Marsh & McLennan Companies reported a second-quarter net loss of $193 million after a $315 million charge related to the sale of one of its businesses.

Hefty claims against financial institutions, sparked by slumping stock prices, has professional indemnity and directors and officers insurance prices soaring for that sector, a report said.

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Recent insurance industry gains in capitalization may prove "ephemeral," as recessionary forces continue to constrain economic growth, Moody's Investors Service warned in a report today.

The ALERT Act would prohibit sending text or e-mail messages while driving a vehicle. If the bill does pass, then any state that fails to enact a law banning texting while driving could lose up to 25 percent of its federal highway funds.

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.

Attorney James J. Wrynn, who was recently named head of New York's state-run workers' compensation insurer, is now in line to be the state's new insurance superintendent, NU Online has learned.