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.

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

JLT appoints new information chief; CCV unveils new CEO

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.

London market broker RFIB Holdings announced the appointment of Marshall King as CEO.

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.

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.

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.

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.

UK insurer Hiscox Group has had its A insurer financial strength ratings affirmed by Fitch, along with the BBB+ debt ratings of its holding company, with a stable outlook.

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.