SAFECO stated on Sept. 20 that its primary insurance lines will likely incur losses of $25 million due to the Sept. 11 attacks that destroyed the World Trade Center and part of the Pentagon. The Seattle-based company, which has more …
Chicago-based CNA Financial Corp., the No. 2 U.S. business insurer, said its losses from the Sept. 11 attacks on the World Trade Center and the Pentagon could reach $350 million on a pre-tax basis. CNA said the projected losses are …
Fitch placed the ratings of Markel Corporation on Rating Watch Negative. The rating action reflects Fitch’s concerns that losses from the terrorists attacks in the U.S. recently as a percent of capital may ultimately prove to be higher than is …
The St. Paul Companies announced that the terrorist attacks of Sept. 11 will likely result in estimated net pretax losses of approximately $700 million to the company from its U.S. primary insurance, reinsurance and Lloyd’s of London operations. The company’s …
Billion Although it is still too early to predict the financial impact of Sept. 11’s tragic events, A.M. Best Company stated last week that insurance industry losses are likely to exceed $30 billion, making this the costliest catastrophic event in …
The large number of businesses affected by the terrorist attacks combined with the length of time it will take to repair the damages means that it may take several months before an accurate estimate on business interruption losses can be …
Illinois Insurance Director Nat Shapo announced that he obtained an Order of Conservation against United Capitol Insurance Company on Sept. 12, following the Department of Insurance’s determination that the company was insolvent by more than $1 million. The order was …
The insurance industry applauded the South Dakota Supreme Court for its recent review and rejection of a third-party bad faith lawsuit against an insurance company. “This is a major victory for insurers and their customers in South Dakota. Third-party lawsuits …
The board of directors of the Michigan Chamber of Commerce has voted unanimously to strongly oppose a proposed new tax on workers’ compensation currently under consideration by the State House and Michigan Senate as part of the state budget process, …
Sampo, the Finnish financial group which has been seeking to acquire Norway’s largest insurer, Storebrand, may be about to abandon its efforts in the face of the Norwegian government’s continued opposition, and the current turmoil in the financial markets caused …
