Claims
Hurricanes Katrina and Rita were “insurance-market-changing” events that many US insurers say will return property insurance rates to their 2003 levels, according to a white paper released by Marsh & McLennan Cos.”Catastrophe rate increases are ranging from 10% to more than 100%,” notes the Marsh report, entitled ‘The Impact of Nature: The Aftermath of Hurricanes […]
By Canadian Underwriter | November 25, 2005
1 min read
XL Capital Ltd (NYSE: XL) recently received a draft actuarial report from the Independent Actuary in connection with the Company’s post-closing protection for adverse development of net loss and unearned premium relating to it’s acquisition of specific Winterthur International insurance operations from the Winterthur Swiss Insurance Company (“WSIC”) in 2001.Initial review of the Independent Actuary’s […]
Endurance Specialty Holdings Ltd. will incur a loss of $120 million before tax due to the effects of Hurricane Wilma.This represents an anticipated preliminary estimate that includes an estimated $35 million in gross losses that resulted from storm damage in Mexico’s Yucatan Peninsula, according to the Company. The majority of the other losses are a […]
By Canadian Underwriter | November 23, 2005
Standard & Poor’s Ratings Services has taken Transatlantic Reinsurance Co. and its wholly-owned subsidiaries, Putnam Reinsurance Company and Trans ReZurich, off CreditWatch with negative implications and downgraded the company’s rating from an ‘AA’ to an ‘AA-‘.Standard & Poor’s said the outlook for these companies is stable.”We lowered the ratings because Transatlantic’s recent operating performance, albeit […]
By Canadian Underwriter | November 22, 2005
2 min read
AXIS Capital Holdings Ltd [NYSE:AXS] has sold 6.8 million of its common shares at $29.42 per share to Citigroup Corporate and Investment Banking, raising aggregate proceeds of approximately $US200 million.Citigroup bought the shares from AXIS Capital and subsequently reoffered the common shares to public investors, AXIS announced in a press release.”AXIS Capital expects to use […]
In order to attain additional protection against Western Europe windstorm losses, Munich Reinsurance Co. recently placed catastrophe bonds worth $129.9 million.The bonds are meant to complement the Company’s existing retrocessional reinsurance program, according to Thomas Blunck, a management board member at Munich responsible for retrocession and capital markets solutions Dubbed “Aiolos” otherwise known as the […]
By Canadian Underwriter | November 21, 2005
Pethealth Inc. (TSX VENTURE:PTZ) recently announced a total revenue for the third-quarter ended September 30, 2005 of $3.8 million, representing a 26% increase over revenue of $3.0 million for same period last year.The Company also reported significantly greater net loss of $190,120 for the Q3 2005 as compared to the net loss of $50,419 for […]
New legislation aimed at providing a legal recourse for a child who sustains prenatal injuries as the result of the negligent driving of his or her mother was introduced November 15 in the Alberta Legislature.Current law already allows a child – after birth – to sue his or her father, another family member or any […]
By Canadian Underwriter | November 17, 2005
Capital Markets Subcommittee Chairman Richard H. Baker tecently introduced legislation in the U.S. House of Representatives that would extend the Terrorism Risk Insurance Act for at least two years. The bill will increase the deductibles on all lines of insurance covered by the federal financial backstop created by TRIA and raise the size of insured […]
By Canadian Underwriter | November 15, 2005
American International Group Inc. (AIG) recently reported a net income of $10.02 billion for its delayed third-quarter earnings, which represents an increase of 20.9% above its restated prior-period result. AIG’s third-quarter 2005 net income was $1.72 billion, down 36.1% from the restated prior-period figure, due to net aftertax catastrophe losses of $1.57 billion related to […]
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