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.

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.

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.

A new legal suit alleges that Willis Group produced personalised "safety and comfort" letters at the request of Stanford International Bank (SIB) that were sent to large investors in SIB's certificates of deposit.

Bermudian Arch Capital followed its compatriot Platinum Underwriters in booking a solid set of Q2 figures - albeit with profits down on the prior-year period.

Despite the recent Air France loss, Scor should benefit from another modest loss quarter with a combined ratio that falls to around 97.5 percent, according to Commerzbank.