The 2008 hurricane season came very close to presenting, on a large scale, the potential quandary caused by successive losses. On Sept.1, 2008, Hurricane Gustav came ashore and caused substantial damage from the Louisiana coast on inland, although not to …
Paloma, which had reached Category 4 hurricane strength, lost its punch as it stalled over Cuba Sunday and was downgraded to a tropical depression after coming ashore as a powerful hurricane that battered the island, which is still recovering from …
The National Weather Service’s Honolulu Forecast Office is getting a new director of operations. Richard Knabb is currently a hurricane specialist at the National Hurricane Center in Miami, Fla. He will manage the forecasters and day-to-day operations at the National …
Bermuda-based Flagstone Reinsurance Holdings Limited announced a net loss available to common shareholders for the quarter ended September 30, 2008 of $(186.5) million, or $(2.18) per diluted share, compared to net income of $66.2 million, or $0.77 per diluted share, …
The Florida Hurricane Catastrophe Fund Advisory Council recently rattled the nerves of insurers when it presented its 2008 October bonding estimates. David Sampson, president of the Property Casualty Insurers Association of America, said that while he recognizes that the FHCF …
A.M. Best Co. says based on the credit market contraction and the uncertainty regarding the Florida Hurricane Catastrophe Fund’s ability to fund its claims-paying capacity, it placed several insurers’ ratings under review with negative implications. The rating actions are a …
The U.S. property/ casualty industry’s reported statutory surplus at the end of the third quarter is projected to decline as much as $42 billion, or 8 percent, from the beginning of the year, according to estimates from the professional services …
Carvill Capital Markets recently listed named storm contracts on the Chicago Mercantile Exchange, providing coverage for live hurricanes and for an entire hurricane season. Patrick Gonnelli, president of Carvill Capital Markets, said contracts are listed on the CME, allowing any …
Florida remains focused on recovery of its property insurance market. But new rules for reinsurers, a national catastrophe plan and the use of occupational rating in insurance are also on the radar of Florida Insurance Commissioner Kevin McCarty, who discussed …
Carvill Capital Markets recently listed named storm contracts on the Chicago Mercantile Exchange, providing coverage for live hurricanes and for an entire hurricane season. Patrick Gonnelli, president of Carvill Capital Markets, said contracts are listed on the CME, allowing any …
