CNA’s most recent Form10-Q filing with the Securities and Exchange Commission put overall net pre-tax losses from the attacks on the World Trade Center at $468 million net of reinsurance; after tax losses are expected to be $304 million. CNA …
Orlando, Fla. – Lloyd’s of London Chairman Sax Riley says that you shouldn’t be in the insurance business unless you’re optimistic. Optimism, to say the least, has been in short supply in the last year or more in the industry. …
Swiss Re and the other insurers involved in the World Trade Center coverage dispute with master leaseholder Silverstein Properties, have released the comprehensive engineering study they commissioned to determine the causes of the twin towers’ collapse following the Sept. 11 …
At a recent seminar on the use of alternative risk transfers (ART) in hard markets, “ART Solutions in a Time of Capacity Shortage,” global reinsurer Swiss Re, which hosted the event, noted that more and more of its clients are …
A.M. Best Co. assigned a syndicate rating of “A” with stable outlook to Lloyd’s Syndicate 510, managed by R. J. Kiln & Co. Ltd. The rating reflects the syndicate’s excellent current and prospective operating performance and business position, in addition …
The U.K.’s Royal & Sun Alliance Insurance Group plc reported that the Group’s combined operating result was $739 million for the first nine months of 2002, compared to $482 million for the same period in 2001. “Excluding the World Trade …
The U.K.’s Royal & SunAlliance Group announced its nine month results today (see companion article in “International” section) and revealed plans to significantly restructure it U.S. operations. The plan calls for establishing two divisions, “focusing on mainstream property & casualty …
California-based Zenith National Insurance Corp. reported operating income after tax of $7.0 million, or $0.37 per share, for the third quarter of 2002 compared to an operating loss after tax of $22.8 million, or $1.30 per share, for the third …
W. R. Berkley Corporation reported third quarter operating income of $42 million, or 81 cents per share, compared with an operating loss of $12 million, or 28 cents per share, a year ago. For the first nine months of 2002, …
The property/casualty industry saw a gain in the number of rating downgrades issued by A.M. Best Co. for the second consecutive year, according to the special report, “Rating Downgrades Outpace Upgrades Despite Improved Pricing,” released by A.M. Best. Rating activity …
