News

American International Group (AIG) reported a 2010 second quarter net loss of $2.7 billion, which the company said was primarily due to a $3.3 billion goodwill impairment charge.

After last year's second quarter net loss of $342 million, Swiss Re has made an impressive turnaround, reporting net income of $812 million.

The lead hurricane forecaster for the National Weather Service said there is a 90 percent chance of an above normal hurricane season in the Atlantic as the season enters its peak of activity.

Second-quarter net income for The Hanover Insurance Group Inc. dropped to $2.3 million from $64.4 million a year ago as the personal and commercial lines insurer absorbed $85 million in catastrophe losses.

The Hartford reported second quarter net income of $76 million compared to a net loss of $15 million for the same period last year, despite worse than expected catastrophe losses, an increase in asbestos reserves and goodwill impairments.

New Jersey Insurance Commissioner Thomas B. Considine has proposed to repeal a regulation to establish new rating territories in an effort to level out automobile insurance rates throughout the state.