Claims
GoshawK has agreed to sell Rosemont Re to a consortium of private equity investors headed by Don Kramer, the former vice chair of ACE Ltd.GoshawK and Rosemont Re have agreed to terms with a consortium of private equity investors, who intend to incorporate a new Bermuda reinsurer with capital of not less than $750 million, […]
By Canadian Underwriter | October 25, 2005
1 min read
A tumultuous hurricane season has partially contributed to PartnerRe Ltd.’s (NYSE: PRE) net loss of $288.7 million, or $5.48 per share, for the third quarter of 2005, compared with a profit of $83.2 million for the same period in 2004.The Company’s net loss, which includes net after-tax realized gains on investments of $47.8 million or […]
Environment Canada’s Canadian Hurricane Centre expects the remnants of Hurricane Wilma to hit the maritime provinces as a post-tropical low pressure system on Oct. 25.”Torrential rain and very high winds are likely to reach western parts of Nova Scotia Tuesday morning [October 25] and to spread to the rest of the province during the day,” […]
By Canadian Underwriter | October 24, 2005
Standard & Poor’s Insurance Ratings Group recently released a report stating that the potential impact Hurricane Wilma will have on insurers is still unknown but expected to be substantial, while catastrophe risk modeling company EQECAT Inc. says losses may range from US$2 to $US6 billion.Standard & Poor’s (S&P’s) forecasts that, based on previous losses that […]
2 min read
Catastrophe risk modeling company AIR Worldwide Corporation estimates U.S. insured losses from Hurricane Wilma will be between $6 billion and $9 billion. Wilma strengthened overnight and made landfall at 6:30 a.m. on Oct. 24 at Cape Romano, Florida, as a Category 3 hurricane with maximum sustained winds of 125 mph.As a Category 3 storm, Wilma […]
Allstate estimates its Hurricane Katrina catastrophe claims and claims expenses will amount to $3.68 billion. “Catastrophe claims and claims expense estimates include losses from approximately 216,000 expected claims, of which over 175,000 claims have been reported as of October 13 on our standard auto, non-standard auto, homeowners, commercial and other products,” the company reports in […]
By Canadian Underwriter | October 21, 2005
A recent RIMS Benchmark survey, produced by Advisen Ltd., shows a sharp downturn in commercial insurance rates and indicates that losses from Hurricane Katrina and Hurricane Rita may still cause problems. The success of the p&c industry during the first half of the year – some managers renewing on or after Oct 1 reported increases […]
By Canadian Underwriter | October 20, 2005
Catlin Group Limited (‘CGL’: LSE), a Bermuda-based property and casualty insurer and reinsurer, estimates losses arising from Hurricane Rita will be US$90 million gross of reinsurance and US$60 million on a net basis. Catlin is not revising its Sept. 12 estimate that losses arising from Hurricane Katrina will be US$275 million gross of reinsurance and […]
By Canadian Underwriter | October 19, 2005
Hurricane Wilma, a Category 5 storm packing maximum sustained winds near 275 km/h, is tracking to hit Mexico and Cuba, en route to reaching the Florida Keys by Oct. 22.The U.S. National Hurricane Center notes Wilma “is forecast to lose some strength as it targets Florida for a weekend landfall.”As of Oct. 19, at 2 […]
The bird flu pandemic that appears to be creeping westward could be catastrophic for Canada’s manufacturing sector as it has the potential to instigate an economic crisis, according to the Conference Board of Canada.In its report “Performance and Potential 2005-06: The World and Canada: Trends Reshaping Our Future,” the Conference Board warns that Canada’s efforts […]
By Canadian Underwriter | October 18, 2005
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