: "Although we are confident about our prospects, the third quarter of 2001 has been the worst in the history of the property and casualty insurance industry. In addition to our claims resulting from the attack, our third quarter results will include a provision of approximately $100 million for other events, including the results of newly-acquired Winterthur International and losses stemming from the airport attack in Sri Lanka, the recent explosion in Toulouse, France, and our Lloyd's operations."

XL indicated that, of its reinsurance recoverables - pertaining to the September 11 attacks - 96 percent of its reinsurers fall into Standard & Poor's rating categories of A or better.

Trenwick also presented at yesterday's Bermuda Angle session. It revised its estimate of losses - stemming from the September 11 attacks - ahead of the conference.

The revised estimate is $100 million, net of reinsurance recoveries. On an after-tax basis, the estimated loss represents a $2.61 per share reduction of Trenwick's book value, which was $614 million, or $16.65 per share, at June 30, 2001 and a ten percent reduction of Trenwick's consolidated statutory surplus, which was $986 million at June 30, 2001. Trenwick's revised estimate is based on an industry loss estimate of $35 to $40 billion.

Trenwick CEO James Billett said: "While Trenwick's exposure to losses emanating from the September 11 attacks is significant, we believe it is eminently manageable. Trenwick's balance sheet, while slightly reduced in size, continues to have unimpaired quality. Our exposure to equity securities is under one percent and approximately 90 percent of our fixed income investments are rated A or better."

Max Re also said, in advance of its Bermuda Angle presentation, that it expected to post a wider-than-expected net loss for the third quarter, as it struggled to regain footing after taking an estimated $5 million in reinsurance losses from the World Trade Center tragedy and from the decline in world stock markets before that.

Max Re said it now expected to post a third-quarter loss in the range of 20 cents to 30 cents a share. It expected full-year earnings to be in the range of a loss of 30 cents to a profit of 20 cents.

Wall Street analysts polled by Thomson Financial/First Call are expecting the company to post a third-quarter results in the range of a loss of 11 cents to a profit of six cents a share, with a mean loss estimate of two cents. For the full year, analysts were expecting a profit in the range of five cents to 21 cents, with mean estimate of 14 cents a share.

Max Re said its third-quarter loss was caused "directly and indirectly'' by the September 11 attacks. The firm has estimated its net loss from its reinsurance contracts of $5 million.

In addition, Max Re said the turbulent financial markets subsequent to September 11 resulted in its alternative asset portfolio producing an estimated negative return of about 0.80 percent for the third quarter.

PartnerRe also said, this week, that it is seeing wider than expected losses.

It expects its third-quarter and full-year operating loss to be much wider than Wall Street forecasts as a result of the September 11 attacks.

PartnerRe said it now expects to report a third-quarter operating loss in the range of $5.60 to $6.25 per share.

It pegged its operating loss for the full year in the range of $2.45 to $3.20 per share, assuming no unusual loss activity in the fourth quarter.

Analysts on average were expecting the reinsurer to report an operating loss of $3.83 per share for the third quarter, and a loss of 61 cents a share for 2001, according to research firm Thomson Financial/First Call.

"We have already confirmed that our net losses from this event would reduce our after tax earnings by up to $375 million, or approximately $7.30 per share,'' said PartnerRe's CEO Patrick Thiele.

In late trading yesterday, XL stock rose 56 cents to $87.01, and Trenwick also saw a .75 cent rise in its stock to $9.25.

Meanwhile, both MaxRe and PartnerRe saw a fall in their stock - MaxRe fell 21 cents to $15.75, and PartnerRe was down $2.07 to $48.10.