Claims
Transatlantic Holdings Inc. recently updated its catastrophe estimates and reports that it expects its net losses from Hurricane Katrina to be about US$195 million after tax. Previously, Transatlantic estimated aftertax losses of US$176 million from Katrina. The Company also expects its net loss from Hurricane Rita to be US$33 million after tax. The New York-based […]
By Canadian Underwriter | October 18, 2005
1 min read
American International Group, Inc. (AIG) recently donated $1 million to support the relief efforts in the areas affected by the earthquake in South Asia and says it will match, by 100%, all donations its employees make to the AIG Disaster Relief Fund.The Company has a business force in South Asia through its joint venture in […]
By Canadian Underwriter | October 14, 2005
The aviation insurance market’s renewal season October to December will see a slow down of the recent decline in rates as a result of the hurricanes that struck the US, however recent aviation losses are not expected to effect rates significantly, according to a report by Aon Corp. Aviation hull losses for the first quarter […]
By Canadian Underwriter | October 13, 2005
Max Re Capital Ltd. (Nasdaq: MXRE) recently entered into the capital markets intending to raise money after the losses caused by Hurricanes Katrina and Rita.Max Re plans to sell 11,000,000 of its common shares in an underwritten public offering at a price to the public of $23.50 per share. In addition, Max has granted the […]
By Canadian Underwriter | October 12, 2005
Arch Capital Group Ltd. (NASDAQ: ACGL) recently announced that it expects its third-quarter earnings to be negatively impacted by the losses related to recent catastrophes.The Bermuda-based company estimates its losses from Hurricane Katrina will be $173 million) while Hurricane Rita is expected to reach losses of $48 million. Although less severe, the combined losses of […]
AIG Excess Casualty(R), a division of American Home Assurance Company, a member company of American International Group, Inc. (AIG), has introduced a new product that provides excess liability coverage for risks previously covered by an insurance carrier that is now insolvent. Available as an endorsement to AIG Excess Casualty’s Commercial Umbrella Liability policy, Umbrella Prime(R), […]
By Canadian Underwriter | October 11, 2005
2 min read
Swiss Re and seven other companies, including Zurich Financial Services, recently became founding members of the ICRC Corporate Support Group initiated by the International Committee of the Red Cross (ICRC). The ICRC Corporate Support Group was formed in order to support the ICRC’s global humanitarian endeavours. Peter Forstmoser, chairman of the board of Swiss Re, […]
Although the global insurance industry will incur tremendous losses due to hurricanes Katrina and Rita, European insurers are expected to at least maintain their current pricing levels, according to Standard & Poor’s Corp. recent report, “Industry Report Card: European Insurance.”The report states that the recent hurricanes “will force insurers to re-examine net retentions, limits and […]
Fairfax Financial Holdings Ltd. has updated its predicted net Hurricane Katrina pre-tax losses to $388 million and post-tax losses to $233 million.The company said the new estimate reflects new information received and an expected aggregate industry loss estimate of approximately $50 billion. Fairfax’s initial post-tax loss estimate of between $108 million and $104 million was […]
Despite Hurricane Katrina losses of approximately 1.4 billion, Lloyd’s of London predicts it will turn in full-year profits.The insurance market indicated pre-tax profits increased by 21% on the pro-forma number for the same period 2004 (or an increase of 1.38billion). However, business written in the first half of 2005 plummeted from 9.84 billion to 8.4 […]
By Canadian Underwriter | October 7, 2005
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