Monthly Archives: <span>August 2011</span>

P/C Industry ‘Adequately Capitalized’ Says Best, Despite Irene Losses

A.M. Best has begun an assessment of the potential financial impact Hurricane Irene’s passage through the Caribbean and up the East coast of the U.S. might have on the property/casualty industry in the U.S., Caribbean as well as the global …

AIR Estimates Irene Insured Caribbean Losses at $500 Million to $1.1 Billion

AIR Worldwide has estimated that insured losses in the Caribbean from Hurricane Irene will be between $500 million and $1.1 billion. AIR said it “expects the Bahamas will account for more than 60 percent of the insured loss—between $300 million …

Swiss Re Applies for Local Reinsurance Registration in Brazil

Swiss Re announced that it has submitted an application to Brazil’s Superintendence of Private Insurance (SUSEP) for a local reinsurance registration. Swiss Re said it “views a Brazilian reinsurance registration as a local reinsurer as the next step in its …

8 Dead as Typhoon Nanmadol Slams Northern Philippines

Slow-moving Typhoon Nanmadol remained dangerous Sunday despite weakening as it struck the tip of the mountainous northern Philippines, leaving at least eight people dead and scuttling a visit by a U.S. Navy battleship group, officials said. Taiwan issued sea and …

U.S. to Reimburse States for Most of Irene’s Damage

Hurricane Irene could cost U.S. state and local governments billions of dollars in damages, but funds from the federal government might ultimately cover much of this expense. It is too early to estimate the cost of the storm, but New …

Irene Floods Northeast; Manhattan Spared Worst

Hurricane Irene swept through Manhattan Sunday but reserved the worst of its fury for towns and suburbs up and down the northeastern United States, where driving rain and flood tides inundated homes and cut power to millions. On its march …

Unhappy Investors Want Bank of America Mortgage Case Moved to Federal Court

Investors objecting to Bank of America Corp.’s $8.5 billion settlement of claims over losses on mortgage-backed securities are seeking to send their dispute to federal court, potentially delaying a resolution of one of the beleaguered bank’s largest legal liabilities. According …

Pending Patent Reform May Not Bring Much Lawsuit Relief

U.S. Congress is tantalizingly close to passing patent reform that President Barack Obama has hailed as an economic booster, but the legislation is expected to do little to divert money away from patent litigation and toward innovation. The Senate will …

Earthquake Showed Difficulties of Evacuating D.C.

The nation’s capital has prepared for emergencies with sleek communication systems, intelligence fusion centers and chemical detention centers at train stations. What showed during the 5.8-magnitude quake that shook much of the East Coast last Tuesday was that evacuating during …

Forecasters Track Additional Storms

The forecasters at the National Hurricane Center in Miami aren’t getting a great deal of rest these days, as the 2011 hurricane season heats up. After days spent tracking Hurricane Irene, the NHC is currently following tropical storm JosĂ©, which …