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(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 ...