Risk
The recent rumblings about large companies possibly seeking bankruptcy protection should serve as a warning to the Large company insolvency that is sweeping the market may hurt smaller businesses and, according to global trade credit insurer Euler Hermes Canada, the protection of accounts receivable should be a major consideration to companies dealing in domestic and […]
By Canadian Underwriter | October 26, 2005
1 min read
Claims
XL Capital Ltd. and ACE Limited both announced taking financial hits as a result of a particularly fierce hurricane season in 2005.XL Capital (NYSE:XL) announced its third-quarter net losses from catastrophes amount to $1.47 billion, ensuring a net loss by the Bermuda-based property/casualty insurer for the year. The figure includes pre-tax losses, net of reinsurance, […]
Home
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 in a news release. Going forward, it is […]
2 min read
Insured losses in the U.S. from Hurricane Wilma are likely to range between $6 million and $10 billion, according to Risk Management Solutions (RMS).RMS says its estimate is based on current information about landfall location and wind speeds. It says damages will arise from onshore damage resulting from wind and coastal storm surge, business interruption […]
By Canadian Underwriter | October 25, 2005
GoshawK has agreed to sell Rosemont Re to a consortium of private equity investors headed by Don Kramer, the former vice chair of ACE Ltd.GoshawK and Rosemont Re have agreed to terms with a consortium of private equity investors, who intend to incorporate a new Bermuda reinsurer with capital of not less than $750 million, […]
A tumultuous hurricane season has partially contributed to PartnerRe Ltd.’s (NYSE: PRE) net loss of $288.7 million, or $5.48 per share, for the third quarter of 2005, compared with a profit of $83.2 million for the same period in 2004.The Company’s net loss, which includes net after-tax realized gains on investments of $47.8 million or […]
Canadian p&c insurers recently joined forces with SMARTRISK and other consultative partners, in calling on the federal government to implement the recommendations contained in their National Injury Prevention Strategy “Ending Canada’s Invisible Epidemic: A Strategy for Injury Prevention.”The research released by Canada’s insurance industry and prevention groups is meant to help save thousands of lives, […]
3 min read
Industry
In response to recent calls for corporate transparency in the insurance industry and a trend toward improved governance, the American International Group Inc. (AIG) has adopted new guidelines for board members oversight.The company’s board of directors move toward protecting against its board member oversight, includes a mandate that director nominees must participate in an uncontested […]
By Canadian Underwriter | October 24, 2005
Environment Canada’s Canadian Hurricane Centre expects the remnants of Hurricane Wilma to hit the maritime provinces as a post-tropical low pressure system on Oct. 25.”Torrential rain and very high winds are likely to reach western parts of Nova Scotia Tuesday morning [October 25] and to spread to the rest of the province during the day,” […]
Standard & Poor’s Insurance Ratings Group recently released a report stating that the potential impact Hurricane Wilma will have on insurers is still unknown but expected to be substantial, while catastrophe risk modeling company EQECAT Inc. says losses may range from US$2 to $US6 billion.Standard & Poor’s (S&P’s) forecasts that, based on previous losses that […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
