Zurich Financial Services reported second quarter net income of $892 million, a 31 percent decline from $1.3 billion for the period in 2008. However, the company noted the figure is a 147 percent increase over the previous quarter's results.

Swiss Re reported mark-to-market losses on hedges and impairments created a second-quarter net loss of CHF 381 million ($359.4 million at current exchange rate), compared with 2008 second-quarter net income of CHF 564 million ($532 million).

Bermuda-based Flagstone Reinsurance Holdings Limited reported second-quarter net income increased 62 percent to $67.8 million, compared with $41.9 million recorded for the period in 2008.

Hamilton, Bermuda-based insurer and reinsurer Max Capital Group Ltd. reported second-quarter net income of $43.8, a 41 percent decrease from the $74.2 million recorded for the period in 2008.

Bermuda-based AXIS Capital Holdings Limited reported second-quarter net income of $159 million, a 31 percent decline from 2008 second-quarter net income of $231 million.

American International Group's use of affiliate reinsurance is "proper and properly accounted for in accordance with applicable statutory guidance," the company said in response to a critical New York Times article.

While acting New York State Insurance Commissioner Kermitt Brooks has hailed the passage of health insurance bills in the state, one advocacy association called them "exactly the wrong approach."

Hamilton, Bermuda-based XL Capital Ltd. has reported 2009 second-quarter net income of $79.9 million, a 66 percent decline from the $237.9 million reported in the 2008 second quarter.