Segment
Reinsurance
ACE Ltd. to sell $1.3 billion in shares
October 4, 2005 by Canadian UnderwriterACE Limited (NYSE: ACE) is selling 28 million of its ordinary shares at a price of $45.58 per share in a public offering expected to raise gross proceeds of more than $1.3 billion.ACE has also granted to underwriters an option…
Jewelery insurer says Katrina looting costs $700,000
October 4, 2005 by Canadian UnderwriterLooting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates…
Katrina victims offered retroactive flood coverage
September 30, 2005 by Canadian UnderwriterWhile individual states sue U.S. insurers over whether flood damage in New Orleans wrought by Hurricane Katrina is exempted from coverage, the U.S. federal government is preparing a bill that would allow victims of Hurricanes Rita and Katrina to buy…
B.C. can sue tobacco companies for health costs
September 30, 2005 by Canadian UnderwriterThe Supreme Court of Canada has ruled that the B.C. government may sue tobacco companies to recover health care costs related to smoking, raising the question of whether tobacco insurers would ultimately be on the hook for any liability tobacco…
Fairfax issues $300-million worth of voting shares
September 28, 2005 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has agreed to issue $300-million worth of subordinate voting shares (1,843,318 shares) to a number of institutional investors at today’s closing price of $162.75 per share. Prem Watsa, CEO of Fairfax, commented: “Fairfax is raising…
Munich Re total hurricane damages US$1.6 billion
September 28, 2005 by Canadian UnderwriterMunich Re recently estimated its total damages from Hurricanes Katrina and Rita at about US$1.6 billion (1.33 billion euros).The Company says it will likely have to pay out about 650 million euros after tax however Munich remains optimistic that it…
Global reinsurance sector receives stable outlook, despite hurricanes
September 27, 2005 by Canadian UnderwriterAn initial review of Hurricanes Katrina and Rita’s effect on the global reinsurance sector indicates a stable rating outlook, according to Fitch Ratings. Fitch maintained this outlook under the premise that the losses from Hurricanes Katrina and Rita will be…
RMS predicts Rita damages of US$4-7 billion
September 26, 2005 by Canadian UnderwriterRisk Management Solutions (RMS) recently estimated insured losses from Hurricane Rita are likely to range between $4 billion and $7 billion, based on current information on landfall location and wind speeds.“Hurricane Rita is comparable to last year’s Charley in that…
AIR pegs Rita losses at US$2.5-$5 billion
September 26, 2005 by Canadian UnderwriterCatastrophe risk modeling company AIR Worldwide Corporation estimates Hurricane Rita will cost the insurance industry a total of between $2.5 billion and $5 billion in losses.Rita made landfall between Sabine Pass and Johnson’s Bayou on the Louisiana coast as a…
Sun Life to double business in China
September 23, 2005 by Canadian UnderwriterSun Life Financial Inc. will double its business in China in the next three years, according to chief executive Donald Stewart.Stewart says the Canadian-based insurance company will need to grow at about 23% per year in order to double in…
XL Capital Group placed on CreditWatch
September 21, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has placed its ratings on XL Capital Group (XL) on CreditWatch, based on the uncertainty around Hurricane Katrina’s ultimate impact on XL’s capital adequacy ratio. The ratings and outlook on XL’s ‘AAA’ rated financial guaranty…
Louisiana prepares for Hurricane Rita
September 21, 2005 by Canadian UnderwriterThe National Hurricane Centre in the U.S. says Hurricane Rita, now a Category 4 hurricane, “could reach Category 5 intensity in the central Gulf of Mexico” and is tracking to reach landfall on the south coast of Texas and the…