Claims
Fairfax Financial Holdings Ltd. has reported a net loss of $318.1 million in the fourth quarter of 2005 and $497.9 million for 2005. The Toronto-based company says the losses were incurred as a result of the harsh Hurricanes Katrina, Rita and Wilma that resulted in a loss of $249.5 during the Q4 and $715.5 million […]
By Canadian Underwriter | February 10, 2006
2 min read
RenaissanceRe Holdings Ltd. (NYSE: RNR) has incurred a net operating loss attributable to common shareholders of $206.9 million in the Q4 of 2005, which the Company says mainly reflects a $313.9 million net negative impact from hurricane Wilma. These results compared to net operating income available to common shareholders of $188.6 million reported for the […]
By Canadian Underwriter | February 8, 2006
Could it be that catastrophe modeling may soon have to deal with factors such as “construction theft” when calculating rebuilding costs in the wake of natural disasters?According to A.M. Best, the widespread rebuilding effort along the U.S. Gulf coast in Louisiana, Florida, Texas, Mississippi and Alabama “is feeding a variety of criminal activity, including an […]
By Canadian Underwriter | February 7, 2006
Risk Management Solutions (RMS) has reaffirmed that terrorism risk management products can assist insurers in responding to the terrorism section of the ‘2005 Statement Year Supplemental Rating Questionnaire’ (SRQ), recently issued by rating agency A.M. Best Co.In December 2005, TRIA was renewed for two years with new terms and limits. In response, RMS has updated […]
By Canadian Underwriter | February 3, 2006
Fitch Ratings has affirmed all ratings of The St. Paul Travelers Companies, Inc. (STA), including the ‘A-‘ long-term issuer rating, ‘A-‘ ratings on STA’s senior unsecured notes, and ‘BBB+’ ratings on STA’s subordinated notes and capital securities.Additionally, Fitch has affirmed the ‘AA-‘ insurer financial strength (IFS) ratings on members of the St. Paul Travelers Inter-company […]
Unprecedented catastrophe losses in 2005 were true ‘market-changing’ events for the property segment, with substantial short- and long-term consequences for pricing, capitalization, reinsurance and insurance ratings, according to Guy Carpenter & Company Inc.The 2005 catastrophes “have led reinsurers to readjust historical catastrophe reinsurance ratings, which in their view had underestimated both the frequency and severity […]
By Canadian Underwriter | February 1, 2006
Although passenger air flights have experienced a significant increase in fatalities – 913 deaths in 2005, compared to 347 in 2004 – insured losses will likely only increase a small amount, a recent report published by London-based Airclaims Ltd. notes. Western-built jets – which Airclaims reports transport approximately 90% of all air traffic – set […]
January 31, 2006
1 min read
Bermuda start-up Validus Reinsurance Ltd. has reported gross written premiums of US$220 million during the January 2006 renewal season a performance that the company describes as exceeding expectations.The holding company formed on Dec. 12, 2005, to add capacity to the reinsurance market after the unprecedented catastrophic activity of 2004 and 2005.Validus Re commenced operations with […]
By Canadian Underwriter | January 31, 2006
A two-year trend of steadily falling property insurance premiums is changing as evidenced by the sharp increase of property insurance rates in the fourth quarter of 2005, according to the new RIMS Benchmark Survey.Through the industry-wide survey of current policy renewal prices, corporate risk managers report that some commercial insurance buyers saw property premiums increase […]
By Canadian Underwriter | January 30, 2006
The Allstate Corporation, the second-largest property casualty insurer in the U.S., has announced new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes. “The fundamental goal of Allstate’s catastrophe management strategy is to enable our shareholders to earn […]
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