The property and casualty insurance industry in the US has suffered an underwriting loss of US$2.8 billion for the first nine months of 2005 as a result of Hurricane Katrina, reversing the $3.4 billion underwriting gain reported during the same…
Fairfax Financial Holdings Ltd. has reported a net loss of $318.1 million in the fourth quarter of 2005 and $497.9 million for 2005. The Toronto-based company says the losses were incurred as a result of the harsh Hurricanes Katrina, Rita…
RenaissanceRe Holdings Ltd. (NYSE: RNR) has incurred a net operating loss attributable to common shareholders of $206.9 million in the Q4 of 2005, which the Company says mainly reflects a $313.9 million net negative impact from hurricane Wilma. These results…
Could it be that catastrophe modeling may soon have to deal with factors such as “construction theft” when calculating rebuilding costs in the wake of natural disasters?According to A.M. Best, the widespread rebuilding effort along the U.S. Gulf coast in…
Risk Management Solutions (RMS) has reaffirmed that terrorism risk management products can assist insurers in responding to the terrorism section of the ‘2005 Statement Year Supplemental Rating Questionnaire’ (SRQ), recently issued by rating agency A.M. Best Co.In December 2005, TRIA…
Fitch Ratings has affirmed all ratings of The St. Paul Travelers Companies, Inc. (STA), including the ‘A-‘ long-term issuer rating, ‘A-‘ ratings on STA’s senior unsecured notes, and ‘BBB+’ ratings on STA’s subordinated notes and capital securities.Additionally, Fitch has affirmed…
Unprecedented catastrophe losses in 2005 were true ‘market-changing’ events for the property segment, with substantial short- and long-term consequences for pricing, capitalization, reinsurance and insurance ratings, according to Guy Carpenter & Company Inc.The 2005 catastrophes “have led reinsurers to readjust…
Bermuda start-up Validus Reinsurance Ltd. has reported gross written premiums of US$220 million during the January 2006 renewal season a performance that the company describes as exceeding expectations.The holding company formed on Dec. 12, 2005, to add capacity to the…
A two-year trend of steadily falling property insurance premiums is changing as evidenced by the sharp increase of property insurance rates in the fourth quarter of 2005, according to the new RIMS Benchmark Survey.Through the industry-wide survey of current policy…
The Allstate Corporation, the second-largest property casualty insurer in the U.S., has announced new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes.…
Insured property losses resulting from catastrophes in 2005 will deliver U.S. P&C insurers with a ‘bill’ of around US$56.8 billion, according to the property claim services unit at Insurance Services Office Inc. (PCS).This amount represents two times the recorded figure…
Good business in Canada helped to increase AXA’s 2005 property and casualty revenues by 3%, AXA CEO Henri de Castries recently reported on the company’s Web site.“Property and casualty revenues increased by 3%, to EUR18.8 million, mainly driven by France…