Claims
Researchers at Colorado State University’s hurricane forecast team say this year’s hurricane season should be less punishing than previously thought. Despite the recent appearance of tropical storms Arthur and Bertha in the Atlantic basin, atmospheric conditions since the start of the season, June 1, suggest a light storm season in 2002.”The fact that we have […]
By Canadian Underwriter | August 8, 2002
2 min read
Industry
Stock in Aon Corporation (NYSE: AOC) dropped 30% yesterday upon release of the company’s second-quarter results, news that a planned spin-off was being halted and an investigation of previous financial reporting by the Securities Exchange Commission (SEC).Second-quarter results for the Chicago-based brokerage were “the worst in Aon’s history”, admits the company’s CEO Patrick G. Ryan. […]
Despite a drop in its portfolio investment segment, E-L Financial Corp. (TSE: ELF) saw net income rise for the first six months of 2002, to $32.4 million from $30.8 million for the same period last year. This results in income of $8.43 per share this year versus $8.01 per share last year for the period […]
By Canadian Underwriter | August 7, 2002
Commercial
The U.S. Senate’s plan for a government terrorism reinsurance backstop would cost less than the House’s “loan” scheme proposal, says a new study by Tillinghast-Towers Perrin (TTP), commissioned by the American Insurance Association. The Washington-based association, which represents more than 410 U.S. p&c insurers, asked for a comparison of Senate bill S2600 and House bill […]
By Canadian Underwriter | August 6, 2002
Home
The future of the World Trade Center (WTC), including the insurance settlement on the structures destroyed in the September 11, 2001 terrorist attacks, remains unknown. Published reports this week suggest the City of New York has offered to take control of the site from the Port Authority, in exchange for control of the sites of […]
1 min read
Pet insurance specialist Pethealth Inc. has netted $3.6 million through its previously announced private placement of 30,000,000 units at $0.12 each.”We are delighted to have closed this financing given the turbulent conditions of the financial markets over the past few months and we feel it speaks extremely well of our accomplishments to date,” says Mark […]
By Canadian Underwriter | August 2, 2002
Risk
Rates are up, capacity is down and alternative risk management mechanisms are increasingly being used, says the Council of Insurance Agents and Brokers (CIAB). In releasing its Commercial Market Index for the second quarter of 2002, which includes July 1 renewals, the CIAB notes that the market is increasingly distressed for commercial insurance buyers.”Our members […]
By Canadian Underwriter | August 1, 2002
Market capacity in Lloyd’s of London is growing, rising from 12.2 billion pounds (Cdn$30.25 billion) at the beginning of 2002 to a mid-year high of 12.5 billion pounds (Cdn$31 billion).At the recent Western States Surplus Lines conference in Whistler, B.C., Lloyd’s director of worldwide markets Julian James said that the market is at its most […]
About US$3.7 billion in commercial property deals have fallen through in the U.S. due to lack of available, affordable terrorism insurance, says the Mortgage Bankers Association of America (MBAA). An additional US$4.5 billion in deals have either been delayed or were changed in terms of pricing, adds the Washington-based association representing the real estate finance […]
July 31, 2002
For risk managers facing January renewals on their insurance portfolios, 2002 was the year of sticker shock and worse. Along with dramatic price increases came new exclusions for mold, cyber risks and terrorism, reduced limits and a struggle to find capacity in the marketplace. But is the headache over? Risk managers expect that it is not, bracing themselves for an uncertain future and wondering when will the hard market end. And many are also looking seriously at options beyond insurance that may have held little appeal in the buyer's market, but are becoming increasingly attractive in the current seller's market. At the same time, there is recognition that captives, reciprocals, capital markets and more represent uncharted territory which many within the risk management profession find daunting.
By Vikki Spencer | July 31, 2002
12 min read
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