Claims
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
2 min read
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
1 min read
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 […]
Transatlantic Holdings, Inc. (NYSE: TRH) has reported a $144-million net loss for the third quarter of 2005, compared to a net loss of $21.8 million over the same quarter last year.Third quarter 2005 results include the aggregate estimated pre-tax impact of significant catastrophe loss events amounting to $395 million or $256 million on an after-tax […]
PartnerRe Ltd. (NYSE: PRE) has raised $550 million in additional capital, saying in a statement that it “intends to use the proceeds for general corporate purposes, including the pursuit of growth opportunities in the global reinsurance marketplace.”The Company secured $400 million by entering into a three-and-a-half loan agreement with Citibank, N.A. Also, it has agreed […]
XL Capital Ltd. and ACE Limited both announced taking financial hits as a result of a particularly fierce hurricane season in 2005.XL Capital (NYSE:XL) announced its third-quarter net losses from catastrophes amount to $1.47 billion, ensuring a net loss by the Bermuda-based property/casualty insurer for the year. The figure includes pre-tax losses, net of reinsurance, […]
By Canadian Underwriter | October 26, 2005
Insured losses in the U.S. from Hurricane Wilma are likely to range between $6 million and $10 billion, according to Risk Management Solutions (RMS).RMS says its estimate is based on current information about landfall location and wind speeds. It says damages will arise from onshore damage resulting from wind and coastal storm surge, business interruption […]
By Canadian Underwriter | October 25, 2005
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