Estimating the potential costs of future weather related events, linked to climate change, is, at best, an inexact science; there are just too many variables. Nonetheless, a picture is emerging that, whatever happens, the costs are likely to be huge. …
The actual costs of future catastrophes and other weather events linked to climate change are unknown but a new U.S. government report warns that both private insurers and the public sector are likely to pay a hefty price. The report …
Standard & Poor’s Ratings Services has lowered its counterparty credit and financial strength ratings on nonlife reinsurers IPCRe Ltd. and IPCRe Europe Ltd. (collectively referred to as IPCRe) to “A-‘ from “A.” S&P also lowered its “BBB+” counterparty credit rating …
Sophisticated catastrophe models are greatly aiding commercial insurance actuaries in establishing underwriting and pricing guidelines for terrorist attacks, according to industry experts at this week’s Casualty Actuarial Society’s (CAS) annual Seminar on Ratemaking in Atlanta. A panel session on “Actuarial …
Two aging fireboats that helped fight the inferno caused by the Sept. 11, 2001 terrorist attacks on the World Trade Center will be replaced by gleaming vessels that are larger and far more powerful, New York City fire officials said. …
Fed role “It is clear that the government has got to step in.” U.S. Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, supporting a national program to backup private hurricane and flood insurance markets. Sponged-off “It is …
Fed role “It is clear that the government has got to step in.” U.S. Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, supporting a national program to backup private hurricane and flood insurance markets. Sponged-off “It is …
World Trade Center builders rallied with hundreds of construction workers Monday to protest stalled payments by two insurers, saying their failure to pay is jeopardizing ground zero rebuilding. Trade center developer Larry Silverstein, Port Authority of New York and New …
Hub, Apax, Morgan Stanley Hub International Limited, which got its start in 1998 when 11 Canadian brokers merged and has since grown through acquisitions into one of the largest insurance brokers in North America, is being acquired by funds advised …
Royal Sun, Arrowpoint Capital Delaware Insurance Commissioner Matthew Denn conditionally approved a management buyout of Royal and Sun Alliance Insurance Group’s U.S. operations. Denn ruled that there is no legal or financial basis to reject the buyout, although he stressed …
