Fire officials expect to have control over two major wildfires burning in California by the end of this week, but neither incident should amount to catastrophe claims, an insurance association representative said.

Willis Group Holdings reported a 2 percent increase in 2010 second quarter net income as it increased organic growth by 4 percent despite the headwinds of a soft market and continued challenges from the economic downturn.

Hamilton, Bermuda-based insurance and reinsurance company Arch Capital Group Ltd. reported second-quarter net income rose 54 percent as overall catastrophe losses were light.

The continuing soft market is weakening the credit quality of property and casualty insurers, making their future "problematic," according to an analysis released by Moody's Rating Service.

New York-based reinsurance company Transatlantic Holdings Inc. said its second-quarter drop in net income was primarily the result of catastrophe losses, the bulk of which was related to the Deepwater Horizon oil rig incident.

The continuing soft market is weakening the credit quality of property and casualty insurers, making their future "problematic," according to an analysis released by Moody's Rating Service.

Marsh & McLennan Companies' chairman, Stephen R. Hardis, will retire in May and be succeeded by Lord Ian Lang.

There appears to be no relief for insurers in the buyer's market for commercial property and casualty coverage, as excess capacity and falling demand have prompted average rate cuts to accelerate.