Markets

Despite the casual nature of social media sites such as Facebook and LinkedIn, the use of social media is subject to state insurance laws that govern advertising and unfair trade practices.

International specialty insurer HCC Insurance Holdings Inc. said 2010 second-quarter net income was about $83.4 million, down 9 percent from 2009 second-quarter net income of $91.6 million.

Munich Re reported that 2010 first-half net income rose 6 percent on the strength of investment income that rose 43 percent, but the Munich, Germany-based insurer warned that claims losses may cause challenges going forward.

Catlin Group Limited has named Peter Schmidt as chief executive officer, European Reinsurance.

Flagstone Reinsurance Holdings said second-quarter gross losses incurred from the Deepwater Horizon oil rig disaster were $45.7 million, including its Lloyd's operation.

As regulators prepare to implement the new financial services reform law, a House member sought to clarify the legislative intent of surplus lines provisions in a recent floor statement.

Favorable prior year loss reserve development and investment results boosted 2010 second-quarter net income for CNA Financial Corp. to $283 million.

This fall, the pop culture poster child for greed, Gordon Gekko, returns in a sequel to the movie "Wall Street," called "Money Never Sleeps."