Industry
Fairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has received a subpoena from the U.S. Securities and Exchange Commission (SEC), requesting documents regarding nontraditional insurance/reinsurance transactions made or products offered by entities of the Fairfax group.Fairfax says it is cooperating with the SEC request.For the past several months, the SEC has been conducting an industry-wide investigation into nontraditional […]
By Canadian Underwriter | September 7, 2005
1 min read
Belron Canada Inc., a Montreal-based subsidiary of Belron S.A., a vehicle glass repair and replacement company, has signed an agreement to acquire the Canadian glass operations of TCG International Inc.’s Autostock International Division, headquartered in Burnaby, British Columbia. The transaction is scheduled to be completed in November 2005, subject to customary regulatory approvals. “We are […]
2 min read
Claims
Estimated insured losses from Hurricane Katrina’s direct impact have increased to $20-$35 billion, according to Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk. On the day of Katrina’s landfall on the Gulf Coast, RMS released a preliminary estimate of $10-25 billion for insured losses. It has since […]
Potential insured losses resulting from Hurricane Katrina and its aftermath could range between $14 billion to $22 billion, according to EQECAT Inc. of Oakland, California, a company that develops software technology for extreme risk modeling. “Over the last few days it has become very clear that Hurricane Katrina’s devastation, due to the unprecedented amount of […]
Canada’s car, home and business insurers expect to pay out more than $400 million to help Southern Ontario recover from an August 19 storm that resulted in what the IBC calls the “highest insured loss in Ontario history.””To date, insurance companies have reported a huge volume of claims – more than 15,000 and growing,” said […]
By Canadian Underwriter | September 6, 2005
The U.S. property and casualty industry has enough capital and liquidity to withstand claims arising from Hurricane Katrina, one of the most devastating natural disasters in U.S. history, says the National Association of Insurance Commissioners (NAIC).Headquartered in Kansas City, Missouri, NAIC is a voluntary organization of the chief insurance regulatory officials of the 50 states, […]
The U.S. Department of the Treasury was recently called upon to develop a national catastrophe reinsurance facility. Florida congresswoman Ginny Brown-Waite, R-Fla., is trying to gain support for H.R. 846, the Homeowners’ Insurance Availability Act of 2005. The proposal will establish a natural disaster reinsurance program to, via auction at actuarial rates, cover carriers and […]
By Canadian Underwriter | September 2, 2005
Hurricane ‘Katrina has heavily impacted reinsurer’s including Hannover Re, which estimates its net losses before tax to reach around US$314 million.Even though the Company says Katrina may be the “most expensive ever natural disaster suffered by insurers in industry history,” it still expects its “return on equity after tax will remain in double digits.”Hannover anticipates […]
The economic loss from Hurricane Katrina and subsequent flooding in New Orleans may exceed US$100 billion, according to Risk Management Solutions (RMS). Losses are resulting from two separate catastrophic events the landfall of Hurricane Katrina in southeast Louisiana and coastal Mississippi on August 29 causing extensive wind and coastal surge damage; and, the Great New […]
Large losses incurred as a result of Katrina will hit the retrocessional reinsurance insurance purchased by reinsurers in order to spread their primary insurance company risks market hard, experts say. Retrocessional reinsurance is one of the riskiest in the insurance industry, but if the industry avoids big losses, retrocessional reinsurers keep the premiums. If losses […]
By Canadian Underwriter | September 1, 2005
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