The legal dispute between Swiss Re and Silverstein Properties over whether the destruction of the twin towers of the World Trade Center constituted one occurrence or two, has erupted into a dispute between Swiss Re and the Willis group who …
Aon Corporation reported first quarter dilutive earnings per share of $0.37 compared with $0.07 in the year ago period. Excluding special charges, unusual World Trade Center (WTC) items, and a favorable one-time tax related item, first quarter earnings per share …
The impact of the terrorist attacks of Sept. 11 on the property/casualty insurance industry can hardly be overstated—the largest catastrophe loss ever; an unprecedented convergence of coverages, creating a previously unimaginable combination of huge losses from widely divergent lines of …
Standard & Poor’s has affirmed its single-‘A’-minus long-term counterparty credit rating on St Paul Cos. Inc. following the company’s announcement of first-quarter 2002 pretax operating earnings of $233.8 million and net income of $139.3 million. Standard & Poor’s also has …
Aon Corporation has reported that first quarter 2002 dilutive earnings per share are expected to be in the range of $0.56-$0.59 per share (including a one-time pretax income item of $48 million or $0.11 per share). This compares with year-ago …
Although most reports agree that Generali SpA, Italy’s largest insurer, wrote the primary coverage on the 30-story Milan building, know locally as Il Pierllone after the tire company that was once headquartered there, it’s still unsure what the damages will …
Following the initial portion of a review of the market, U.S. regulators have given Lloyd’s of London approval on the company’s estimate of $8 billion for gross claims in the Sept. 11 destruction of the World Trade Center, according to …
In future years, property/casualty insurers will no doubt look back on the year 2001 and shudder. Right now they’re too busy coping with the reality of the industry’s “annus horribilis,” to borrow Queen Elizabeth II’s view of 1992. Dominating the …
Since the events of Sept. 11, companies underwriting workers’ compensation insurance are taking another look at the risks posed by catastrophes, both natural and man-made. Increases in reinsurance pricing and rating agency scrutiny are encouraging this re-examination. While the World …
The issue of whether or not the government should be in the business of providing terrorism insurance is a confusing one. Congress clearly has a problem with it. Although the House passed its version of a bill that would create …
