XL Group plc reported a 2010 second-quarter net income of nearly $192 million, more than double the $80 million net income reported at the same point last year.

The private insurance market cannot solely bear the risk associated with terrorism, making the need for a terrorism backstop like that provided by the Terrorism Risk Insurance Act (TRIA) essential, the insurance industry said.

The financial strength rating of State Farm Florida has been downgraded by A.M. Best Co. several days before the insurer begins non-renewing policies under a previous agreement with the state to keep it in Florida.

A combination of continued underwriting actions and improvements in the settlement process led to Nationwide Mutual Insurance Company posting a 45 percent increase in net income for the first half of 2010 compared to last year.

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 insurers report increases in 2010 catastrophe losses, many times due to storms with hail, an analysis by the National Crime Insurance Bureau (NICB) reveals a 107 percent increase in questionable claims referrals for hail damage claims.

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

Los Angeles-based Mercury General Corp. said it spent $12.1 million in the second quarter in support of a ballot initiative that was defeated, adding nearly 2 points to the expense ratio.