Decision follows strategy of prioritising property and casualty business

XL is putting its UK and Irish life businesses into run-off, according to a filing with the US Securities and Exchange Commission.

The company said the move reflected a previously announced strategy of focussing on its property and casualty businesses due to “current market conditions”.

However, the company continues to explore options with respect to its US life reinsurance operations.

XL said in a statement that it had concluded most aspects of a strategic review of its life reinsurance operations announced in July 2008.

Meanwhile, XL has successfully concluded a renewal rights transaction initiated in December 2008, relating to its Continental European Life, Accident and Health business.