Topic
Climate Change
Cunningham Lindsey call center responds to Hurricane Wilma
October 27, 2005 by Canadian UnderwriterCunningham Lindsey Canada recently responded to claims associated with Hurricane Wilma through processing calls from their Hamilton, Ontario-based call center, Echo Intake Solutions. “Since the storm hit on Monday, we have taken in excess of 4,000 calls and expect that…
Transatlantic loses $144 million in third quarter
October 27, 2005 by Canadian UnderwriterTransatlantic Holdings, Inc. (NYSE: TRH) has reported a $144-million net loss for the third quarter of 2005, compared to a net loss of $21.8 million over the same quarter last year.Third quarter 2005 results include the aggregate estimated pre-tax impact…
PartnerRe raises $550 million; predicts Wilma losses
October 27, 2005 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) has raised $550 million in additional capital, saying in a statement that it “intends to use the proceeds for general corporate purposes, including the pursuit of growth opportunities in the global reinsurance marketplace.”The Company secured $400…
XL Capital, ACE Ltd. announce third-quarter losses
October 26, 2005 by Canadian UnderwriterXL Capital Ltd. and ACE Limited both announced taking financial hits as a result of a particularly fierce hurricane season in 2005.XL Capital (NYSE:XL) announced its third-quarter net losses from catastrophes amount to $1.47 billion, ensuring a net loss by…
Wilma losses between $6 billion and $10 billion: RMS
October 25, 2005 by Canadian UnderwriterInsured losses in the U.S. from Hurricane Wilma are likely to range between $6 million and $10 billion, according to Risk Management Solutions (RMS).RMS says its estimate is based on current information about landfall location and wind speeds. It says…
GoshawK to sell Rosemont Re
October 25, 2005 by Canadian UnderwriterGoshawK has agreed to sell Rosemont Re to a consortium of private equity investors headed by Don Kramer, the former vice chair of ACE Ltd.GoshawK and Rosemont Re have agreed to terms with a consortium of private equity investors, who…
Hurricanes hinder Partner Re’s Q3 results
October 25, 2005 by Canadian UnderwriterA tumultuous hurricane season has partially contributed to PartnerRe Ltd.’s (NYSE: PRE) net loss of $288.7 million, or $5.48 per share, for the third quarter of 2005, compared with a profit of $83.2 million for the same period in 2004.The…
Wilma remnants to douse Atlantic Canada
October 24, 2005 by Canadian UnderwriterEnvironment Canada’s Canadian Hurricane Centre expects the remnants of Hurricane Wilma to hit the maritime provinces as a post-tropical low pressure system on Oct. 25.“Torrential rain and very high winds are likely to reach western parts of Nova Scotia Tuesday…
Wilma expected to result in significant losses
October 24, 2005 by Canadian UnderwriterStandard & Poor’s Insurance Ratings Group recently released a report stating that the potential impact Hurricane Wilma will have on insurers is still unknown but expected to be substantial, while catastrophe risk modeling company EQECAT Inc. says losses may range…
AIR estimates Wilma damages at $6 billion to $9 billion
October 24, 2005 by Canadian UnderwriterCatastrophe risk modeling company AIR Worldwide Corporation estimates U.S. insured losses from Hurricane Wilma will be between $6 billion and $9 billion. Wilma strengthened overnight and made landfall at 6:30 a.m. on Oct. 24 at Cape Romano, Florida, as a…
Allstate predicts $3.68-billion Katrina loss
October 21, 2005 by Canadian UnderwriterAllstate estimates its Hurricane Katrina catastrophe claims and claims expenses will amount to $3.68 billion. “Catastrophe claims and claims expense estimates include losses from approximately 216,000 expected claims, of which over 175,000 claims have been reported as of October 13…
Renewals prior to Katrina indicate downturn in commercial insurance rates
October 20, 2005 by Canadian UnderwriterA recent RIMS Benchmark survey, produced by Advisen Ltd., shows a sharp downturn in commercial insurance rates and indicates that losses from Hurricane Katrina and Hurricane Rita may still cause problems. The success of the p&c industry during the first…