Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Fla. Subpoenas Marsh; Hurricane Victims Could Receive Extension
Nov 9 2004 // In an effort to obtain a better look at insurance contracts with state agencies and any impact on public dollars, Tom Gallagher, Florida Chief Financial Officer, has subpoenaed Marsh & McLennan for documents related...
Big ‘I’ Panelists Concerned About Terrorism, Asbestos, Tort Reform
Nov 8 2004 // Terrorism, asbestos and tort reform will be key industry concerns according to five insurance company CEOs participating in a panel discussion during last month’s Independent Insurance Agents & Brokers of...
ISO: INSURERS WILL PAY ESTIMATED $3.245 BILLION ON HURRICANE JEANNE CLAIMS:
Nov 8 2004 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $3.245 billion for insured property losses from Hurricane Jeanne, according to preliminary estimates by ISO’s Property Claim...
Underinsured Homeowner Problem Revisited on Anniversary of Calif. Wildfires
Nov 8 2004 // Replacement cost, policy limits, and non-renewal of policies were the source of a heated debate in a day-long hearing investigating underinsured homeowners affected by last year’s wildfires. California Insurance...
AIG’s Terrorism Protection Portfolio Includes Biological and Chemical Attack Coverage
Nov 5 2004 // The AIG Companies have launched LexHomeland Protector, a comprehensive terrorism insurance portfolio designed to help protect businesses against terrorism risks, including losses arising from biological and chemical...
N.J. Man Full of ‘Hot Air’ as Proposed Hurricane Product Leads to Fraud Sentence
Nov 5 2004 // A Brick Township, New Jersey man has been sentenced to 30 months in federal prison for committing mail fraud while fraudulently inducing people to invest in his companies that purported to market and sell “hurricane...
PXRE Q3 Net Loss $73.2 Million; Will Hold $100 Million Public Offering
Nov 5 2004 // The Bermuda-based PXRE Group announced third quarter results, which were impacted by the Florida hurricanes. The net loss for the period was $73.2 million compared to net income of $23.7 million in the third quarter of...
Hurricanes Drive $12.6 Million Q3 Loss at Horace Mann
Nov 4 2004 // The four hurricanes that ravaged the Southeast resulted in a net $12.6 million third-quarter loss for Springfield, Ill.-based insurer Horace Mann Educators Corp. The company has made a profit of $28 million, or 65 cents...
MarketScout: Bid Rigging, Incentive Commissions, Hurricanes and a Presidential Election Impact P/C Market
Nov 4 2004 // According to Richard Kerr, chairman and CEO of MarketScout, an online insurance exchange with more than 50,000 users, the October 2004 composite rate for U.S. property and casualty insurance is 2%, down from 12% in October...
AIR Analysis Says 2004 Hurricane Season Not So Unusual After All
Nov 3 2004 // According to an analysis conducted by AIR Worldwide (AIR), a risk modeling company, the 2004 hurricane season should not be considered rare. The analysis, based on the AIR hurricane model, revealed that insurers should...
XL Hit By Hurricanes; Posts $22.5 Million Q3 Net
Nov 2 2004 // Bermuda-based XL Capital Ltd reported net income available to ordinary shareholders for the quarter ended Sept. 30, 2004, of $22.5 million, or 16 cents per ordinary share, compared with $99.0 million, or 71 cents per...
Ill. Gov Notes More Than $1 Million in Funding to Help Utica, Other Communities Rebuild from Tornadoes
Nov 1 2004 // In order to expedite Utica’s long-term economic recovery plans, Illinois Gov. Rod Blagojevich announced more than $1 million in funding recently that will help rebuild and enhance this and other communities...
Hurricanes Hit Argonaut Group’s Bottom Line
Oct 29 2004 // San Antonio, Texas-based Argonaut Group Inc. reported third quarter net income dropped by 62 percent, largely as a result of the four hurricanes that hit Florida in late summer. Gross written premiums for third quarter...
RMS Expands Underwriting Capabilities, Global Suite for Catastrophe Peril Models
Oct 29 2004 // Risk Management Solutions (RMS) announced the launch of RiskLink and RiskBrowser 4.5, the latest versions of its catastrophe modeling systems. The upgraded systems include new underwriting capabilities, expanded...
RenRe Reports Q3 Operating Loss of $372 Million; Increases Hurricane Loss Estimates
Oct 28 2004 // Bermuda’s RenaissanceRe Holdings Ltd. reported a net operating loss attributable to common shareholders of $372 million for the third quarter of 2004, versus net operating income available to common shareholders of...
ACE Reports $3 Million Q3 Net Loss
Oct 28 2004 // Bermuda’s ACE Limited reported a net loss for the third quarter ended Sept. 30, 2004 of $3 million or $(0.05) per common share after payment of preferred dividends, compared with net income of $355 million or $1.22...
St. Paul Travelers Looks to Bring Top Line in Commercial Up as it Unveils Q3 Report
Oct 28 2004 // The St. Paul Travelers Cos. Inc. (NYSE:STA) has reported net income of $340 million for the third quarter ended Sept. 30, 2004, or $0.51 per basic share and $0.50 per diluted share, compared to $426 million, or $0.98 per...
PCI Urges Measured Legislative Response During Upcoming Special Fla. Session
Oct 28 2004 // The best way for the Florida legislature to respond to this year’s devastating hurricane season is to take a thoughtful and rational approach when considering measures to improve the current well-designed strategy...
Fla. Gov. Bush Reveals More Reimbursement Details
Oct 27 2004 // After Hurricane Frances ripped open the roof of Lisa and Glenn Perrone’s St. Lucie County home, an insurance adjuster told the Perrones they were on the hook for an $8,315 deductible. And after Hurricane Jeanne...
Converium Reports $116.3 Million Q3 Loss
Oct 26 2004 // Embattled Swiss reinsurer Converium Holdings AG has reported a $116.3 million third quarter loss in financial statements released today. The company said the results reflect “the continuing satisfactory underlying...
