Latest Hurricane Headlines
All the headlines from our Hurricane Topic Page, ordered by recency.
St. Paul Travelers: Initial Wilma Losses About $220M After Tax
Nov 16 2005 // The St. Paul Travelers Companies Inc. announced that its preliminary estimate for catastrophe losses relating to Hurricane Wilma is approximately $220 million, after tax, net of reinsurance. This amount is based upon an...
U.K.’s Omega Underwriting to Raise $157 Million; Forming Bermuda Sub
Nov 14 2005 // The U.K.’s Omega Underwriting Holdings PLC, a leading Lloyd’s insurer (Syndicate 958), has announced plans to raise £90 million ($157 million), both to increase syndicate capacity and to support the...
Allianz Posts $934 Million Q3 Profit Despite Hurricane, Flood Losses
Nov 14 2005 // Germany’s Allianz had a very successful third quarter with net income up 70 percent to €794 million ($934 million) and €1.7 billion (2 billion) operating profit,” despite,” said the company’s...
La.’s Disaster Hurricane Unemployment Assistance Filing Deadline Draws Near
Nov 14 2005 // The Louisiana Department of Labor reported that time is running out for individuals who are eligible to apply for Disaster Unemployment Assistance (DUA) as a result of Hurricanes Katrina and Rita. The deadline to file is...
S&P Assigns Ratings to Platinum’s $750 Million Debt Issue
Nov 10 2005 // Standard & Poor’s Ratings Services announced that it has assigned its preliminary “BBB” senior debt, “BBB-” subordinated debt, and “BB+” preferred stock ratings to the $750...
PXRE Acquires $300 Million Cat Bond Backup Reinsurance
Nov 10 2005 // It may be a case of locking the barn door after the horse has gone (see following article), but Bermuda-based PXRE has taken a significant step to protect itself “from extreme catastrophe losses arising from...
Hannover Re Posts 9 Month Losses over $1 Billion
Nov 10 2005 // Germany’s Hannover Re, the world’s third largest reinsurer, has been hit with a commensurately large share of the losses from Katrina, Rita et. al. The company’s 9 month report notes an “exceptional...
Emergency Management Director Addresses Florida’s Hurricane Response Weaknesses
Nov 10 2005 // The failures that left thousands of Florida residents unprepared for Hurricane Wilma should be addressed by launching a new election-style marketing campaign, expanding the tax-free shopping week and beefing up...
Alabama DOI Predicts Price Increases; Expects 50,000 Hurricane Claims
Nov 10 2005 // More than 50,000 claims are expected in Alabama from hurricane damage according to Ragan Ingram, assistant insurance commissioner for the Alabama Department of Insurance. He said, however, that complete cost estimates...
Safeco Sees After-Tax Losses from Wilma at $29 Million
Nov 10 2005 // Seattle-based Safeco announced estimated after-tax catastrophe losses from Hurricane Wilma of $29 million, or $0.23 per diluted share. Pretax catastrophe losses from the storm are estimated at $45 million. These figures...
North Pointe Posts Q3 Results
Nov 10 2005 // North Pointe Holdings Corporation today reported financial results for the third quarter ended Sept. 30, 2005. Net income in the third quarter increased to $511,000 from a loss of $206,000 in the prior year period....
National Interstate Releases Q3 Results
Nov 9 2005 // National Interstate Corporation reported net income for the third quarter ended September 30, 2005 of $8.2 million ($.43 per share diluted), compared to $4.7 million ($.31 per share diluted) for the third quarter of 2004....
La. DOI: Emergency Rules to Expire on Nov. 30 and Dec. 31
Nov 9 2005 // Louisiana Department of Insurance issued a second notice regarding the Emergency Rules that require insurance companies to give policyholders affected by Hurricane Katrina or Hurricane Rita an automatic extension of time...
Citizens Property Board to Consider Rate Hikes When it Meets Next Week
Nov 9 2005 // Back-to-back insurance rate increases averaging 20 percent for non-hurricane premiums and 32 percent for wind-only premiums could be requested by Citizens Property Insurance Corp.’s board of directors after it meets...
Fla. CFO Gallagher Supports Tax-Deferred CAT Fund Reserves; Suggests Reinsurance Rate Study
Nov 8 2005 // Legislation in Congress to pass U.S. Rep. Mark Foley’s proposal to allow the accumulation of tax-deferred catastrophic reserves by insurers, and a study on how to add programs to the Florida Hurricane Catastrophe...
Katrina, Rita Hit James River in Q3
Nov 8 2005 // James River Group Inc. in Chapel Hill, N.C. reported a net loss of $9.5 million for the third quarter of 2005 compared to net income of $3.0 million for the third quarter of 2004. The net loss for the third quarter of 2005...
Medical Examiner Attributes 25 Percent of Hurricane Deaths to Cleanup Efforts
Nov 8 2005 // Cleanup activities after hurricanes in 2004 and 2005 resulted in 25 percent of the 201 deaths registered according to Dr. Stephen Nelson, chairman of the Florida Medical Examiners Commission. Accidents from cleaning up,...
CPCU Society Annual Meeting Attendees Gain Insight at Hurricane Katrina Seminar
Nov 8 2005 // More than 130 chartered property casualty underwriters and their guests at the recent CPCU Society Annual Meeting and Seminars attended an exclusive seminar, “Hurricane Katrina: Lessons Learned.” The...
Debating the Changing Climate — It’s for the Birds
Nov 7 2005 // “Heaven has no rage like love to hatred turned, Nor hell a fury like a woman scorned.” Powerful, but perhaps prophetic words, following the passage of Katrina and Rita. Have we “scorned,” in William...
Disaster Claims and the Ripple Effect
Nov 7 2005 // Hurricane Katrina has long gone, but the aftereffects of the mighty storm are likely to linger for a very long time. Rita and Wilma have compounded the mess. The direct losses are staggering. The latest preliminary figures...
