Claims
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
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 […]
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 […]
2 min read
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
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 […]
By Canadian Underwriter | October 31, 2005
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 […]
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 […]
By Canadian Underwriter | October 28, 2005
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 […]
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 […]
By Canadian Underwriter | October 27, 2005
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 […]
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