Segment
Reinsurance
RenaissanceRe CEO resigns
November 3, 2005 by Canadian UnderwriterJames N. Stanard resigned as chair and CEO of RenaissanceRe in light of ongoing regulatory investigations resulting from the company’s restatement of its financial results earlier this year, the company has announced.Stanard received a “Wells Notice” from the U.S. Securities…
RenaissanceRe reports 3Q loss of $327 million
November 2, 2005 by Canadian UnderwriterRenaissanceRe Holdings Ltd. (NYSE: RNR) today reported a net operating third-quarter loss of $327.3 million as a result of the 2005 hurricane season.In addition, the company projected a $250-million to $300-million net negative impact in the fourth quarter as a…
Swiss Re predicts hurricane losses of $750 million
November 2, 2005 by Canadian UnderwriterSwiss Re today estimates its aggregate claims for hurricanes Rita and Wilma will be approximately US$750 million. Swiss Re CEO John Coomber says “this year’s hurricane season reinforces the benefits of Swiss Re’s highly diversified portfolio across lines of business…
XL Capital takes US$1.05-billion third-quarter hit
November 2, 2005 by Canadian UnderwriterAs the result of an intense hurricane season, XL Capital Ltd has reported a net loss of US$1.05 billion to ordinary shareholders for the third quarter ending September 30, 2005.The disastrous third quarter means a net loss of $470.4 million…
Swiss Re report questions insurability of D&O
October 31, 2005 by Canadian UnderwriterA recent Swiss Re report includes an analysis about the long-term viability of D&O insurance in the United States.The report, “Innovating to insure the uninsurable,” gives a general overview of the limits of insurability and uses practical examples to demonstrate…
RMS increases Wilma damage estimate
October 28, 2005 by Canadian UnderwriterRisk Management Solutions (RMS) has increased its estimate for U.S. insured losses from Hurricane Wilma to between $8 billion and $12 billion.Its original estimate was between $6 billion and $10 billion, including onshore damage resulting from wind and coastal storm…
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…
Chubb Corp and Stone Point LLC to create new reinsurer
October 26, 2005 by Canadian UnderwriterChubb Corporation [NYSE: CB] is teaming up with private equity firm Stone Point Capital LLC to start a new global reinsurance company named Harbor Point Limited.Harbor Point, which is to be based in Bermuda, is expected to have an initial…
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…