Higher expense ratio drives XL earnings miss

A higher-than-expected expense ratio contributed to an earnings
miss at XL Group as it report operating profits that fell from
$194.4mn in Q1 2015 to $103.4mn in the current reporting
period.
The prior-year numbers didn't include the results of Catlin,
which was acquired on 1 May 2015, making comparisons difficult
year-on-year.
But at $0.35 a share, operating earnings were significantly
below Wall Street analysts' consensus forecasts of $0.50 a
share.
Janney analyst Ryan Byrnes blamed the earnin