XL Capital Ltd. today said it earned $425.9 million in the third quarter after emerging unscathed from the peak of the hurricane season.

Net income was $2.32 a share, compared with a net loss of $1.04 billion, or $7.53, a year earlier, the company said in a statement distributed tonight.

Profit excluding investment losses was $2.61 a share, beating the $2.24 a share forecast by Bijan Moazami, an analyst at Friedman Billings Ramsay & Co. in Arlington, Virginia, Bloomberg News said.

Meanwhile, Ace Ltd. earned $578 million in the third quarter, rebounding from a loss a year after Hurricane Katrina.

Net income was $1.73 a share, compared with a net loss of $112 million, or 43 cents, a year earlier, the company said in a statement distributed by Business Wire today. Profit excluding investment losses was $1.96 a share, exceeding the $1.62 forecast by Jay Cohen, an analyst at Merrill Lynch & Co. in New York.

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