Reinsurance

Allied World Assurance Co. Holdings says second-quarter results were in the red due to investment losses.

The short-tail reinsurer and specialty insurer says it booked a net loss of $77 million in realized and unrealized losses from investments and foreign exchange in the second quarter.

Florida Gov. Rick Scott has voiced his opposition to legislation that would deny tax deductions for reinsurance premiums paid to foreign-based affiliates of domestic insurers.

Aspen says second-quarter net income was more than halved due to $58.7 million in catastrophe losses.

New York's top financial regulator has expanded a probe into whether reinsurance companies have written policies on international trade with Iran, which could potentially violate new U.S. sanctions.

Citing excellent underwriting results and growth in premium rates, Ace Ltd. says second-quarter net income jumped 172 percent and its CEO predicts the industry will continue to get rate increases despite soft reinsurance market conditions.