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.

Bermudian Validus Holdings has turned to former Aon Re executive Maureen MacDonald to lead its new European reinsurance representative office in Germany.

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.

Amlin closed its EUR350mn acquisition of Fortis Corporate Insurance NV (FCI) from the Dutch state last week after receiving regulatory approval.

IPC Holdings has reported bumper Q2 net income of $173.9mn, compared to $47.5mn for the same period in 2008, as operating earnings stabilised and a $50.9mn net loss on investments swung to a gain of $77.4mn.

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.

HCC looks set to control 100 percent of the stamp on its Lloyd's Syndicate 4040 after making an offer to pay 15p in the £ for the capacity it does not already own.

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).

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.

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.