Philadelphia Consolidated Holding Corp. reported its initial estimate of losses attributable to Hurricane Wilma. Although claims information is preliminary, the company estimates its after-tax net losses to be approximately $5.5 million. The catastrophe losses due to Hurricane Wilma impacted both …
U.S. property/casualty insurers are expected to pay an estimated $6.1 billion to Florida policyholders for insured property losses from Hurricane Wilma, pushing year-to-date catastrophe losses to $50.3 billion, an all-time record, according to preliminary analysis by the insurance industry. The …
Guy Carpenter & Company Inc. announced that Scott Whipp has joined the company’s Professional Liability Specialty Practice as a managing director and will lead its medical malpractice group and that Michael Bleisnick has joined the firm’s Retrocessional Specialty Practice as …
“Convergence products” will play a critical part in the competitive landscape of the property-casualty industry in coming years despite being a relatively small segment, according to a new study by Conning Research and Consulting Inc. “The development of convergence products …
Rockhill Holding Company has raised $145 million in capital and completed the acquisition of United Coastal Insurance Company, an excess and surplus lines company which is authorized in most US jurisdictions. United Coastal Insurance Company has been renamed Rockhill Insurance …
The U.K.’s Chartered Insurance Institute (CII) announced that it is making its guidance note on Conflicts of Interest available to the whole market in view of the FSA’s letter last week to chief executives on the subject (See IJ Website …
Bermuda-based Platinum Underwriters Holdings, Ltd. announced that it has commenced a public offering of approximately $220 million worth of common shares. In a separate bulletin RenaissanceRe announced that it will sell its 3,960,000 common shares in Platinum, valued at around …
Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on XL Capital Ltd.’s core operating companies to “A+” from “AA-” and removed them from CreditWatch with negative implications, where they were placed …
Lloyd’s Chairman, Lord Levene, has called on the London market’s reinsurers to play their part in European efforts to remove the current “inappropriate system” of collateralisation requirements in the U.S. A Lloyd’s press release noted that Levene, speaking at an …
California’s State Compensation Insurance Fund has filed an average rate decrease of 16 percent on new and renewal workers’ compensation policies with an effective date on or after Jan. 1, 2006. This marks the fifth consecutive rate decrease filed by …
