Latest Hurricane Headlines
All the headlines from our Hurricane Topic Page, ordered by recency.
La. Citizens OKs $35M Settlement; Pays $90M in Hurricane Claims
Nov 17 2008 // The board of Louisiana’s last-resort insurance company approved paying up to $35 million to settle a class action lawsuit alleging that the firm took too long to pay off policyholders’ claims after the 2005...
Successive Hurricanes: Potential Windfall for Insureds?
Nov 16 2008 // The 2008 hurricane season came very close to presenting, on a large scale, the potential quandary caused by successive losses. On Sept.1, 2008, Hurricane Gustav came ashore and caused substantial damage from the Louisiana...
Best Affirms Lloyd’s Syndicates 609, 570 (Atrium/Ariel) ‘A’ Ratings
Nov 14 2008 // A.M. Best Co. has affirmed the Best’s Syndicate Rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicates 609 and 570, both of which are managed by Atrium...
Texas House Panel Studies Response to Hurricane Ike
Nov 12 2008 // Hurricane Ike left thousands homeless, millions without power and destroyed houses and businesses along the Texas Gulf Coast. But it also gave state and local governments a chance to learn from their mistakes during a...
Deadline for Hurricane Gustav Disaster Funds Nears in Mississippi
Nov 11 2008 // Nov. 25, 2008, is the deadline to register for federal and state Hurricane Gustav disaster aid, according to the Federal Emergency Management Agency, Mississippi Emergency Management Agency and the U.S. Small Business...
Paloma Downgraded to Tropical Depression
Nov 10 2008 // Paloma, which had reached Category 4 hurricane strength, lost its punch as it stalled over Cuba Sunday and was downgraded to a tropical depression after coming ashore as a powerful hurricane that battered the island, which...
Validus $126 Million Q3 Net Loss; 9-Month Net Income $16 Million
Nov 10 2008 // Bermuda-based Validus Holdings Limited reported a net loss for the quarter ended September 30, 2008 of $126.3 million, or $1.71 per diluted common share, compared with net income of $136.5 million, or $1.90 per diluted...
Deadlines Loom in Louisiana for Post-Hurricane FEMA Assistance
Nov 10 2008 // The Louisiana Recovery Authority says even people who have insurance should register with FEMA if they were affected by hurricanes Gustav or Ike – and they need to do it soon. The deadline is Dec. 3 for people...
Hawaii Gets New Hurricane Forecaster
Nov 10 2008 // The National Weather Service’s Honolulu Forecast Office is getting a new director of operations. Richard Knabb is currently a hurricane specialist at the National Hurricane Center in Miami, Fla. He will manage the...
Argo Posts $8.8 Million Q3 Net Loss; $51 Million 9-Month Profit; Conf. Call Today
Nov 4 2008 // The Bermuda-based Argo Group International Holdings managed to post a net profit of 51.1 million for the first nine months of 2008, despite posting an $8.8 million third quarter net loss. Other earnings highlight listed by...
A.M. Best, Insurers Worry Financial Crisis Could Affect Florida’s Cat Fund
Nov 2 2008 // The Florida Hurricane Catastrophe Fund Advisory Council recently rattled the nerves of insurers when it presented its 2008 October bonding estimates. David Sampson, president of the Property Casualty Insurers Association...
Kentucky Weathering AIG and Ike Hurricanes
Nov 2 2008 // Sharon P. Clark, a 17-year veteran of Kentucky state government, was appointed commissioner of the Kentucky Department of Insurance (DOI) in June. Clark’s experience includes five years as director of the Consumer...
Bright Spots and Challenges Go Hand in Hand in Louisiana
Nov 2 2008 // Despite the challenges faced by the state of Louisiana since Hurricanes Katrina and Rita wrought their havoc in 2005, there are bright spots in the state’s property casualty insurance industry, says Louisiana...
It Figures
Nov 2 2008 // 6 The owner of a Little Rock, Ark., insurance company was sentenced to six years in prison on a federal fraud conviction, the Associated Press reported. Frank Whitbeck, was ordered to pay $3.8 million restitution and was...
Aspen Posts $116.7 Million Q3 Loss; $91.4 Million 9 Month Profit
Oct 31 2008 // Aspen Insurance Holdings has reported a third quarter 2008 net loss after tax of $116.7 million, compared with a net profit after tax of $117.2 million in Q3 2007. Operating earnings per share also posted a loss in the...
Exposure to Florida Catastrophe Fund Triggers A.M. Best Review
Oct 30 2008 // A.M. Best Co. says based on the credit market contraction and the uncertainty regarding the Florida Hurricane Catastrophe Fund’s ability to fund its claims-paying capacity, it placed several insurers’ ratings...
Axis Capital Reports $249 Million Q3 Net Loss; $161 Million Operating
Oct 29 2008 // Bermuda’s AXIS Capital Holdings Limited reported a net loss for the third quarter of 2008 of $249 million, or $1.79 per diluted common share, compared with net income of $270 million, or $1.65 per diluted common...
Insurance Affordability: Three East Coast Regulators Weigh In
Oct 28 2008 // For many East Coast homeowners, the difficulty lies not in finding insurance, but paying for it. And that so-called affordability problem affects nearly every state along the coastline. Given their recent history with...
2008 a Rough Year for Texas Insurers
Oct 28 2008 // Insured losses in Texas lead all other states by a wide margin as claims from the state’s hurricanes continue to pour in, the Insurance Council of Texas (ICT) reported. Insured losses from the first three quarters of...
Texas Lawmakers Critical of Federal Response to Hurricane
Oct 28 2008 // Lawmakers in Texas praised the state’s response to Hurricane Ike but some blasted the efforts of the Federal Emergency Management Agency (FEMA) at a recent meeting of the state Senate’s Transportation and...
