Segment
Reinsurance
Lloyd’s pegs Katrina losses at US $2.55 billion
September 14, 2005 by Canadian UnderwriterLloyd’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…
Fitch puts five insurers on Rating Watch
September 13, 2005 by Canadian UnderwriterFitch 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…
Swiss Re anticipates $40-billion Katrina loss
September 12, 2005 by Canadian UnderwriterSwiss Re now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of US $40 billion. Swiss Re estimates its own claims to be in the range of US $1.2 billion. Originally…
Katrina damage estimates reach $40-$60 billion
September 12, 2005 by Canadian UnderwriterRisk Management Solutions Inc. has increased its estimates for damages stemming from Hurricane Katrina to between $40 and $60 billion in insured losses and more than $125 billion in total economic losses. The Newark, Calif.-based catastrophe modeling firm previously had…
SEC gives ‘Wells notice’ to General Reinsurance CEO
September 9, 2005 by Canadian UnderwriterBerkshire Hathaway Inc. (NYSE:BRK.A and BRK.B) has announced that on Sept. 8, 2005, Joseph Brandon, CEO of General Reinsurance Corporation, a wholly owned subsidiary of Berkshire Hathaway, received a "Wells notice" from the staff of the Securities Exchange Commission, which…
Fairfax says Katrina losses up to $220 million
September 9, 2005 by Canadian UnderwriterFairfax Financial Holdings Ltd. (TSX:FFH.SV)(NYSE:FFH) says its initial estimate of the aggregate potential net losses related to Katrina is in the range of $175 million to $220 million before tax and minority interests.The estimated loss after tax and minority interests…
Katrina estimates reach $35 billion
September 8, 2005 by Canadian UnderwriterTwo reinsurance companies estimate the industry loss as a result of the devastation caused by Hurricane Katrina will be in the range of $30 billion to $35 billion.OdysseyRe Holdings Corp. (NYSE: ORH) estimated the aggregate industry loss will be approximately…
SEC subpoenas documents from Fairfax
September 7, 2005 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has received a subpoena from the U.S. Securities and Exchange Commission (SEC), requesting documents regarding nontraditional insurance/reinsurance transactions made or products offered by entities of the Fairfax group.Fairfax says it is cooperating with the SEC…
National catastrophe reinurance facility called for
September 2, 2005 by Canadian UnderwriterThe U.S. Department of the Treasury was recently called upon to develop a national catastrophe reinsurance facility. Florida congresswoman Ginny Brown-Waite, R-Fla., is trying to gain support for H.R. 846, the Homeowners’ Insurance Availability Act of 2005. The proposal will…
Hannover Re anticipates US$300 million loss
September 2, 2005 by Canadian UnderwriterHurricane ‘Katrina has heavily impacted reinsurer’s including Hannover Re, which estimates its net losses before tax to reach around US$314 million.Even though the Company says Katrina may be the “most expensive ever natural disaster suffered by insurers in industry history,”…
Retrocessional reinsurance hit by Katrina
September 1, 2005 by Canadian UnderwriterLarge losses incurred as a result of Katrina will hit the retrocessional reinsurance insurance purchased by reinsurers in order to spread their primary insurance company risks market hard, experts say. Retrocessional reinsurance is one of the riskiest in the insurance…
Swiss Re estimates its Hurricane Katrina claims to be in the range of US $500 million
August 31, 2005 by Canadian UnderwriterSwiss Re announced today that based on its preliminary estimate, it expects its claims related to Hurricane Katrina to be in the range USD 500 million (CHF 625 million) before tax. Swiss Re expects Hurricane Katrina to cost the insurance…