XL Capital Ltd., a Bermuda-based business insurer, restated its cash-flow figures for every quarter from January 2003 through last June because it incorrectly included the effect of foreign-exchange rates.

The error led some cash flows to be improperly categorised as either operating activities or investing activities, according a company filing yesterday. Net cash flows remained unchanged by the restatement.

Shares of XL fell 55 cents, or 0.8 percent, to $70.67 at 2.10 p.m. in New York Stock Exchange composite trading. They have risen 4.9 percent this year, compared with the 4.5 percent increase in the KBW Insurance Index.