Claims

What’s New: In brief (October 12, 2005)

AIG Excess Casualty(R), a division of American Home Assurance Company, a member company of American International Group, Inc. (AIG), has introduced a new product that provides excess liability coverage for risks previously covered by an insurance carrier that is now insolvent. Available as an endorsement to AIG Excess Casualty’s Commercial Umbrella Liability policy, Umbrella Prime(R), […]

By Canadian Underwriter | October 11, 2005

2 min read

Claims

Swiss Re joins red cross group, comments Pakistan earthquake

Swiss Re and seven other companies, including Zurich Financial Services, recently became founding members of the ICRC Corporate Support Group initiated by the International Committee of the Red Cross (ICRC). The ICRC Corporate Support Group was formed in order to support the ICRC’s global humanitarian endeavours. Peter Forstmoser, chairman of the board of Swiss Re, […]

By Canadian Underwriter | October 11, 2005

2 min read

Claims

Standard & Poor’s say rates hold firm despite hurricanes

Although the global insurance industry will incur tremendous losses due to hurricanes Katrina and Rita, European insurers are expected to at least maintain their current pricing levels, according to Standard & Poor’s Corp. recent report, “Industry Report Card: European Insurance.”The report states that the recent hurricanes “will force insurers to re-examine net retentions, limits and […]

By Canadian Underwriter | October 11, 2005

1 min read

Claims

Fairfax says Katrina losses reach $388 million

Fairfax Financial Holdings Ltd. has updated its predicted net Hurricane Katrina pre-tax losses to $388 million and post-tax losses to $233 million.The company said the new estimate reflects new information received and an expected aggregate industry loss estimate of approximately $50 billion. Fairfax’s initial post-tax loss estimate of between $108 million and $104 million was […]

By Canadian Underwriter | October 11, 2005

1 min read

Lloyd’s expects profits, despite cat losses

Despite Hurricane Katrina losses of approximately 1.4 billion, Lloyd’s of London predicts it will turn in full-year profits.The insurance market indicated pre-tax profits increased by 21% on the pro-forma number for the same period 2004 (or an increase of 1.38billion). However, business written in the first half of 2005 plummeted from 9.84 billion to 8.4 […]

1 min read

Katrina losses predicted to exceed 9/11

Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as the single most expensive insured occurrence in the U.S. to date,” Patricia Guinn, managing director, […]

2 min read

AON proposes terrorism insurance pool

Aon Re, a unit of Aon Corporation (NYSE: AOC), recently called for the implementation of some form of a privately funded, federally mandated “facility” and bonding process that would support insurers’ in their ability provide adequate and affordable terrorism coverage and help cover catastrophic terrorism losses.Aon Re’s proposal centers on a mandatory terrorism reinsurance facility […]

2 min read

Insurers receive relief repaying claims from SEC

Insurers are receiving aid from the US Securities Exchange Commission (SEC) in their efforts to pay off the extensive claims resulting from hurricanes Katrina and Rita. Many insurers have been placed on credit watch and issued warnings because of extensive catastrophic loss claims. In an effort to help insurers raise money and avoid credit downgrades […]

1 min read

ISO pegs Katrina losses at $34.4 billion

Hurricane Katrina is expected to cost U.S. property and casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.Katrina caused widespread damage to homes and businesses in six states Louisiana, Mississippi, Alabama, Florida, Tennessee and Georgia. New […]

2 min read

ACE Ltd. to sell $1.3 billion in shares

ACE Limited (NYSE: ACE) 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 […]

2 min read