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July 2009/4

  • XL Capital's second quarter net profits plunged 66 percent year-on-year from $237.9mn to $79.9mn, as the bottom line was dented by foreign exchange losses and a fall in net investment income.
  • Jubilee Managing Agency has named Andreas Loucaides as CEO, just nine months after the former Catlin executive joined the expansive Lloyd’s insurer as chief underwriting officer.
  • With little in the way of underlying growth prospects or catastrophe losses to report, reserve releases and a partial reversal of investment losses are likely to dominate Q2 figures as the US and Bermudian earnings season begins in earnest this week.
  • AIU Holdings will operate as Chartis, after the commercial insurance giant announced a rebranding and took a step closer to independence from its beleaguered parent American International Group (AIG).
  • The so-called 2005 Spitzer agreements may have only one more year to go, but they have already been significantly overhauled.
  • Nearly five years after the former New York attorney general Eliot Spitzer sent shockwaves through the US property and casualty (P&C) industry, US regulators are considering easing the restrictions that prevent the global brokers from charging contingent-
  • WSI lowers 2009 hurricane forecast; Max subsidiary wins US approval; Miller launches Asia Pacific fac unit; Willis appointed for Hong Kong train link; Lloyd's opens Irish office
  • Bermudian Validus Holdings has turned to former Aon Re executive Maureen MacDonald to lead its new European reinsurance representative office in Germany.
  • London market broker RFIB Holdings announced the appointment of Marshall King as CEO.
  • XL Capital has disposed of another chunk of its non-core operations with the sale of its US life reinsurance business to Scor for a total of EUR31.7mn cash.
  • Despite the continued spotlight on litigation activity in the financial services sector, so far the overall number of securities class action filings in 2009 is significantly down on 2008, with a particularly sharp drop in the second quarter.
  • UK regulator the Financial Services Authority (FSA) last week fined London-based HSBC Insurance Brokers £700,000 for not having adequate systems and controls in place to protect its customers' confidential details.
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