Claims

Cunningham Lindsey call center responds to Hurricane Wilma

Cunningham Lindsey Canada recently responded to claims associated with Hurricane Wilma through processing calls from their Hamilton, Ontario-based call center, Echo Intake Solutions. “Since the storm hit on Monday, we have taken in excess of 4,000 calls and expect that number to increase by the week,” Maureen Fraser, assistant vice president Echo Intake Solutions, Cunningham […]

By Canadian Underwriter | October 27, 2005

1 min read

Claims

Transatlantic loses $144 million in third quarter

Transatlantic Holdings, Inc. (NYSE: TRH) has reported a $144-million net loss for the third quarter of 2005, compared to a net loss of $21.8 million over the same quarter last year.Third quarter 2005 results include the aggregate estimated pre-tax impact of significant catastrophe loss events amounting to $395 million or $256 million on an after-tax […]

By Canadian Underwriter | October 27, 2005

2 min read

Claims

PartnerRe raises $550 million; predicts Wilma losses

PartnerRe Ltd. (NYSE: PRE) has raised $550 million in additional capital, saying in a statement that it “intends to use the proceeds for general corporate purposes, including the pursuit of growth opportunities in the global reinsurance marketplace.”The Company secured $400 million by entering into a three-and-a-half loan agreement with Citibank, N.A. Also, it has agreed […]

By Canadian Underwriter | October 27, 2005

2 min read

Claims

XL Capital, ACE Ltd. announce third-quarter losses

XL Capital Ltd. and ACE Limited both announced taking financial hits as a result of a particularly fierce hurricane season in 2005.XL Capital (NYSE:XL) announced its third-quarter net losses from catastrophes amount to $1.47 billion, ensuring a net loss by the Bermuda-based property/casualty insurer for the year. The figure includes pre-tax losses, net of reinsurance, […]

By Canadian Underwriter | October 26, 2005

1 min read

Wilma losses between $6 billion and $10 billion: RMS

Insured losses in the U.S. from Hurricane Wilma are likely to range between $6 million and $10 billion, according to Risk Management Solutions (RMS).RMS says its estimate is based on current information about landfall location and wind speeds. It says damages will arise from onshore damage resulting from wind and coastal storm surge, business interruption […]

2 min read

GoshawK to sell Rosemont Re

GoshawK has agreed to sell Rosemont Re to a consortium of private equity investors headed by Don Kramer, the former vice chair of ACE Ltd.GoshawK and Rosemont Re have agreed to terms with a consortium of private equity investors, who intend to incorporate a new Bermuda reinsurer with capital of not less than $750 million, […]

1 min read

Hurricanes hinder Partner Re’s Q3 results

A tumultuous hurricane season has partially contributed to PartnerRe Ltd.’s (NYSE: PRE) net loss of $288.7 million, or $5.48 per share, for the third quarter of 2005, compared with a profit of $83.2 million for the same period in 2004.The Company’s net loss, which includes net after-tax realized gains on investments of $47.8 million or […]

1 min read

Wilma remnants to douse Atlantic Canada

Environment Canada’s Canadian Hurricane Centre expects the remnants of Hurricane Wilma to hit the maritime provinces as a post-tropical low pressure system on Oct. 25.”Torrential rain and very high winds are likely to reach western parts of Nova Scotia Tuesday morning [October 25] and to spread to the rest of the province during the day,” […]

1 min read

Wilma expected to result in significant losses

Standard & Poor’s Insurance Ratings Group recently released a report stating that the potential impact Hurricane Wilma will have on insurers is still unknown but expected to be substantial, while catastrophe risk modeling company EQECAT Inc. says losses may range from US$2 to $US6 billion.Standard & Poor’s (S&P’s) forecasts that, based on previous losses that […]

2 min read

AIR estimates Wilma damages at $6 billion to $9 billion

Catastrophe risk modeling company AIR Worldwide Corporation estimates U.S. insured losses from Hurricane Wilma will be between $6 billion and $9 billion. Wilma strengthened overnight and made landfall at 6:30 a.m. on Oct. 24 at Cape Romano, Florida, as a Category 3 hurricane with maximum sustained winds of 125 mph.As a Category 3 storm, Wilma […]

2 min read