High U.S. storm losses affected a number of earnings announcements late this week, eclipsing normal weather-related losses for this time of year and impacting profitability.

High U.S. storm losses affected a number of earnings announcements late this week, eclipsing normal weather-related losses for this time of year and impacting profitability.

The New Mexico Public Regulation Commission (NMPRC) has appointed John G. Franchini as Superintendent of Insurance, the commission announced.

With its chief executive calling the current business climate the most difficult since the Great Depression, Arthur J. Gallagher (AJG) reported flat net income for the 2010 second quarter and another quarter of organic growth decline.

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.

Bermuda-based reinsurer, Everest Re Group Ltd. reported a 42.5 percent drop in 2010 second quarter net income, while also announcing that Chief Executive Officer Joseph V. Taranto will retire as of Dec. 31.

The majority of the American public is not overly supportive of legislation allowing policyholders to file first-party bad-faith lawsuits, the Insurance Research Council (IRC) said in a new report.