Claims
Property damage caused by water related to Hurricane Katrina will reach a total figure of approximately $44 billion, according to AIR Worldwide Corp. “Katrina resulted in an unprecedented level of water damage,” Dr. Jayanta Guin, vice president of research and modeling at AIR Worldwide, says. “While the flooding of New Orleans in the aftermath of […]
By Canadian Underwriter | September 29, 2005
1 min read
Industry
Stan Griffin, the current president and CEO of the Insurance Bureau of Canada (IBC), is one of two board of directors appointed Sept. 28 by the General Insurance OmbudService (GIO).Dr. Roger Palmer, Ph.D. (Theoretical Physics), of the business school at the University of Alberta also received an appointment to the GIO board. Palmer served as […]
2 min read
Standard & Poor’s Ratings Services has revised its outlook on the global reinsurance industry to negative from stable, the company has announced.”The negative outlook implies that downgrades are expected to outnumber upgrades in the remainder of 2005, although the number of downgrades is expected to be modest,” the company indicated in a release. “The negative […]
ING Canada (TSX – IIC.LV) ha appointed Mark Tullis as senior vice president and chief financial officer. Tullis will replace Mike Cunningham in March 2006, who willretire from ING after 15 years of service. Currently, since joining ING Americas in 1999, Tullis is president of ING US Institutional Businesses and a member of ING Canada’s […]
Fairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has agreed to issue $300-million worth of subordinate voting shares (1,843,318 shares) to a number of institutional investors at today’s closing price of $162.75 per share. Prem Watsa, CEO of Fairfax, commented: “Fairfax is raising significant equity at this time with a view to bulletproofing its balance sheet and achieving […]
By Canadian Underwriter | September 28, 2005
Heavy rains recently inundating western Newfoundland and a small Labrador community instigated a state of emergency in Stephenville and resulted in flooding that eroded roads.More than 140 mm of rain felll causing a flood that precipitated the overflow of a pair of river, which is ultimately what prompted residents to leave and a state of […]
Munich Re recently estimated its total damages from Hurricanes Katrina and Rita at about US$1.6 billion (1.33 billion euros).The Company says it will likely have to pay out about 650 million euros after tax however Munich remains optimistic that it will achieve a 12% return on equity this year, as long as the purchase of […]
An initial review of Hurricanes Katrina and Rita’s effect on the global reinsurance sector indicates a stable rating outlook, according to Fitch Ratings. Fitch maintained this outlook under the premise that the losses from Hurricanes Katrina and Rita will be manageable in relation to the sector’s overall capital base. As long as no further shock […]
By Canadian Underwriter | September 27, 2005
Risk
The current political climate is not right time to issue new guidelines on large bank/insurer mergers, the Canadian government has announced.The Department of Finance Canada had been reviewing its policy on several issues relating to bank merger applications, including whether to remove the restriction on mergers between different types of financial institutions. The decision not […]
The SEC has issued another subpoena to Fairfax Holdings Ltd. and a “Wells Notice” to Bermuda-based reinsurer RenaissanceRe Holdings Ltd. as part of its ongoing investigation into the U.S. insurance industry.<br>RenaissanceRe (NYSE: RNR) recently confirmed it has received a Wells Notice from the staff of the U.S. Securities and Exchange Commission (SEC) in connection with […]
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