Claims
Catlin Group Limited (‘CGL’: LSE), a Bermuda-based property and casualty insurer and reinsurer, estimates losses arising from Hurricane Rita will be US$90 million gross of reinsurance and US$60 million on a net basis. Catlin is not revising its Sept. 12 estimate that losses arising from Hurricane Katrina will be US$275 million gross of reinsurance and […]
By Canadian Underwriter | October 19, 2005
1 min read
Hurricane Wilma, a Category 5 storm packing maximum sustained winds near 275 km/h, is tracking to hit Mexico and Cuba, en route to reaching the Florida Keys by Oct. 22.The U.S. National Hurricane Center notes Wilma “is forecast to lose some strength as it targets Florida for a weekend landfall.”As of Oct. 19, at 2 […]
The bird flu pandemic that appears to be creeping westward could be catastrophic for Canada’s manufacturing sector as it has the potential to instigate an economic crisis, according to the Conference Board of Canada.In its report “Performance and Potential 2005-06: The World and Canada: Trends Reshaping Our Future,” the Conference Board warns that Canada’s efforts […]
By Canadian Underwriter | October 18, 2005
Risk
The full body of the National Association of Insurance Commissioners (NAIC) recently approved enhanced disclosure requirements for US insurers that utilize finite reinsurance reinsurance with limited risk transfer features. The recent misuse of finite reinsurance by a few major insurers has place its use in the media spotlight and as such insurance regulators have been […]
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ING Insurance brokers in BC recently gained direct access to a true point-of-sale ‘Savers’ system for property insurance that allows brokers to quote and issue new business for personal property in BC , according to Applied Systems Canada Inc. ING has worked with Applied Systems to link The Agency Manager (TAM) and Savers through Applied […]
Transatlantic Holdings Inc. recently updated its catastrophe estimates and reports that it expects its net losses from Hurricane Katrina to be about US$195 million after tax. Previously, Transatlantic estimated aftertax losses of US$176 million from Katrina. The Company also expects its net loss from Hurricane Rita to be US$33 million after tax. The New York-based […]
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 results […]
By Canadian Underwriter | October 17, 2005
3 min read
Industry
Global insurance broker Willis Group Holdings (NYSE: WSH), the global recently entered into a new US$300 million five-year revolving credit facility. Drawdowns under this facility will bear interest at an initial rate of LIBOR plus 45 basis points, subject to adjustments based on future changes in the Company’s credit agency ratings.This new facility completes the […]
Standard & Poor’s Ratings Services has developed a separate enterprise risk management (ERM) category for insurers and other financial institutions, the ratings service has announced. “What the new ERM category delivers to investors is greater transparency, in that users of ratings will be able to more readily access Standard & Poor’s views on risk management […]
2 min read
Ontario private passenger auto insurance approved rates decreased during the third quarter of 2005, the Financial Services Commission of Ontario (FSCO) reports. “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 on […]
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