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XL Group Posts $279.3 Million Q2 Net Loss; $279.6 Operating Income

The XL Group announced that its operating net income for the second quarter of 2014 was $279.6 million, or $1.02 per share, which produced “a net loss attributable to ordinary shareholders of $279.3 million including the loss on sale of …

Independent Agents Drawn to Tablet Applications: Channel Harvest

Many independent insurance agents say that tablet devices are going to be more important in the next couple of years — particularly for sales presentations and accessing carrier-based training. This is among the many findings in a new national survey …

S&P Report Finds Volume Increases as Prices Drop in the ILS Market

Standard & Poor’s Ratings Services will publish its annual “Global Reinsurance Highlights” publication to coincide with the 2014 Reinsurance Rendez-Vous in September. S&P said the report would “provide a detailed perspective on the market, focusing on the competitive pressures that …

Aon Benfield Analytics Releases Report on Lloyd’s

Aon Benfield Analytics’ Market Analysis team has launched its latest Lloyd’s Update report, covering the market’s business position in 2014, strategy over the next three years and financial results in 2013. The “key findings” in the report include the following: …

New IFRS Standard to Significantly Change Insurers’ Financial Reports: A.M. Best

“The emerging international accounting standard for insurance contracts will change the data that form one part of the material used by A.M. Best in the insurance sector,” the rating agency said in a Special Report. “The standard, known as Phase …

El Nino Odds Reduced by Australia as Tropical Pacific Cools

Australia cut the odds of El Nino, which brings drought to Asia and heavy rain to South America, after parts of the tropical Pacific Ocean cooled. The chance of the pattern developing this year is about 50 percent, the Bureau …

QBE Falls Most in 7 Months Amid 18% Profit Decline Forecast

Australia’s QBE Insurance Group Ltd. slumped the most in seven months after forecasting an 18 percent decline in first-half earnings due to higher claims in Latin America and competition with other insurers. Net income will drop to around $390 million …

Hiscox Writes Less Reinsurance as Competition Hurts Pricing

Hiscox Ltd. Chairman Robert Childs said the Lloyd’s of London insurer is writing less “big ticket” reinsurance as excess capital pushes rates lower. The second-largest Lloyd’s insurer by market value reported a 22 percent drop in gross written premiums at …

Alabama Whistleblower Wins Supreme Court Appeal But Not Job or Back Pay

Edward Lane’s Supreme Court victory in a landmark whistleblower case doesn’t change the fact he lost his state job and more than half his income while helping convict a state legislator of getting paid for not working. Lane said other …

Maine’s Cross Insurance Appoints VP of Personal Lines

Bangor, Maine-based Cross Insurance has appointed Laurie A. Noel as vice president of personal lines. Noel, whose primary responsibility is to focus on the profitability and growth of personal lines for the entire corporation, also serves as regional manager for …

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