News

The House hopes to hold hearings this fall on flood insurance issues and will seek to persuade the Senate to add wind coverage and other provisions to the National Flood Insurance Program.

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.

The House Energy and Commerce Committee was preparing at press time on Friday to approve health care reform legislation, a move that would send the House version of the historic legislation to the House floor for a vote in September.

Controversial legislation that would bar foreign-owned insurers from moving their U.S. earnings into tax havens through a reinsurance transaction with an affiliate was introduced late Thursday in the House.

The Hartford recorded a second-quarter net loss of $15 million, but management said conditions for the company were improving.

Aon Corp. reported flat second quarter organic growth and net income fell 87 percent compared with the previous period when it profited from the sale of its insurance companies.