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  • There have been a flurry of departures in the past year as a generation of (re)insurance executives responsible for building significant Bermudian carriers walk off into the sunset.
  • The meteorologists who have predicted an above-average 2010 storm season are rapidly revising their forecasts after another subdued start.
  • Competitive conditions continue to prevail in the US P&C market, with the composite rate measuring down 3 percent year-on-year in July, according to information provider MarketScout.
  • Net earnings at HCC Insurance Holdings fell back by 11 percent to $155mn in the first half of the year, as the effects of higher claims were compounded by growing operating expenses.
  • Allstate bucked the general P&C earnings trend with a 48.5 percent uptick in Q2 operating earnings to $441mn, although net profits fell on realised capital losses.
  • The Hartford Financial Group turned a prior-year $15mn net loss into net income of $76mn during Q2, but higher-than-expected catastrophe losses and an $110mn asbestos charge contributed to a slump in underlying profits.
  • US insurer Liberty Mutual took an 18 percent slide in net income to $220mn over the second quarter, on mounting catastrophe losses.
  • State Farm Mutual's Florida company has had its financial strength and issuer credit ratings cut by AM Best, highlighting ongoing concerns over the fragile capitalisation of the state's insurers.
  • US specialty (re)insurer Markel International has increased its loss reserves for medical malpractice business by $28.8mn, as the fallout continues from historic Italian hospital claims in the London market.
  • Major US crop reinsurer PartnerRe illustrated the potential impact of legislative reforms on the sector, revealing it expects its 2010 underwriting to come in at around a quarter of 2009 levels.