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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.
  • 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.
  • Hannover Re's proposed European windstorm catastrophe bond, Eurus II, has upsized to EUR150mn, with indicative pricing in the low end of the range at EURIBOR plus 675 basis points.
  • Swiss Re will stop writing property and casualty (P&C) facultative business from London later this year, The Insurance Insider's sister publication Inside Fac revealed last week.
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