Catastrophe bonds, which allow investors to make bets on disaster, have thrived in recent years, but a number of factors are seen cooling this obscure part of the debt market in 2008. The growth of catastrophe, or “cat,” bonds has …
Hawaii Gov. Linda Lingle has signed SB3023 SD2 HD2 CD1 (Act 190) into law, amending the state’s captive insurance industry statutes. According to the Hawaii Department of Commerce and Consumer Affairs Insurance Division, which initiated the legislation, the new law …
Bermuda’s XL Capital Ltd. announced that it will be contributing to the disaster relief effort for those affected by the recent earthquake in Sichuan Province in China. The Company said it would “provide funds to rebuild a school and library, …
The U.S. property/casualty insurance industry’s net income after taxes fell to $8.2 billion in first-quarter 2008 from $16.2 billion in first-quarter 2007. Contributing to the $8 billion, or 49.3 percent, decline in net income in first-quarter 2008, the industry posted …
Forced asset sales that have frozen major markets in the credit crisis have caused barely a ripple in the $22 billion catastrophe bond market this year and instead only enhanced its liquidity. Goldman Sachs estimates secondary trading volumes are up …
Risk Management Solutions (RMS) has unveiled its new portfolio management platform, Miu, which supports the trading of insurance risk using RMS’ leading catastrophe risk analytics. A bulletin from RMS’ London office said: “Miu allows users to quickly quantify and tailor …
Houston-based HCC Insurance Holdings Inc. appointed Todd Ruyak and Eric Mihailovich senior vice presidents of the company’s newly formed Professional Indemnity Agency Inc. (PIA) Property Division, reporting to PIA Holdings Inc. Chief Executive Officer Cory L. Moulton. PIA is headquartered …
A Brigham Young University professor feels the more people know about natural disasters, the more likely they are to survive them. Whether it’s earthquakes, hurricanes or tsunamis, professor Ron Harris says a little knowledge can help people anticipate what is …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a” of the UK-based Markel International Insurance Company Limited (MIICL) with stable outlooks. Best also affirmed Markel’s Lloyd’s Syndicate 3000 – …
A congressional proposal to create a national “catastrophe fund” to help states recover from natural disasters has put Republican presidential hopeful John McCain at odds with a handful of GOP governors — including two state chief executives frequently mentioned as …
