Claims
Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as the single most expensive insured occurrence in the U.S. to date,” Patricia Guinn, managing director, […]
By Canadian Underwriter | October 7, 2005
2 min read
Aon Re, a unit of Aon Corporation (NYSE: AOC), recently called for the implementation of some form of a privately funded, federally mandated “facility” and bonding process that would support insurers’ in their ability provide adequate and affordable terrorism coverage and help cover catastrophic terrorism losses.Aon Re’s proposal centers on a mandatory terrorism reinsurance facility […]
By Canadian Underwriter | October 5, 2005
Insurers are receiving aid from the US Securities Exchange Commission (SEC) in their efforts to pay off the extensive claims resulting from hurricanes Katrina and Rita. Many insurers have been placed on credit watch and issued warnings because of extensive catastrophic loss claims. In an effort to help insurers raise money and avoid credit downgrades […]
1 min read
Hurricane Katrina is expected to cost U.S. property and casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.Katrina caused widespread damage to homes and businesses in six states Louisiana, Mississippi, Alabama, Florida, Tennessee and Georgia. New […]
ACE Limited (NYSE: ACE) 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 […]
By Canadian Underwriter | October 4, 2005
Looting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates in Alberta, P.E.I., Saskatchewan, the Northwest Territories and the Yukon. It is the only insurance […]
While individual states sue U.S. insurers over whether flood damage in New Orleans wrought by Hurricane Katrina is exempted from coverage, the U.S. federal government is preparing a bill that would allow victims of Hurricanes Rita and Katrina to buy retroactively into the federal government’s National Flood Insurance Program (NFIP).As reported by A.M. Best, if […]
By Canadian Underwriter | September 30, 2005
Property damage caused by water related to Hurricane Katrina will reach a total figure of approximately $44 billion, according to AIR Worldwide Corp. “Katrina resulted in an unprecedented level of water damage,” Dr. Jayanta Guin, vice president of research and modeling at AIR Worldwide, says. “While the flooding of New Orleans in the aftermath of […]
By Canadian Underwriter | September 29, 2005
Standard & Poor’s Ratings Services has revised its outlook on the global reinsurance industry to negative from stable, the company has announced.”The negative outlook implies that downgrades are expected to outnumber upgrades in the remainder of 2005, although the number of downgrades is expected to be modest,” the company indicated in a release. “The negative […]
Fairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has agreed to issue $300-million worth of subordinate voting shares (1,843,318 shares) to a number of institutional investors at today’s closing price of $162.75 per share. Prem Watsa, CEO of Fairfax, commented: “Fairfax is raising significant equity at this time with a view to bulletproofing its balance sheet and achieving […]
By Canadian Underwriter | September 28, 2005
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