In order to attain additional protection against Western Europe windstorm losses, Munich Reinsurance Co. recently placed catastrophe bonds worth $129.9 million.The bonds are meant to complement the Company’s existing retrocessional reinsurance program, according to Thomas Blunck, a management board member…
New legislation aimed at providing a legal recourse for a child who sustains prenatal injuries as the result of the negligent driving of his or her mother was introduced November 15 in the Alberta Legislature.Current law already allows a child…
Capital Markets Subcommittee Chairman Richard H. Baker tecently introduced legislation in the U.S. House of Representatives that would extend the Terrorism Risk Insurance Act for at least two years. The bill will increase the deductibles on all lines of insurance…
The Co-operators and the Insurance Bureau of Canada (IBC) are warning of frauds designed to profit from the damage Hurricanes Katrina and Rita have wrought in the southern United States. “As a result of the recent natural disasters in the…
Arch Capital Group Ltd. (NASDAQ: ACGL) predicts its after-tax earnings for the 2005 fourth quarter will take a US$40-million to $60-million hit because of Hurricane Wilma.The estimate is based on industry insured losses of $8 to $12 billion and is…
The quality and completeness of most insurers’ commercial policy data is insufficient for a detailed and accurate assessment of their catastrophe risk, according to a recent analysis of insurers’ exposure data by risk modeling company AIR Worldwide Corporation (AIR). “Nine…
Standard & Poor’s Ratings Services has placed its ‘AA-‘ long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities on CreditWatch with negative implications. At the same time, Standard & Poor’s placed its ‘A+’ long-term…
Hannover Re’s third quarter results show a net expenditure on major losses of 781.4 million euros, which reflects the adverse affects of catastrophic losses that had already caused heavy losses of 93.3 million euro in the first quarter of 2005.…
After losing nearly US$8.4 billion in after-tax losses during this year’s hurricane season, the Bermuda reinsurance market has already recovered almost US$6 billion in capital, a Moody’s report of 14 Bermuda-based reinsurers has found.“Through Nov. 4, 2005, the 14 companies…
In the wake of a devastating hurricane season, Fitch Ratings is urging the property and casualty industry to better understand its capital requirements and take steps to better mitigate catastrophic risk.In a report to be released, entitled New Thinking on…
Willis Group Holdings Ltd’s (NYSE: WSH) North American construction practice group leader Paul Becker recently testified at a hearing held by the Senate Subcommittee on Superfund and Waste Management on the construction risks inherent in the New Orleans cleanup. Invited…
Damage inflicted by hurricanes will only get worse in the future because of the increasing development and population density along US coastlines, according to speakers at a recent Hurricane Symposium in London, England, held by the Insurance Leadership Institute of…