Claims

AIR explains terrorism risk assessment strategies

AIR Worldwide Corporation recently released a white paper ‘Terrorism Risk Assessment: Best Practices for Insurers and Reinsurers’ that reviews current methodologies that insurers and reinsurers use to aid in the assessment and management of terrorism risk. The paper reviews three approaches for terrorism risk management and addresses the best practices for exposure data collection and […]

By Canadian Underwriter | December 1, 2005

2 min read

Claims

Pethealth reports Q3 results (December 01, 2005)

Pethealth Inc. (TSX VENTURE:PTZ) recently announced a total revenue for the third-quarter ended September 30, 2005 of $3.8 million, representing a 26% increase over revenue of $3.0 million for same period last year. The Company also reported significantly greater net loss of $190,120 for the Q3 2005 as compared to the net loss of $50,419 […]

November 30, 2005

1 min read

Claims

RenaissanceRe revises 3Q results (December 01, 2005)

RenaissanceRe Holdings Ltd. recently revised its previously reported third-quarter results, cutting net loss for the third quarter of 2005 by $34.8 million to $71.0 million. Renaissance claims the loss was caused by related hurricane catastrophes. “A reinsurance recovery within (RenaissanceRe’s) reinsurance segment that was triggered by the publication of a final third-party industry loss estimate,” […]

November 30, 2005

1 min read

Claims

Lloyd’s reports hurricane-related losses

Losses incurred as a result of Hurricanes Katrina, Wilma and Rita have led Lloyd’s of London to predict a loss of up to 1.9 billion (US$3.27 billion) for 2005, according to the Company.This re-estimate of Lloyd’s marketwide losses represents an increase from the Company’s previous estimate of 1.4 billion (US$2.41 billion). Lloyd’s initial estimated, announced […]

By Canadian Underwriter | November 30, 2005

2 min read

Wilma coaxes CAT losses to record levels

The total insured property losses for 2005 are estimated at a record US$50.3 billion, a figure that the Insurance Services Office Inc.’s Property Claims Services (PCS) ivision recently reported was bolstered by the US$6.1 billion in insured property damage incurred as a result of Hurricane Wilma.Approximately 750,000 claims are expected to be received in relation […]

1 min read

Marsh report outlines post-Katrina world

Hurricanes Katrina and Rita were “insurance-market-changing” events that many US insurers say will return property insurance rates to their 2003 levels, according to a white paper released by Marsh & McLennan Cos.”Catastrophe rate increases are ranging from 10% to more than 100%,” notes the Marsh report, entitled ‘The Impact of Nature: The Aftermath of Hurricanes […]

1 min read

Winterthur to pay XL Capital Ltd. $575 million

XL Capital Ltd (NYSE: XL) recently received a draft actuarial report from the Independent Actuary in connection with the Company’s post-closing protection for adverse development of net loss and unearned premium relating to it’s acquisition of specific Winterthur International insurance operations from the Winterthur Swiss Insurance Company (“WSIC”) in 2001.Initial review of the Independent Actuary’s […]

1 min read

Endurance reports WIlma related losses

Endurance Specialty Holdings Ltd. will incur a loss of $120 million before tax due to the effects of Hurricane Wilma.This represents an anticipated preliminary estimate that includes an estimated $35 million in gross losses that resulted from storm damage in Mexico’s Yucatan Peninsula, according to the Company. The majority of the other losses are a […]

1 min read

Standard & Poor’s takes Transatlantic Re off CreditWatch

Standard & Poor’s Ratings Services has taken Transatlantic Reinsurance Co. and its wholly-owned subsidiaries, Putnam Reinsurance Company and Trans ReZurich, off CreditWatch with negative implications and downgraded the company’s rating from an ‘AA’ to an ‘AA-‘.Standard & Poor’s said the outlook for these companies is stable.”We lowered the ratings because Transatlantic’s recent operating performance, albeit […]

2 min read

AXIS sells shares for $200 million

AXIS Capital Holdings Ltd [NYSE:AXS] has sold 6.8 million of its common shares at $29.42 per share to Citigroup Corporate and Investment Banking, raising aggregate proceeds of approximately $US200 million.Citigroup bought the shares from AXIS Capital and subsequently reoffered the common shares to public investors, AXIS announced in a press release.”AXIS Capital expects to use […]

1 min read