According to a report in the New York Times, engineers have completed a study of the office buildings near the World Trade Center, and have concluded that for the most part they are structurally sound. The report lowers fears that …
Several more Lloyd’s insurers have recently announced the potential impact their underwriting syndiactes face following the terrorist attacks in the U.S. Chaucer Holdings, Plc announced that it expected to incur pre-tax losses of between £8 and £12 million ($11.7 and …
The Independent Insurance Agents of America’s (IIAA) Virtual University has established an insurance industry resource page to explain the insurance implications of the recent tragedies in New York and Washington D.C. “We are temporarily replacing the Virtual University home page …
Bermuda’s Renaissance Re Holdings Ltd. announced that it plans to increase the capital and surplus of its commercial property insurance subsidiary, Glencoe Insurance Ltd. to $100 million. Ren Re described the move as a response to the “possible industry-wide capacity …
On Sept.17, key congressional leaders from the U.S. House of Representatives Committee on Financial Services sent a letter to National Association of Insurance Commissioners (NAIC) President Kathleen Sebelius regarding the recent terrorist attacks and the insurance industry response. The letter …
The underwriting entities which make up Australia’s QBE Group became the first insurers to be downgraded by Standard & Poor’s following its assessment of the group’s exposure to the World Trade Center disaster. The international rating agency announced today that …
Two of New England’s largest insurers, Boston’s Liberty Mutual, and The Hartford confirmed pervious announcements concerning their potential loss exposures from the terrorist attacks on the World Trade Center and the Pentagon. Liberty CEO Edmund F. Kelly extended “our deepest …
Holland’s ING Group confirmed its preliminary estimations, following the disasters at the World Trade Center and the Pentagon, that its primary loss exposures would come from life insurance and reinsurance. CEO Ewald Kist stated that based on current information the …
Standard & Poor’s said it is likely to put on CreditWatch with negative implications the ratings of many insurers and reinsurers with exposures to the tragic loss at the World Trade Center on Sept. 11. Net aggregate insured losses of …
Fitch announced that, while it is too soon to draw solid conclusions, it believes that a vast majority of the insurers and reinsurers it rates will be able to absorb any losses without material damage to their financial positions. This …
