July 2009/4
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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.
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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.
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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).
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The so-called 2005 Spitzer agreements may have only one more year to go, but they have already been significantly overhauled.
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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-
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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
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Bermudian Validus Holdings has turned to former Aon Re executive Maureen MacDonald to lead its new European reinsurance representative office in Germany.
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London market broker RFIB Holdings announced the appointment of Marshall King as CEO.
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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.
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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.
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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.
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The House of Lords is due to hand down its judgment on Thursday (30 July) in the long-running "follow the settlement" dispute between reinsurers Wasa International Insurance Company Ltd (Wasa) and AGF Insurance Ltd and their cedant Lexington Insurance Co.
