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March 2010
An unprecedented $16bn in losses from the Chilean earthquake, European storm Xynthia and other natural catastrophes have made the first three months of 2010 the worst first quarter on record for such events, according to the latest renewals report from Willis Re.
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Tower Group has estimated that its total net losses from the northeast US storm that took place during March 13 to 15, 2010 will be in the range of $7.2m to $9.1m after tax, or $0.16 to $0.20 per diluted share.
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Insurance provider, Chubb, has estimated pre-tax losses worth nearly $290m from first quarter catastrophes.
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There is more than $234bn in residential storm surge exposure in high risk areas in the US, according to calculations by First American Spatial Solutions, a property location information, analytics and geospatial service.
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Aspen Insurance Holdings has announced its preliminary loss estimates for the Chile earthquake, European Windstorm Xynthia and the Australian hailstorms and floods.
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Lloyd’s of London insurer Chaucer Holdings has estimated a combined net loss to Syndicate 1084 of around £25m ($37.4m) from the Chilean earthquake and European windstorm Xynthia.
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Hank Greenberg tells Reactions that he was sad to see the sales of two large AIG) subsidiaries this month. However, he does not condone AIG's strategy of selling non-core assets to pay back the US government.
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Insurance Australia Group (IAG) said Friday that it has cut its 2010 margin for the second time this month on rising claims from the severe weather that struck Perth on March 22.
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Brit Insurance has announced expected losses from the Chile earthquake of between £47m ($71m) and $97m, based on a total loss of between $6bn and $10bn.
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The National Flood Insurance Program (NFIP) will lapse on 28 March after the US Senate adjourned today without extending its expiration.
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Catlin Group said Thursday that it expects to record a combined loss of $150m from the Chilean earthquake and European windstorm Xynthia.
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Reinsurance rates for catastrophe business could be boosted by the earthquake that struck Chile last month,” Clemens von Weichs, head of Allianz Re, told Bloomberg in an interview.
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Insurers have reported losses of about $4.1bn owing to the earthquake in Chile and European windstorm, Xynthia, Bloomberg reports.
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Marsh will not accept contingent commissions on any placements for any US and Canadian clients served by the firm’s core broking operations, the firm announced today.
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Bermudian insurance and reinsurance group White Mountains Insurance Group has estimated its total net losses resulting from the Chilean earthquake will be between $55m and $145m pre-tax, or $40m and $105m after tax.
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Lloyd’s insurer Amlin has estimated the impact of the Chilean earthquake and windstorm Xynthia.
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Canopius Group, the privately-owned Lloyd’s international insurance and reinsurance business, has announced a profit before tax of £55m ($82.6) in 2009, up from £43m in 2008.
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Warren Buffett’s investments in Swiss Re and Munich Re mean he increasingly pulls the strings in the reinsurance industry. But is the revered investor’s growing influence a blessing or a curse?
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The Insurance Council of Australia (ICA) has declared a general insurance catastrophe following the severe storms in Perth on March 22.
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RMS and Asia Capital Reinsurance Group today announced an agreement whereby RMS will work with ACR to develop catastrophe risk models for the Asian market.
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Rating agency Standard & Poor's today assigned a BB+ rating on the notes exposed to losses in the covered territory to be issued by catastrophe bond Merna Reinsurance II.
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French insurer Axa will suffer a pre-tax cost Eu200m to Eu300m ($270m to $406m) as a result of Windstorm Xynthia, reports ADP France news.
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Bermudian insurance and reinsurance firm Arch Capital Group today announced the catastrophic events of the first quarter of 2010 will have a negative effect on pre-tax earnings for the quarter.
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Argo Group International Holdings announced today it expects its initial loss estimate from first quarter 2010 catastrophe events will be $25m to $35m, net of reinstatement premium and tax benefits.
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The Canadian property/casualty insurance industry experienced an underwriting loss of $276m in 2009, according to figures from MSA Research.
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Reinsurance firm Flagstone Reinsurance Holdings today announced its intention to change the company’s place of incorporation from Bermuda to Luxembourg.
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Northern Queensland has been hit by tropical cyclone Ului, with winds of up to 200 kilometres an hour.
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Fitch has upgraded US insurer RLI’s senior debt rating to BBB+ from 'BBB, as well as its insurer financial strength ratings of its operating subsidiaries to A+ from A.
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Allied World Assurance, the property, casualty and specialty insurance and reinsurance company, has announced its initial loss estimate for the recent catastrophe event in Chile ranges from $55m to $75m and its initial estimate for European Windstorm Xynthia is $2m.
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Sixteen global reinsurers have reported approximately $3.5bn in estimated pre-tax, net losses arising from the severe Chilean earthquake and Windstorm Xynthia in Europe, Moody's notes in a new report.
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The mood among delegates at this year’s ARC Congress was optimistic. But many of the windfalls the market was expecting a few years ago never materialised.
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Tokyo-based MS&AD Insurance Group is seeking alliances with Chinese and Indian firms after its merger.
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Insurance and reinsurance firm Ace has estimated net after-tax losses in the first quarter from the earthquake in Chile and windstorm Xynthia.
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For the first time the new independent claims service, PCS-Canada, will allow primary insurance companies, reinsurers, brokers, and others to receive industry wide data on Canadian catastrophes, including man-made and extreme weather events.
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Asian economies are recovering faster than their western counterparts, making Asia top of the list for western reinsurers looking to diversify.
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XL Capital has estimated preliminary net losses of between $140m and $205m from the earthquake in Chile.
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Natural catastrophes and man-made disasters cost insurers $26bn in 2009, according to Swiss Re’s latest sigma study. The overall cost to society was $62bn.
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Industry losses of more than $7bn from last month’s earthquake in Chile would increase reinsurance pricing, believes Stefan Lippe, CEO of reinsurance firm Swiss Re.
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Florida’s government-owned Citizens Property Insurance may raise $2bn through the sale of 10-year tax-exempt bonds.
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Lloyd’s of London insurer Hiscox said it expects a combined loss of around £100m ($150.8m) from the Chilean earthquake and winter storm Xynthia.
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Montpelier Re Holdings has announced a preliminary estimate of losses from the recent Chilean earthquake, European windstorm Xynthia and the Australian hailstorms.
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Suncorp Metway is expecting insurance claims due to massive storms in southern Victoria to reach $183m.
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Net income for US property/casualty reinsurers was $4.3bn in 2009, which was up from $2.9bn in 2008, according to a survey of reinsurers’ statutory underwriting results conducted by the RAA.
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Bermuda-based Axis Capital Holdings has provided its catastrophe loss initial estimates for the Chile earthquake and European windstorm Xynthia.
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If the insured losses from the magnitude 8.8 earthquake that struck Chile last month come in at between $3bn and $5bn, it will be the most expensive insured event to ever hit Latin America, Cooper Gay has said.
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Endurance Specialty Holdings, the global specialty provider of property and casualty insurance and reinsurance, has announced its initial loss estimate for the earthquake in Chile and windstorm Xynthia in Europe.
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Max Capital Group’s preliminary estimates of combined claims for the Chilean earthquake and the European winter storm Xynthia range from $10m to $20m, net of reinstatement provisions and retrocessions.
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Insurers paid out £650m ($980m) in dealing with 335,000 claims from customers who suffered damage to their homes, businesses and vehicles in the coldest winter for thirty years, according to the ABI.
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Flagstone Reinsurance Holdings, the global reinsurance and insurance company, has announced its preliminary estimate of claims relating to its exposure to the earthquake in Chile is $50m net of reinstatement premiums and retrocession.
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Don Kramer has stood down as CEO of Ariel Holdings.
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The merger of Bermudian firms Max Capital Group and Harbor Point has been termed a merger of equals. Reactions spoke to the CEO’s of the two companies and an analyst to get the perspective from all sides on what the future holds for the combined company Alterra Capital Holdings.
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Validus Holdings, the Bermuda based provider of reinsurance and insurance, today provided an initial estimate of losses from the recent Chilean earthquake and European windstorm Xynthia.
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French reinsurer Scor expects costs related to the recent earthquakes Chile to amount to about Eu95m ($130.7m) net pre-tax.
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On Thursday, March 11 two large aftershocks of the Mw8.8 Chile earthquake have struck the Libertador O’Higgins region of central Chile, reports the RMS Reactions Catastrophe Centre.
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Everest Re has estimated its preliminary loss owing to the earthquake in Chile at about $225m.
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Mexico has little catastrophe insurance coverage, despite a long history of severe earthquakes, The Wall Street Journal reports.
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Platinum Underwriters Holdings, the Bermudian reinsurance company, has announced an initial loss estimate from first quarter 2010 catastrophe events to date of about $85m.
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RenaissanceRe has announced the impact of the Chilean earthquake and windstorm Xynthia on its financial results could be material.
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Windstorm Xynthia, which caused serious damage in Western Europe at the end of February, will present a substantial, though manageable, cost for the French insurance industry according to Moody's Investors Service.
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The catastrophe reinsurance fund of Nephila Capital has secured $340m from 11 UK institutions.
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Swiss Re said Wednesday it expects around $500m in claims from the earthquake in Chile, and around $100m in claims from European winter storm Xynthia.
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The Association of Bermuda Insurers and Reinsurers today filed its opposition to a house bill which would replace private sector risk bearing capital with government reinsurance and government guarantees of state debt.
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Leigh Ann Pusey, president and CEO of the American Insurance Association, today sent a letter to the House Financial Services Committee voicing concerns over the Homeowners’ Defense Act (HR 2555).
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Brit Insurance has named Bill Jackson senior vice-president of property direct and facultative of its US operations.
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Endurance's new CEO will be looking to continue the work done under eight years of Ken LeStrange's leadership but won't be afraid to make big changes if necessary, he tells Reactions in an exclusive interview.
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Swiss Re is preparing a new catastrophe bond, which will be the first cat bond to use Perils AG as a benchmark for losses.
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Shortly after 02:30 UTC on Monday March 8 an earthquake of magnitude 5.9 Mw (moment magnitude) occurred in the Elazig province of eastern Turkey, reports the RMS/Reactions Catastrophe Centre.
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Rating agency Moody’s believes reinsurers will shoulder the majority of insured losses from the Chilean earthquake because of the large amount of reinsurance protection purchased in Chile and the size of the catastrophe
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Bermudian reinsurance company PartnerRe expects between $220m and $320m of pre-tax losses from the magnitude 8.8 earthquake that hit Chile on February 27.
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US composite rate down 5% for February. But coastal property rates in certain locations are firming, leading to rumours of new entrants to the market to take advantage of higher pricing.
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Insured losses from winter storms that hit the US east coast between February 23 and February 28 are expected to be between $150m and $350m, according to an estimate by AIR Worldwide.
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Allianz is expecting its share of claim costs from wind storm, Xynthia, to be between Eu100-300m, Bloomberg reports.
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Consolidation rumoured on Bermuda.
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Bermudian firms Max Capital Group and Harbor Point have announced they have agreed to a merger.
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The US Senate has passed legislation that includes yet another short-term extension of the National Flood Insurance Program (NFIP).
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Catastrophe risk modelling firm AIR Worldwide estimates that insured losses in France, Belgium, Germany, and Netherlands from winter storm Xynthia will be between Eu1.5bn ($2bn) and Eu3bn ($4bn).
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The magnitude 8.8 earthquake that occurred off the coast of Chile on February 27, 2010 could cost insurers between $3bn and $8bn, according to risk modeling firm Eqecat.
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RSA Insurance Group revealed Tuesday that the earthquake to hit Chile on February 27 is likely to cost the insurer £30m ($44.7m), net of reinsurance.
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Insured losses from the earthquake that struck central Chile early Saturday February 27 will likely exceed $2bn, estimates AIR Worldwide.
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For the second consecutive time, US Congress has failed to extend the National Flood Insurance Program (NFIP) before its expiration date and has allowed it to lapse.
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Windstorm Xynthia, which swept across western Europe at the weekend, has resulted in widespread power outages, damage and at least 50 fatalities according to RMS.