Bermuda-based AXIS Capital Holdings Limited announced that its indirect, wholly-owned subsidiary, AXIS Specialty Finance LLC, has priced an offering of $500 million aggregate principal amount of its 5.875 percent Senior Notes due 2020, fully and unconditionally guaranteed by AXIS Capital, …
Insurance Companies Generate New Programs to Bring in Additional Premium The last few years of the soft market have forced many carriers and agencies to get creative when it comes to bringing in additional premium. This has included launching new …
In the wake of last month’s tsunami in Chile and less than six months after a tsunami hit American Samoa — both events that resulted in loss of life and property — The National Oceanic and Atmospheric Administration and the …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of American Physicians Group and its primary member, American Physicians Assurance Corporation, the lead subsidiary of American Physicians Capital Inc. …
French reinsurer SCOR Group announced that based on preliminary estimates, it expects its related costs from the earthquake in Chile and Windstorm Xynthia to be approximately €95 million ($130 million) net pre-tax, which “represents approximately 3 percent of the projected …
XL Capital Ltd’s preliminary net loss estimates for the earthquake in Chile and European Windstorm Xynthia indicated they will total between $160 and $230 million. Preliminary loss estimates related to the Chilean Earthquake, pretax and net of reinsurance and reinstatement …
A bulletin from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) indicates that many of its member countries “are re-examining their preparedness for natural catastrophes, including their levels of coverage under CCRIF.” There are currently sixteen Caribbean governments, who, since 2007, …
Swiss Re’s annual sigma study has calculated that “natural catastrophes cost insurers $22 billion in 2009, while man-made disasters cost an additional $4 billion. Insured losses were highest in North America, where they cost insurers over $12.7 billion. “The death …
Hiscox Ltd. announced from its Bermuda headquarters that, from initial estimates, based on an insured market loss of US$8 billion for the Chilean earthquake, and US$3 billion for windstorm Xynthia, it estimates a combined net loss of approximately £100 million …
Moody’s Investors Service announced it has affirmed the A3 rating on the California Earthquake Authority’s 6.169 percent fixed rate Series 2006-B revenue bonds (mature July 20, 2016) and changed the rating outlook to negative from stable. In its assessment, the …
