Lloyd’s of London, the world’s oldest and most visible insurer, has set about dealing with the aftermath of the terrorist attacks of Sept. 11. Two weeks after the event, it released its projected net loss figures. Calculations from more than …
If the nautical term best applied to the reinsurance industry last year this time would have been “Steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve qui peut” describes its present …
Property/casualty insurers are very likely to begin pricing “terrorist attack risk” separately from other coverages, according to a new forecast from Conning & Company. This and a reassessment of what constitutes maximum probable loss in a claim are two of …
Lloyd’s and the National Association of Insurance Commissioners have reportedly reached a compromise on the deposit Lloyd’s must make to the reinsurance trust fund to guarantee payments of its estimated claims liabilities – 60 percent of the amount will be …
According to the recently released third-quarter Commercial Insurance Market Index — reflecting market observations of the largest commercial insurance brokers across the nation — commercial insurance premium rates increased last quarter for all account sizes and across all property/casualty lines. …
A proposal to establish a federal terrorism reinsurance program offered by the Consumer Federation of America (CFA) is based on faulty assumptions and wishful thinking, according to the National Association of Independent Insurers (NAII). “The CFA’s proposal assumes that the …
Larry Silverstein isn’t about to back down on his claim that the loss of the twin towers of the World Trade Center constituted two separate loss events, and has reportedly called the claim by Swiss Re that there was only …
Bermuda’s XL Capital Ltd. announced that it was posting a net loss for the 3rd quarter ended Sept. 30 of $840 million, or a loss of $6.57 per share, compared with net income of $139.5 million, or income of $1.10 …
Swiss Re, which faces one of the largest loss exposures from the destruction of the World Trade Center, an estimated $1.25 billion, made a commitment to an advance payment of the claims, but at the same time asked the U.S. …
SAFECO reported third-quarter income, before charges, of $7.8 million or $0.06 per diluted share. Including $240 million in reserve strengthening and previously announced restructuring charges, SAFECO posted a net quarterly loss of $100.6 million, or $0.79 per share. “We’ve now …
