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Significant first-quarter cat losses for U.S. insurers: ISO

May 1, 2005 by Canadian Underwriter

On the heels of the worst ever year on record for insured catastrophe losses in 2004, U.S. insurers are facing another steep price tag in the first quarter of 2005, says the Insurance Services Office (ISO) Property Claims Services (PCS)

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Terrorism insurance uptake rises substantially in 2004: Marsh

April 28, 2005 by Canadian Underwriter

Almost half of all large and mid-sized U.S. businesses purchased terrorism insurance in 2004, a significant increase over recent years, according to new research issued by brokerage Marsh.In 2003, just 27% of businesses had opted to buy the coverage, but

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What’s new: In brief (April 28, 2005)

April 28, 2005 by Canadian Underwriter

With the release of its first-quarter 2005 results, brokerage Willis Group says has laid off 500 staff members and put aside a further US$20 million to deal with litigation relating to contingent commissions. Earlier this month, Willis announced settlements totaling

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Industry’s profit position difficult to maintain: Smith

April 27, 2005 by Canadian Underwriter

Despite record profits reported by the Canadian property & casualty insurance industry last year, the industry’s position of profitability will be difficult to maintain, says Nicholas Smith, attorney in fact in Canada for Lloyd’s underwriters.Smith made the remarks at this

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Terrorism risk on the rise: Aon

April 20, 2005 by Canadian Underwriter

Terrorism risk is on the rise around the world, with increased exposure seen in many countries, according to the “2005 Terrorism Risk Map” released by Aon.In total, 31 countries have received higher terrorism threat rankings than last year, with 48%

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Insurers say private market not ready to assume terrorism risk

April 17, 2005 by Canadian Underwriter

U.S. insurers had their day before a Senate committee investigating the status of the Terrorism Risk Insurance Act (TRIA), urging lawmakers to extend the program beyond its December 31 sunset. Insurers insist the government backstop for terrorism risks must be

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What’s new: In brief (April 17, 2005)

April 17, 2005 by Canadian Underwriter

Florida’s state-run windstorm insurer of last resort, Citizen’s Property Insurance Corp., says it will face a US$516 million shortfall in its account following last year’s unprecedented hurricane season. The shortfall could result in every insured homeowner in the state paying

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What’s new: In brief (April 10, 2005)

April 10, 2005 by Canadian Underwriter

Finite reinsurer Inter-Ocean has gone into voluntary run-off. Inter-Ocean, based in Bermuda and Ireland, is owned by 11 international insurance and reinsurance companies. The company itself retains no net underwriting risk, but received a fee or margin on each contract

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Lloyd’s profits for 2004 hit GBP1.36 billion

April 6, 2005 by Canadian Underwriter

Lloyd’s of London says pre-tax profits for the 2004 year of account will be GBP1.36 billion, despite net claims of GBP1.2 billion from the U.S. hurricanes. 2004 does represent a decline from 2003, when the London market recorded GBP1.89 billion

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Odyssey Re says storms could take US$29 million toll on results

April 5, 2005 by Canadian Underwriter

Fairfax’s Odyssey Re Holdings Corp. says last year’s extreme weather, combined with Windstorm Erwin earlier this year, could produce after-tax net losses of US$26-$29 million, which will be factored into first-quarter 2005 results. The total includes a US$14-US$15 million increase

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Gray team predicts another above-average U.S. hurricane season

April 4, 2005 by Canadian Underwriter

On the heels of last year’s unprecedented Atlantic hurricane season, well-known forecaster Prof. William Gray is anticipating another stormy season for 2005.Gray and his team of researchers at Colorado State University say 2005 will likely see above-average hurricane activity during

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Cat bond market grows in 2004: Guy Carpenter

April 3, 2005 by Canadian Underwriter

The global catastrophe bond market grew 17% in 2004, according to a joint study released by reinsurance broker Guy Carpenter & Co. and MMC Securities Corp.Measuring total outstanding risk capital, yearend 2004 reached US$4.04 billion, compared to US$3.45 billion at