Claims
Arch Capital Group Ltd. (NASDAQ: ACGL) recently announced that it expects its third-quarter earnings to be negatively impacted by the losses related to recent catastrophes.The Bermuda-based company estimates its losses from Hurricane Katrina will be $173 million) while Hurricane Rita is expected to reach losses of $48 million. Although less severe, the combined losses of […]
By Canadian Underwriter | October 12, 2005
1 min read
AIG Excess Casualty(R), a division of American Home Assurance Company, a member company of American International Group, Inc. (AIG), has introduced a new product that provides excess liability coverage for risks previously covered by an insurance carrier that is now insolvent. Available as an endorsement to AIG Excess Casualty’s Commercial Umbrella Liability policy, Umbrella Prime(R), […]
By Canadian Underwriter | October 11, 2005
2 min read
Swiss Re and seven other companies, including Zurich Financial Services, recently became founding members of the ICRC Corporate Support Group initiated by the International Committee of the Red Cross (ICRC). The ICRC Corporate Support Group was formed in order to support the ICRC’s global humanitarian endeavours. Peter Forstmoser, chairman of the board of Swiss Re, […]
Although the global insurance industry will incur tremendous losses due to hurricanes Katrina and Rita, European insurers are expected to at least maintain their current pricing levels, according to Standard & Poor’s Corp. recent report, “Industry Report Card: European Insurance.”The report states that the recent hurricanes “will force insurers to re-examine net retentions, limits and […]
Fairfax Financial Holdings Ltd. has updated its predicted net Hurricane Katrina pre-tax losses to $388 million and post-tax losses to $233 million.The company said the new estimate reflects new information received and an expected aggregate industry loss estimate of approximately $50 billion. Fairfax’s initial post-tax loss estimate of between $108 million and $104 million was […]
Despite Hurricane Katrina losses of approximately 1.4 billion, Lloyd’s of London predicts it will turn in full-year profits.The insurance market indicated pre-tax profits increased by 21% on the pro-forma number for the same period 2004 (or an increase of 1.38billion). However, business written in the first half of 2005 plummeted from 9.84 billion to 8.4 […]
By Canadian Underwriter | October 7, 2005
Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as the single most expensive insured occurrence in the U.S. to date,” Patricia Guinn, managing director, […]
Aon Re, a unit of Aon Corporation (NYSE: AOC), recently called for the implementation of some form of a privately funded, federally mandated “facility” and bonding process that would support insurers’ in their ability provide adequate and affordable terrorism coverage and help cover catastrophic terrorism losses.Aon Re’s proposal centers on a mandatory terrorism reinsurance facility […]
By Canadian Underwriter | October 5, 2005
Insurers are receiving aid from the US Securities Exchange Commission (SEC) in their efforts to pay off the extensive claims resulting from hurricanes Katrina and Rita. Many insurers have been placed on credit watch and issued warnings because of extensive catastrophic loss claims. In an effort to help insurers raise money and avoid credit downgrades […]
Hurricane Katrina is expected to cost U.S. property and casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.Katrina caused widespread damage to homes and businesses in six states Louisiana, Mississippi, Alabama, Florida, Tennessee and Georgia. New […]
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