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| August 01, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Insurance Day)

State Auto hit

US property/casualty insurer State Auto Financial posted a second-quarter profit yesterday, despite being hit by claims related to heavy storm damage from 17 states. It reported net income of $8.3m from the quarter compared with a loss of $1.4m in the same quarter last year. For the first six months of the year net income was $29.4m, up from $11.8m in 2002. But chairman and chief executive, Bob Moone, said that the storms, which happened over a nine-day period in May, had developed into the costliest single catastrophe event in State Auto's history.

XL dividend

BERMUDA-based XL Capital, which is due to announce its second quarter and first-half results today, has announced that its board of directors has declared a quarterly dividend of $0.48 per share, payable on September 30.

Max Re amends

MAX Re, the Bermudian reinsurer, said yesterday it had approved certain amendments to the company's bye-laws and consummated an exchange of one of its subsidiary's securities for its parent company's securities. Chief executive Robert Cooney said both measures would simplify its financial reporting and ...

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