Claims

Manulife reports 3Q net income of $746 million

Manulife Financial Corporation has reported a shareholders’ net income of $746 million for the third quarter of 2005, a 5% increase over a year earlier. “Excluding a charge related to Hurricane Katrina and a gain on recognition of future tax assets in Japan Division, shareholders’ net income would have been $879 million, a 23% increase […]

By Canadian Underwriter | November 3, 2005

1 min read

Claims

RenaissanceRe reports 3Q loss of $327 million

RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported a net operating third-quarter loss of $327.3 million as a result of the 2005 hurricane season.In addition, the company projected a $250-million to $300-million net negative impact in the fourth quarter as a result of Hurricane Wilma losses.In a press release, RenaissanceRe CEO Neill A. Currie said: “As […]

By Canadian Underwriter | November 2, 2005

1 min read

Claims

Swiss Re predicts hurricane losses of $750 million

Swiss Re today estimates its aggregate claims for hurricanes Rita and Wilma will be approximately US$750 million. Swiss Re CEO John Coomber says “this year’s hurricane season reinforces the benefits of Swiss Re’s highly diversified portfolio across lines of business and geographies. Our financial strength remains very strong, enabling Swiss Re to take full benefit […]

By Canadian Underwriter | November 2, 2005

1 min read

Claims

XL Capital takes US$1.05-billion third-quarter hit

As the result of an intense hurricane season, XL Capital Ltd has reported a net loss of US$1.05 billion to ordinary shareholders for the third quarter ending September 30, 2005.The disastrous third quarter means a net loss of $470.4 million for XL over the first nine months of 2005. In comparison, the company reported a […]

By Canadian Underwriter | November 2, 2005

2 min read

Rebuilding capital after the storms

ACE Limited is selling 28 million of its ordinary shares – at a price of $45.58 per share – in a public offering expected to raise gross proceeds of more than $1.3 billion. ACE has also granted to underwriters an option to purchase up to an additional 4-million ordinary shares at the same price. In […]

October 31, 2005

2 min read

Swiss Re report questions insurability of D&O

A recent Swiss Re report includes an analysis about the long-term viability of D&O insurance in the United States.The report, “Innovating to insure the uninsurable,” gives a general overview of the limits of insurability and uses practical examples to demonstrate how insurers innovate to overcome obstacles to covering new and evolving risks. One section of […]

2 min read

Report predicts avian flu impact

If a worldwide outbreak of the avian flu which so far as been confirmed in only 117 humans were to shut down parts of the global economy, how much of the resultant economic damages would be covered by insurance?The answer is “uncertain,” says a recent report on avian flu by A.M. Best. Insured losses due […]

2 min read

Katrina indicates shortfalls of cat models

Shortfalls in the use of catastrophe models have been exposed as a result of their attempts to rate the losses of Hurricane Katrina, according to A.M. Best Co.These shortfalls have brought the use of some catastrophe models into question.”Everyone’s a little bit disappointed with the fact that the modeled losses were significantly smaller than the […]

1 min read

RMS increases Wilma damage estimate

Risk Management Solutions (RMS) has increased its estimate for U.S. insured losses from Hurricane Wilma to between $8 billion and $12 billion.Its original estimate was between $6 billion and $10 billion, including onshore damage resulting from wind and coastal storm surge, business interruption, and increased costs for materials and services needed for repairs (demand surge).Hurricane […]

1 min read

Hub International reports Q3 results

Hub International Ltd. (TSX:HBG) recently announced that it generated a 7% increase to $98.3 million – from $92 million the previous year – in consolidated revenue due to 5% organic growth, even though the company incurred a small loss for the Q3 partly due to to severance costs and the Talbot earnout charge.The operational changes […]

2 min read