While the relative severity of losses from the recent hurricanes Frances and Charley is well below that of Hurricane Andrew, their coming in the same season may cause reinsurers to give more credence to frequency in predictive models, notes a new report by Standard & Poor’s.The report notes that the close proximity in time of […]
By Canadian Underwriter | September 7, 2004
2 min read
The friends of Mike Yang are staging two events to raise funds for this industry veteran, who is recovering from a serious illness experienced last fall. Funds are needed to help Mike and his family modify their home and vehicle to accommodate his condition and recovery. The first reception is September 23 from 5-7 p.m. […]
By Canadian Underwriter | September 6, 2004
2 min read
Insured loss estimates from Hurricane Frances, which touched down on Florida’s Atlantic Coast and stayed for the best part of the holiday weekend, have been downgraded to US$2-$5 billion by risk modeling firm EQECAT Inc., with overall economic damage potentially topping US$10 billion.The California-based firm says because Frances, which had been a category 4 hurricane […]
By Canadian Underwriter | September 6, 2004
2 min read
The Bermuda market shows no signs of waning profitability, even as rates in several key lines begin to soften, according to results compiled by Benfield Group. In its quarterly analysis of the top 16 listed Bermuda companies, Benfield finds net income up by 33% to US$4.1 billion in the first half of the year. One […]
By Canadian Underwriter | September 2, 2004
2 min read
Analysts are predicting devastation predicted to arise from Hurricane Frances’ arrival on U.S. soil this weekend could result in claims as high as those seen from Hurricane Andrew in 1992. Andrew was the worst insured loss to result from the hurricane in U.S. history, with claims in 2004 dollars reaching US$20 billion.One modeling agency, EQECAT […]
By Canadian Underwriter | September 2, 2004
1 min read
As insurer loss tallies continue to pour in as a result of Hurricane Charley’s destructive run through Florida and the Carolinas in mid-August, Allstate Corp. appears to be one of the hardest hit. The Illinois-based insurer faces a loss total of US$425 million, net of recoveries from the Florida Hurricane Catastrophe Fund, which will result […]
By Canadian Underwriter | September 1, 2004
1 min read
As part of its plan to tackle reserving challenges, Swiss reinsurer Converium AG says it will run-off one of its North American companies, shifting some business to its other brand here. The company says Converium Reinsurance (North America) Inc. will be placed into run-off, but increase shareholders’ equity in Converium Insurance (North America) Inc. by […]
By Canadian Underwriter | September 1, 2004
1 min read
Marshall and Swift/Boeckh announces the appointment of insurance industry veteran Klaas Westera to the role of business manager for Canadian operations. Westera has been involved in insurance industry technology for over 25 years, including four years as president of the Centre for Study of Insurance Operations (CSIO). Custard Insurance Adjusters Canada Inc. has appointed Tracey […]
August 31, 2004
1 min read
New guidelines offered up by the DRC Trade Show Services for insurers, adjusters and contractors were recently released via a national road-show. DRC struck a committee of indoor environmental professionals, building science engineers and restoration contractors to address what was seen as a void in mold handling practices – the need for more standardized documentation, […]
August 31, 2004
1 min read
International adjuster Lindsey Morden (TSX: LM) saw its net loss widen to $2.9 million (21 a share) for the second quarter of this year compared with the net loss of $2.6 million (19 a share) reported for the same period in 2003. Overall, the adjuster’s revenue dropped to $102.1 million for the most recent quarter […]
August 31, 2004
1 min read