Claims

Munich Re adds to windstorm loss protection

In order to attain additional protection against Western Europe windstorm losses, Munich Reinsurance Co. recently placed catastrophe bonds worth $129.9 million.The bonds are meant to complement the Company’s existing retrocessional reinsurance program, according to Thomas Blunck, a management board member at Munich responsible for retrocession and capital markets solutions Dubbed “Aiolos” otherwise known as the […]

By Canadian Underwriter | November 21, 2005

1 min read

Claims

Pethealth reports Q3 results (November 21, 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 for […]

By Canadian Underwriter | November 21, 2005

1 min read

Claims

Alberta bill to allow prenatal crash victims to sue Moms (November 17, 2005)

New legislation aimed at providing a legal recourse for a child who sustains prenatal injuries as the result of the negligent driving of his or her mother was introduced November 15 in the Alberta Legislature.Current law already allows a child – after birth – to sue his or her father, another family member or any […]

By Canadian Underwriter | November 17, 2005

2 min read

Claims

TRIA extension bill introduced

Capital Markets Subcommittee Chairman Richard H. Baker tecently introduced legislation in the U.S. House of Representatives that would extend the Terrorism Risk Insurance Act for at least two years. The bill will increase the deductibles on all lines of insurance covered by the federal financial backstop created by TRIA and raise the size of insured […]

By Canadian Underwriter | November 15, 2005

1 min read

AIG announces restated net income

American International Group Inc. (AIG) recently reported a net income of $10.02 billion for its delayed third-quarter earnings, which represents an increase of 20.9% above its restated prior-period result. AIG’s third-quarter 2005 net income was $1.72 billion, down 36.1% from the restated prior-period figure, due to net aftertax catastrophe losses of $1.57 billion related to […]

1 min read

Consumers warned of hurricane frauds

The Co-operators and the Insurance Bureau of Canada (IBC) are warning of frauds designed to profit from the damage Hurricanes Katrina and Rita have wrought in the southern United States. “As a result of the recent natural disasters in the Southern US, many vehicles and boats were destroyed beyond repair,” the Co-operators notes on its […]

1 min read

Arch predicts 4Q Wilma losses of up to $60 million

Arch Capital Group Ltd. (NASDAQ: ACGL) predicts its after-tax earnings for the 2005 fourth quarter will take a US$40-million to $60-million hit because of Hurricane Wilma.The estimate is based on industry insured losses of $8 to $12 billion and is net of reinsurance and reinstatement premiums, the company says in a statement. If the industry […]

2 min read

Insurers’ commercial policy data inadequate: AIR study

The quality and completeness of most insurers’ commercial policy data is insufficient for a detailed and accurate assessment of their catastrophe risk, according to a recent analysis of insurers’ exposure data by risk modeling company AIR Worldwide Corporation (AIR). “Nine out of 10 commercial properties analyzed had replacement values significantly less than the amount estimated […]

2 min read

RenaissanceRe revises 3Q results (November 11, 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,” Reannaissance Re […]

1 min read

S&P puts Hannover Re on CreditWatch negative

Standard & Poor’s Ratings Services has placed its ‘AA-‘ long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities on CreditWatch with negative implications. At the same time, Standard & Poor’s placed its ‘A+’ long-term counterparty credit and insurer financial strength ratings on Clarendon National Insurance Co. and three of […]

2 min read