Alberta committee asked for measures to reduce flood damage
November 7, 2005 by Canadian UnderwriterThe Alberta government is developing a long-term strategy to reduce flood damage.The province’s transportation department has announced the establishment of a Flood Risk Management Committee. The interdepartmental committee will develop a strategy to better manage and mitigate flood damage. George…
Montpelier Re reports US$875.1 million loss in third quarter
November 4, 2005 by Canadian UnderwriterMontpelier Re Holdings Ltd. (NYSE – MRH) has reported a net third-quarter loss of US$875.1 million, as well as a net loss of US$691.9 million for the first nine months of 2005.The company says the net impact of natural catastrophes…
Difficulties by Design
November 1, 2005 Craig HarrisArchitects, engineers and design professionals face numerous exposures when it comes to building defects, contractual issues and litigation. Ontario’s Bill 124 aims to address this issue with mandatory professional liability insurance, tests for building code knowledge and a registration process for all building designs. The big question for insurers, architects and engineers is: will the legislation actually achieve its purpose?
Reinsurers’ Almanac: Your 2006 Forecast
November 1, 2005 Donald P. Callahan, President and CEO of Guy Carpenter & Company, Ltd.In mid-August, I presented our firm’s preliminary 2006 budget numbers at an operating committee meeting. Barring the unexpected, we would see moderate rate reductions of between 5% and 7% in our property treaty portfolio January 1, 2006. Auto casualty treaty…
Rebuilding capital after the storms
November 1, 2005 by Canadian UnderwriterACE Limited 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…
ISO pegs Katrina losses at $34.4 billion
October 5, 2005 by Canadian UnderwriterHurricane Katrina is expected to cost U.S. property and casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.Katrina caused widespread damage…
What’s New: In brief
October 5, 2005 by Canadian UnderwriterCanada-specific software solutions developer PowerSoft and provider of technology solutions for the p&c insurance industry Applied Systems Canada have integrated PowerSoft’s PowerQuote rate comparison and sales tool with Applied Systems’ agency management systems, The Agency Manager (TAM) and TAMOnline. Making…
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…
Hurricane Katrina losses updated
October 1, 2005 by Canadian UnderwriterPrivate-sector insured losses resulting from Hurricane Katrina are now expected to reach US$40-$60 billion with total economic losses exceeding US$125 billion, while losses to the offshore oil and gas industry, private automobiles and marine insurance, as well as commercially insured…
Preparing for the worst
October 1, 2005 David Gambrill, EditorAs the old saying goes, those who ignore history are doomed to repeat it. That’s why some form of publicly funded program should be created for Canadian cities that wish to heed more than a decade of advanced research and…
Hurricane Rita losses estimated
October 1, 2005 by Canadian UnderwriterCatastrophic risk modeling company’s Risk Management Solutions (RMS) and AIR Worldwide Corporation estimate that insured losses resulting from Hurricane Rita range from $2.5 billion to $7 billion. Based on current information on Rita’s landfall location and wind speeds, RMS estimates…
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…