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Manulife’s Katrina losses at US$165 million

September 20, 2005 by Canadian Underwriter

Canadian-based Manulife Financial Corporation [TSX/NYSE/PSE: MFC; SEHK: 0945] estimates its after-tax losses related to damages left by Hurricane Katrina will be US$165 million.Manulife provides property catastrophe coverage to a number of reinsurers, the company said in a statement. “Reinsurers generally

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Louisiana to restrict P&C policy cancellations

September 20, 2005 by Canadian Underwriter

Louisiana Gov. Kathleen Blanco is expected to sign an emergency order that would severely restrict the ability of property/casualty and health insurers to cancel a policy within the seven-parish region that was hit hardest by Hurricane Katrina, A.M. Best reports.Bobby

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Fitch reviews adequacy of computer-modeling

September 19, 2005 by Canadian Underwriter

Fitch Ratings in Chicago says it is reviewing “the reliability of catastrophe modeling” to support its analysis of the capital adequacy of insurers.Fitch said it presumes probabilistic vendor models used throughout the insurance industry to assess catastrophe exposures represent current,

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Reinsurers update Katrina losses

September 19, 2005 by Canadian Underwriter

Risk Management Solutions, which does catastrophe modeling, is reporting a more detailed breakdown of overall industry losses in the wake of Hurricane Katrina, a Category 4 hurricane that all but decimated New Orleans in late August.RMS is projecting industry-wide losses

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Ophelia leaves less than $800 million in damages

September 19, 2005 by Canadian Underwriter

The remnants of tropical storm Ophelia have tracked eastward, away from Newfoundland, and the Canadian Hurricane Centre of Environment Canada has lifted all warnings for inland areas of Newfoundland.Once a Category 1 storm that swept through Northern Carolina last week,

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Mississippi AG sues insurance industry

September 16, 2005 by Canadian Underwriter

Mississippi Attorney General Jim Hood has filed a complaint and a motion for a temporary restraining order against the insurance industry, seeking to declare void and unenforceable certain provisions contained in property casualty insurance policies issued to Mississippi Gulf Coast

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Lloyd’s rating stable, despite Katrina losses

September 15, 2005 by Canadian Underwriter

Fitch Ratings, the international rating agency, believes the US$2.55 billion provisional estimate of net losses arising from Hurricane Katrina recently announced by Lloyd’s is within current rating expectations. As a result, “there is no immediate impact on Lloyd’s ratings,” Fitch

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Ophelia losses less than $500 million

September 15, 2005 by Canadian Underwriter

Carvill’s ReAdvisory, a reinsurance intermediary, predicts losses from Hurricane Ophelia “are likely to be light” up to a maximum of $500 million, A.M. Best reports.On-again, off-again Hurricane Ophelia, a Category 1 storm, is continuing to skirt the North Carolina coast

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Reinsurers may be downgraded after Katrina: Moody’s

September 15, 2005 by Canadian Underwriter

Moody’s Investors Service says reinsurers with “outsized exposure” to Hurricane Katrina damage in New Orleans, or to the city’s hard-hit industries such as energy or gaming, “could face rating downgrades, particularly if they do not recapitalize quickly.”The recently released Moody’s

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Hurricane Ophelia heads toward North Carolina

September 14, 2005 by Canadian Underwriter

Hurricane Ophelia is continuing to strengthen as it moves closer to the North Carolina coast, the U.S. National Hurricane Center in Miami reports.The intensity of the storm has now reached 80 to 85 mph, which classifies Ophelia as a Category

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Lloyd’s pegs Katrina losses at US $2.55 billion

September 14, 2005 by Canadian Underwriter

Lloyd’s of London estimates its market’s net loss as a result of Hurricane Katrina will be 1.4 billion (U.S. $2.55 billlion).The estimated loss is comparable with the collective impact of four U.S windstorms in 2004, which resulted in a net

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Fitch puts five insurers on Rating Watch

September 13, 2005 by Canadian Underwriter

Fitch Ratings placed the ratings of five North American property/casualty insurance and reinsurance organizations on Rating Watch Negative today based on potential large loss exposures to Hurricane Katrina. Affected companies include the Allstate Corporation, Horace Mann Educators Corp., Montpelier Re