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.

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.

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.

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.

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-

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.

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.

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.

The legal dispute over potential proceeds from directors' and officers' (D&O) cover bought by the collapsed Stanford Financial Group (SFG) has deepened, with a number of its former executives joining the fray.

A major report on the competitiveness of the UK insurance industry has not called for a reduction in the tax burden, despite acknowledging that firms are relocating offshore.

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).

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.

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.

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).

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.

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.

Jubilee Managing Agency has named Andreas Loucaides as CEO, just nine months after the former Catlin executive joined the expansive Lloyd’s insurer as chief underwriting officer.

The so-called 2005 Spitzer agreements may have only one more year to go, but they have already been significantly overhauled.

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.