The Hartford Financial Services Group Inc. announced that expected losses from the Sept. 11 terrorist attack could approach $450 million after taxes and net of reinsurance, reflecting the company’s best current estimate of its total expected exposure for this event. …
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 …
Mayfeld Village, Ohio-based Progressive Corporation is redistributing its August underwriting results, originally released Sept. 14, now that the markets are reopened to ensure complete dissemination. Progressive reported that for August 2001, the company produced a GAAP combined ratio (CR) of …
The Midland Company, a provider of specialty insurance products and services, announced that American Modern Insurance Group, its insurance subsidiary, will cease offering the commercial liability coverages associated with its manufactured housing park and dealership programs. The commercial liability programs …
The Australian Stock Exchange halted trading in the shares of insurer QBE Insurance Group Ltd. in response to the sharp drop in their value following the announcement of QBE’s exposure to large losses from the terrorist attacks in the U.S. …
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 …
The Dutch insurer and financial services group AEGON NV, the parent company of Transamerica, said that it expected losses from the September 11th attacks in the U.S. to be under $50 million, and to have an impact on its earnings …
According to a report from Reuters News Agency, insurers in the London market, including Lloyd’s, have given the airlines they insure notice that coverage for war risks and terrorist attacks will no longer be effective as of next Monday, and …
Bermuda’s ACE Ltd. issued a strongly worded statement on Wednesday denying implications in an article in the Wall Street Journal that it might invoke the “war risk” exclusion clause contained in many insurance policies for claims resulting from the catastrophe …
Pennsylvania-based Harleysville Group Inc. and New York’s NYMAGIC, INC. indicated that they anticipated minimal exposure following last Tuesday’s terrorist attacks, while officials of Chubb and Fitch gave informal estimates. Walter R. Bateman, Harleysville CEO, indicated that a preliminary assessment of …
