Industry
Transatlantic Holdings Inc., XL Capital Ltd., ACE Ltd. and Arch Capital Group Ltd. have all announced taking financial hits as a result of a particularly fierce hurricane season in 2005. Transatlantic Holdings, Inc. (NYSE: TRH) reported a $144-million net loss for the third quarter of 2005, compared to a net loss of $21.8 million over […]
October 31, 2005
2 min read
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Chubb Corporation [NYSE: CB] is teaming up with private equity firm Stone Point Capital LLC to start a new global reinsurance company named Harbor Point Limited. Harbor Point, which is to be based in Bermuda, is expected to have an initial capitalization of about $1.5 billion, Chubb announced. Going forward, it is expected Harbor Point […]
Claims
ACE Limited is selling 28 million of its ordinary shares – at a price of $45.58 per share – in a public offering expected to raise gross proceeds of more than $1.3 billion. ACE has also granted to underwriters an option to purchase up to an additional 4-million ordinary shares at the same price. In […]
Risk
The U.S. p&c industry recorded an underwriting profit of US$13.2 billion during the first six months of 2005, according to A.M. Best Company. Robust operating results drove the industry’s surplus base upwards despite unrealized capital losses, increased shareholder dividends and other losses in surplus as insurers continued to benefit from the hard market. However, these […]
Buoyed by what it calls a warm reception to its new insurance office in Toronto, RBC Insurance is opening a second Canadian retail insurance office, once again to be located adjacent to one of RBC’s Royal Bank Ontario branches. RBC Insurance plans to locate its second retail office right next to RBC Royal Bank’s branch […]
Ontario private passenger auto insurance approved rates decreased during the third quarter of 2005, the Financial Services Commission of Ontario (FSCO) has reported. “The rate changes posted reflect cost saving measures arising from recent reforms to the automobile insurance system, which are being passed on to consumers in the form of lower rates,” FSCO says […]
1 min read
Royal & SunAlliance Canada, through its subsidiary, Johnson Inc., has acquired the commercial rights to the business of Morgex Insurance Group – a leading insurance broker in Alberta – for Cdn $44.7 million. Royal & SunAlliance says the consideration, payable in cash, is for the commercial rights to the main insurance activities, non-core business and […]
A recent Swiss Re report includes an analysis about the long-term viability of D&O insurance in the United States.The report, “Innovating to insure the uninsurable,” gives a general overview of the limits of insurability and uses practical examples to demonstrate how insurers innovate to overcome obstacles to covering new and evolving risks. One section of […]
By Canadian Underwriter | October 31, 2005
If a worldwide outbreak of the avian flu which so far as been confirmed in only 117 humans were to shut down parts of the global economy, how much of the resultant economic damages would be covered by insurance?The answer is “uncertain,” says a recent report on avian flu by A.M. Best. Insured losses due […]
A group of investors into WorldCom Inc. that purchased the Company’s bonds and stock from 1998 to 2001, recently reached a US$651 million settlement with the telecommunications company and its investment bank but most of these monies will not be covered by insurance.The federal securities regulators may, as a result, hear petitions from two of […]
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