Claims
AIG announced Monday it has received subpoenas from the U.S. Securities Exchange Commission (SEC) and the office of New York Attorney General Eliot Spitzer. In a statement, AIG says, “subsequent to the earnings conference call on Wednesday, February 9, AIG received subpoenas from the Office of the Attorney General for the State of New York […]
By Canadian Underwriter | February 14, 2005
2 min read
Fairfax’s Lindsey Morden Group Inc. (TSX: LM.SV), which operates in Canada as Cunningham Lindsey, ended 2004 on a high note, posting earnings of $4.81 million, or $0.35 per share, for the fourth quarter of 2004. This compares with a net loss of $21.18 million, or $1.54 per share, in the fourth quarter of 2003.The fourth-quarter […]
1 min read
The quartet of Atlantic hurricanes this past fall drove catastrophe losses in the U.S. up to a record US$27.3 billion in 2004, according to the Insurance Services Office’s (ISO) Property Claims Services (PCS) unit.The only year in the past decade which even approached 2004’s loss total was 2001, following the September 11 terrorist attacks, when […]
By Canadian Underwriter | February 10, 2005
Zurich Financial Services Group says claims relating to the South Asian tsunami disaster of December 26, 2004 will cost US$65 million, after tax and net of reinsurance (US$90 million pre-tax). Zurich also revised upward its estimate of losses from the four U.S. hurricanes last fall to US$520 million after tax and net of reinsurance (US$700 […]
By Canadian Underwriter | February 7, 2005
Recent storms across Australia are expected to produce AU$120 million (Cdn$115.5 million) in claims, according to preliminary estimates from the country’s Insurance Disaster Response Organisation (IDRO).The IDRO says insurers should face almost 30,000 claims from the storms which hit New South Wales, Victoria and Tasmania last Tuesday and Wednesday. The storms included hail, strong winds […]
By Canadian Underwriter | February 6, 2005
With no clear indication that the U.S. Congress will extend the Terrorism Risk Insurance Act (TRIA) beyond its December 31, 2005 sunset, the insurance industry is already seeing the potential impact of TRIA’s non-renewal, says a new report by Standard & Poor’s.The rating agency says workers’ compensation (WC) carriers could be hardest hit if the […]
By Canadian Underwriter | February 3, 2005
As the day draws near for Florida’s insurers to request a rate increase following last year’s record hurricanes, Standard & Poor’s expects an average 10% increase may be in the offing.S&P’s Robert McNatt says insurers are in far better shape following this hurricane season which produced four major hurricanes and as much as US$27 billion […]
By Canadian Underwriter | February 2, 2005
Lloyd’s of London has estimated its losses from the South Asian tsunami at GBP100 million, net of reinsurance. “A significant proportion of these losses will be within businesses’ planning assumptions for expected catastrophe loss costs,” notes a Lloyd’s statement. While the U.S. Federal Reserve Bank was true to course in rising the target funds rates […]
Following reassessment of its purchase of Vista, Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has restated its half-year earnings for the period ending June 30, 2004. The company announced last November revised figures for the first quarter of 2004, after it determined the fair value of vendor debt issued on the Vista acquisition was […]
January 31, 2005
Insured losses from the December 26, 2004 Asian tsunami have been estimated at less than US$4 billion by U.S. risk modeling firm Risk Management Solutions (RMS).The majority of claims will be for property damage, including homes, vehicles, boats and ships, commercial factories, hotels and resorts. This will probably comprise US$2.5-$3 billion of the total loss […]
By Canadian Underwriter | January 31, 2005
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
