In response to a substantial number of requests for information regarding GMAC’s exposure to the World Trade Center properties, GMAC expressed its “deepest sorrow and sympathy” and released the following statement. “On July 24, 2001, GMAC Commercial Mortgage, a subsidiary …
Based on information received to date, Odyssey Re Holdings Corp. expects pre-tax net losses will be in the range of $80 million; after tax losses will be in the range of $55 million. Considerable time will be required before more …
Stephen L. Way, chairman and CEO of HCC Insurance Holdings Inc., in commenting on Tuesday’s disaster, said, “Most importantly, let me state that all of us at HCC send our thoughts and prayers to all the families affected by this …
The Independent Insurance Agents of America (IIAA) and the Independent Insurance Agents Association of New York (IIAANY) have established a relief fund to benefit victims and surviving family members of individuals who lost their lives in Tuesday’s terrorist attacks in …
Standard & Poor’s announced that the direct financial losses relating to the disasters will in all likelihood exceed the largest insured losses ever yet seen. “Any attempt to quantify the financial impact of the recent terrorist actions in the U.S. …
By Charles E. Boyle The events of Sept. 11 shook the foundations of the American financial community, and industry giant American International Group is one of many shaken by the tragedies. AIG has issued a preliminary estimate of its total …
Experts from the insurance industry, law enforcement, automobile manufacturers and dealers, as well as prosecuting attorneys and state legislators gathered Tuesday for Michigan’s first Auto Theft Forum 2001, a groundbreaking summit focusing directly on the problem of auto theft in …
Des Moines-based Seabury & Smith, a program management firm, and parent company Marsh Inc., which bought the West Des Moines-based Kirke-Van Orsdel Inc., confirmed the safety of 500 employees Tuesday, including most of the 200 Seabury & Smith employees who …
Weary negotiators in Geneva finally put their signatures on a Treaty of more than 1000 pages setting forth the terms and conditions for China’s admission to the World Trade Organization after 15 years. The agreement is expected to be formalized …
A number of Bermuda-based insurers have extended their condolences to the families of victims of the terror attacks on the World Trade Center and the Pentagon. Bermuda’s two largest insurers, ACE and XL, made statements last week (See today’s national …
