Munich Re isn’t the only major insurance organization to express the industry’s collective sigh of relief as the year 2006 expires with relatively few major catastrophe losses (See related article above). Lloyd’s notes that “the hurricane season came to an …
France’s SCOR group noted that it has successfully sponsored a new catastrophe bond. The French reinsurer entered into a multi-year property catastrophe retrocession agreement with Atlas Reinsurance III p.l.c., a special purpose reinsurance company incorporated under the laws of Ireland …
Driven by a sharp decline in catastrophe losses from hurricanes and other natural disasters in 2006, the U.S. property/casualty industry posted a $24.4 billion net gain on underwriting through nine months. The net gain on underwriting through nine-months 2006 stands …
More than $25 million in disaster relief has been distributed to 2,000 families and individuals since two earthquakes rattled the Big Island on Oct. 15. The largest block of money was $16.3 million in Small Business Administration loans for 459 …
The third small earthquake in four days rattled the San Francisco Bay Area last Saturday, but there were no immediate reports of injury or damage. The temblor that struck Alameda County at 9:21 a.m. had a preliminary magnitude of 3.5 …
Two minor earthquakes shook central Oklahoma, rattling nerves but causing no serious damage or injuries, authorities said. The quakes were centered in the Del City-Midwest City area east of Oklahoma City. The first struck at 8:41 p.m. last Wednesday with …
Arkansas’ new emergency operations center was dedicated last week and the building is expected to be completed in May. Arkansas Department of Emergency Management Director David Maxwell said the $13.5 million building will function as the command center for emergency …
Allstate Insurance Co., continuing its reappraisal of its hurricane loss exposure along the East Coast, has decided to stop writing new property insurance policies in all areas of Connecticut, New Jersey and Delaware. The stoppage applies to the writing of …
It was difficult to get away from natural catastrophes in 2006, even though the year was relatively unscathed by those types of events. Back-to-back 2005 Hurricanes Katrina and Rita continued to wreak havoc on insurance markets in the South Central …
Members of the National Association of Insurance Commissioners elected 2007 officers during the group’s winter meeting in San Antonio. Alabama Insurance Commissioner Walter Bell was named president, Kansas Insurance Commissioner Sandy Praeger was chosen as president-elect, New Hampshire Insurance Commissioner …
