Natural catastrophes (Nat Cats)
Allianz hit by high cat losses
Allianz Group has reported that its property & casualty business wrote gross premiums written of €14.0bn (Q1 2009: €13.9bn) in the first quarter of 2010.
Johnston Re cat bond completed
Johnston Re, the US hurricane catastrophe bond for the North Carolina Joint Underwriting Association (NCJUA) and the North Carolina Insurance Underwriting Association (NCIUA), closed on Monday at $305m.
Munich Re Q1 profits rise
Munich Re has reported a quarterly profit of €485m up from €437m in Q1 2009 due to large gains from the disposal of investments but natural catastrophe costs “unusually high.”
Validus reports loss of $118.4m in Q1
Validus Holdings has reported a net loss of $118.4m, or ($0.95 per diluted common share) for the three months ended 31 March 2010, compared with net income of $94.9m, or $1.20 per diluted common share, for the three months ended 31 March 2009.
Munich Re Q1 profits rise
Munich Re has reported a quarterly profit of €485m up from €437m in Q1 2009 due to large gains from the disposal of investments but natural catastrophe costs “unusually high.”
Zurich reports increased first quarter profits despite high volume of weather and catastrophe-driven events
Zurich has reported a business operating profit of $1.3 bn (£864m), an increase of 19%.
RSA reports premium rise of 5%
RSA has reported that net written premiums rose 5% to £1.9bn in the first quarter of 2010.
RSA reports premium rise of 5%
RSA has reported that net written premiums rose 5% to £1.9bn in the first quarter of 2010.
Assurant purchases $150m reinsurance through cat bonds
Assurant subsidiaries have entered into reinsurance agreements providing for $150m in multi-year, fully collateralized reinsurance from Ibis Re, a special purpose reinsurance company domiciled in the Cayman Islands.
No material impact on insurance sector from Icelandic volcano – Moody’s
The Eyjafjallajökull volcano in Iceland erupted causing a significant disruption for those individuals and businesses reliant on air travel, however, the extent to which the insurance industry will cover losses incurred from this disruption is expected…
Tornado causes devastation in Mississippi
A tornado nearly a mile wide ripped through central Mississippi on Saturday, killing 10 people, including three children, and injuring dozens of others, state authorities said.
Allianz' legal helpline reveals employers' ash concerns
Allianz Legal Protection’s 24hour legal helpline has fielded a number of calls from employers with questions relating to the treatment of employees caught up in the Icelandic Volcano eruption.
Travelers Q1 profit hit by cat claims
US property insurer’s first-quarter profit dropped 2.3% as the cost of its catastrophe claims increased more than fivefold.
Second Icelandic eruption could cause mortality risk - RMS
The recent eruption could trigger a larger eruption of nearby volcano Katla, which could pose a significant morbidity and mortality risk, according to RMS.
Munich Re places North Carolina cat bond
Munich Re has placed a catastrophe bond to cover two North Carolina insurance groups' hurricane exposures.
Reinsurance market could turn this year – Lockton Re
Lockton market update report notes that the reinsurance market may be on the brink of a new shift in cycles despite strong 2009 reinsurer results.
Reinsurers face tough times in soft market – AM Best
AM Best’s global financial review of reinsurance notes US taxation and underwriting discipline amongst the major challenges to be faced by reinsurers
Catastrophe losses have no impact on April renewals: Aon Benfield
Reinsurance rates continued softening trend at April 1 renewals according to the report from the broking giant
Catastrophe claims will hit reinsurers’ Q1 results hardest: Willis Re
Willis Re’s April renewals report says $16bn catastrophe tab to make the first quarter of 2010 the worst ever for natural peril losses.
Lloyd's FD: Solvency II no bar to new entrants
Lloyd's has stressed that it has no plans to batten down the hatches and stop admitting new members as the deadline for Solvency II approaches.
Catastrophe rates to rise - Allianz Re
The earthquake that struck Chile last month may help boost rates for catastrophe reinsurance this year, Clemens von Weichs has said.
CCRIF wants more coverage
The Caribbean Catastrophe Risk Insurance Facility is urging its international donor partners for assistance to enable it to step up the coverage available to member countries.
Montpelier Re reports up to $100m losses from Chilean earthquake
Reinsurer Montpelier Re has announced a preliminary pre tax losses of between $75m (£49m) to $100m from the earthquake in Chile.
Hiscox faces £100m Cat losses
Hiscox has estimated that it faces £100m worth of claims as a result of the Chilean earthquake and the European windstorm Xynthia.