XL Capital Ltd. chairman Brian O'Hara was forced to sell 80 percent of his stake in the Bermuda insurance giant on the day XL shares hit an all-time low price.

A margin call — effectively the calling of a loan which he had used to buy more XL shares and for which his shares were used as collateral — forced him to sell 640,000 shares.

A regulatory filing said the shares were sold at prices between $3.45 and $6.19, meaning that Mr. O'Hara would have received between $2.2 million and $3.96 million for them.

He said he regretted having to sell and it was not a reflection of a lack of confidence in XL.

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