P/C Insurers Post Record Results in 2005: The U.S. property/casualty industry recorded an underwriting profit of $13.2 billion, with a net income of $32.1 billion during the first six months of 2005, a substantial gain from the record results posted …
P/C Insurers Post Record Results in 2005: The U.S. property/casualty industry recorded an underwriting profit of $13.2 billion, with a net income of $32.1 billion during the first six months of 2005, a substantial gain from the record results posted …
The Bermuda-based PXRE Group Ltd. also fell victim to the third quarter disaster, posting a net loss of $317.3 million, compared to a net loss of $73.2 million in the third quarter of 2004, which wasn’t particularly favorable to the …
Standard & Poor’s Ratings Services announced that its “BBB+” counterparty credit rating on IPC Holdings Ltd. (IPCR), and its “BBB-” preliminary preferred stock rating on IPCR’s recently filed $1.25 billion universal shelf, “would remain on CreditWatch with negative implications where …
The Port Authority of New York was negligent in the 1993 terrorist bombing of the World Trade Center and can be sued for damages. A State Supreme Court jury in Manhattan has decided that the Port Authority, which owned the …
A new report from the RAND Corporation indicates that the Terrorism Risk Insurance Act (TRIA), which will expire in December unless extended by Congress, “creates an effective mechanism for sharing the financial risk that businesses face from terrorism.” The report …
Standard & Poor’s Rating Services announced that it has assigned its “BBB+” counterparty credit rating to IPC Holdings Ltd. and placed the rating on CreditWatch with negative implications. The action, S&P said in a later clarification, affects only IPC Holdings. …
Families of the six who were killed and the more than 1,000 injured in the first World Trade Center bombing will see their lawsuits against the Port Authority of New York and New Jersey go to trial on Monday, Sept. …
The Bermuda-based PXRE Group Ltd. has updated its estimates of potential losses from Hurricane Katrina to between $235 to $300 million, “after tax, reinsurance recoveries on its outwards reinsurance program and the impact of inwards and outwards reinstatement and additional …
One of the most problematic insurance questions that developed following the destruction of the World Trade Center on Sept. 11, 2001, involved business interruption coverage. With the destruction of the World Trade Center complex, there was significant disagreement as to …
