XL Capital Ltd. on Thursday reported it turned a $347.7 million profit in the second quarter, compared to a loss of $91.7 million in the same period a year ago.

XL, said it earned $2.51 a share in the three months to the end of of June, compared with a loss of 68 cents a share a year ago. The year-ago loss was caused by putting aside cash to pay for World Trade Center claims and losses on telecommunications investments.

Net written premiums rose 38 percent to $1.57 billion, helped by higher premium rates.

Excluding certain items, it reported $1.94 a share operating profit for the quarter, meeting Wall Street's average estimate, according to analysts polled by Reuters Research, a unit of Reuters Group Plc.

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Full report in Monday's Royal Gazette.