July 2008/4

Bermudian (re)insurer Arch Capital Group Ltd has seen second quarter net income fall slightly to $192.3mn or $2.92 per share, compared to $199.4mn or $2.65 per share, in the prior-year period.

Bermudian reinsurers Montpelier Re Holdings Ltd and Platinum Underwriters Holdings Ltd revealed mixed results for the second quarter as favourable reserve development helped soften the impact of weaker pricing.

A second consecutive quarter of heavy catastrophe losses took its toll on early reporting US insurers as profits slipped at Allstate Corp, Travelers, Liberty Mutual, WR Berkley and Chubb and Transatlantic Holdings.

The New York attorney general's office could be close to reaching a settlement with former American International Group (AIG) CEO Maurice "Hank" Greenberg, according to reports.

Britain's first dedicated Muslim insurance group, Principle Insurance Company Ltd has officially launched offering motor cover and trading as Salaam Halal.

XL Capital's short-call announcement yesterday that it would report second quarter results after markets close later today comes as speculation grows that the troubled Bermudian is set to reveal details of a strategy to turnaround its fortunes.