Insurance losses from the Sept. 11 terrorist attacks, the largest loss in insurance history, will have little impact on the cost of auto and homeowners insurance next year, according to the Insurance Information Institute (I.I.I). But the costs of property …
NYMAGIC, INC. announced that its Board of Directors had decided not to declare payments of quarterly cash dividends. The company posted a 3rd quarter loss of $17.4 million, $9 million of which was a result of losses following the attack …
CNA Financial Corp., hit by insurance claims attributed to the World Trade Center attack, is restructuring, a move that will eliminate 1,850 jobs, or about 10 percent of its employees. The nation’s second-biggest business insurer said it is restructuring its …
Standard & Poor’s affirmed its ratings on Marsh & McLennan Companies (MMC). The outlook has been revised to stable from negative. The rating actions reflect the diversity and strength of MMC’s various operating businesses, excellent operating performance, and above-average debt …
The crash on Nov. 12 of American Airlines (AA) Flight 587, an Airbus A-300-600, with the loss of all 260 people on board and 5 on the ground, shocked New Yorkers and the rest of the nation. Coming almost two …
In the wake of the terrorist attacks on the World Trade Center and the weekly reports of new anthrax scares, businesses are evaluating what coverage would be available to them if their own business is interrupted. Insurers, in turn, are …
A.M. Best announced that it has downgraded the financial strength rating of Denmark’s Copenhagen Reinsurance Group to C+ (Marginal) from B (Fair). It also withdrew its rating on Copenhagen Re at the company’s request. “The lowering of the rating follows …
The insurance industry has entered a period of sustained consolidation, both domestically and internationally, as a result of the Sept. 11 attacks, according to a year-end forecast by the Transaction Services group at PricewaterhouseCoopers. Bill Chrnelich, a Transaction Services partner, …
Lloyd’s revised estimates of the net losses suffered by its syndicates as a result of the destruction of the World Trade Center and related events to £1.9 billion ($2.7 billion), £600 million ($849 million) more than its initial estimate, an …
The crash on Nov. 12 of American Airlines (AA) Flight 587, an Airbus A-300-600, with the loss of all 260 people on board and five on the ground shocked New Yorkers and the rest of the nation. Coming almost two …
