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.

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

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.

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.

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.

Beazley plc has launched the Lloyd's interim reporting season with a fall in pre-tax profits from £45.0mn in the first half of 2008 to £20.1mn, as the expected unwind of last year's foreign exchange gains hit the bottom line.

JLT appoints new information chief; CCV unveils new CEO

The strength of the Lloyd's market has received another ratings agency endorsement, with an affirmation from Fitch that reflects its resilience and capital strength.

Around 270 jobs have been cut from The Hartford Financial Services Group’s investment products division in recent weeks, as the US insurer continues to suffer at the hands of its variable annuity (VA) business.

The world's largest reinsurer, Munich Re, continues to be seen as a strong performer by ratings agencies and equity analysts as it prepares to unveil its second quarter results next week (4 August).