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TSR says another hurricane likely (August 23, 2004)

August 23, 2004 by Canadian Underwriter

On the heels of Hurricane Charley devastating the Florida coast, Tropical Storm Risk (TSR) is predicting more of the same is on the way. TSR says at least one more hurricane force storm is expected to hit the U.S. coast

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Fairfax expects US$35 million Charley loss

August 23, 2004 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings says its companies could be exposed to losses totaling US$35-$45 million as a result of Hurricane Charley. The preliminary estimates, which are net of reinsurance, include Odyssey Re, Crum & Forster and Northbridge.Other insurers are beginning

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III pegs Charley loss at US$7.4 billion

August 19, 2004 by Canadian Underwriter

With insured losses expected to reach US$7.4 billion, Hurricane Charley will likely be the second-most costly hurricane in U.S. history, says the Insurance Information Institute (III).With risk modelers casting estimates in the US$5-$10 billion range, the III says the total

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Hurricane Charley loss estimates rise

August 17, 2004 by Canadian Underwriter

Early insured loss estimates from Hurricane Charley, which made landfall in Florida over the weekend, now run as high as US$10 billion.Risk modeling firm AIR Worldwide says insured losses should range between US$6-$10 billion, while Risk Management Solutions has upped

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Hurricane Charley loss less than expected

August 16, 2004 by Canadian Underwriter

The estimated loss resulting from Hurricane Charley, which made landfall in Florida on Friday, has been reduced from US$10-15 billion to US$5 billion by Risk Management Solutions Inc. (RMS). The risk assessment company says it revised the potential loss due

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Florida braces for hurricane blast

August 12, 2004 by Canadian Underwriter

About 800,000 residents on the Florida coast have been asked to evacuate the area with the impending arrival of Hurricane Charley, expected to hit the Florida keys late Thursday or early Friday.Charley has already brought up to six inches of

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Texas storm losses cost insurers US$175 million

August 10, 2004 by Canadian Underwriter

Storms which struck the area of Amarillo, Texas in late June have already cost insurers US$175 million in claims, says the Insurance Council of Texas.The storm, which hit June 21 and brought high winds and hail, has resulted in about

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Hurricane predictions revised

August 9, 2004 by Canadian Underwriter

Two groups issuing predictions for the Atlantic hurricane season have updated their forecasts. Tropical Storm Risk (TSR), part of the Benfield Hazard Research Centre, increased its forecast by 20%. It says the 2004 season shows signs of being 150% of

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Peterborough flood claims to top $71 million

August 5, 2004 by Canadian Underwriter

Early claims estimates resulting from the recent Peterborough, Ontario floods show insurers paying out close to $71 million, says Eve Patterson, regional manager for the Insurance Bureau of Canada (IBC). Patterson says with the major writers having reported thus far,

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What’s new: In brief (August 04, 2004)

August 4, 2004 by Canadian Underwriter

Toronto-based Lindsey Morden has a new CEO who will also take on the top role at Cunningham Lindsey U.S.. Jan Christiansen was named to the position upon the resignation of Karen Murphy after four years. Christiansen was most recently CFO

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Hurricane Alex a mild brother to Isabel

August 3, 2004 by Canadian Underwriter

The insurance industry was spared the full wrath of the first Atlantic hurricane Tuesday as Hurricane Alex made just a glancing blow on the North Carolina coast. Earlier it was feared Alex would be the first storm to cause major

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What’s new: In brief (August 03, 2004)

August 3, 2004 by Canadian Underwriter

Pafco Insurance has commenced writing business as a stand-alone company in Ontario and New Brunswick as of Tuesday. The brand used to fall under the Pembridge mantle, but Pembridge CEO Bob Tisdale explains the separate Pafco licenses are intended to