Business Insurance articles from September 2005

Business Insurance archives from September 2005

A time to merge.(Cover Focus: Convergence & Consolidation)
September 1, 2005... Nov. 2003-Indianapolis-based Anthem Inc. and Thousand Oaks, Calif.-based WellPoint Health Networks Inc. propose a $16.4 billion merger to create WellPoint Inc., now the largest managed care organization in the United States, with roughly 28.5...

Tour highlights possibilities of earthquake damage.(Feature)
September 1, 2005... Byline: Mara Lazdins It has been nearly 200 years since residents along the New Madrid fault have experienced devastating earthquake damage. While small temblors have occurred in the central Mississippi Valley over the intervening years,...

Emerging markets present opportunities, challenges.(Feature)
September 1, 2005... Byline: Rodd Zolkos HONG KONG-Around the world, insurers see vast opportunities in emerging markets. But, according to top executives at various international companies, accompanying those opportunities are numerous challenges. The...

Global markets need global regulatory approach.(Feature)
September 1, 2005... Byline: Rodd Zolkos HONG KONG-As they look to do business around the globe, insurers and reinsurers find that the wide variety of local insurance regulatory frameworks they face often are obstacles to conducting business. Speaking at...

Vermont sees captives addressing governance issues without mandate.(Feature)
September 1, 2005... Byline: Rodd Zolkos BURLINGTON, Vt.-While the corporate governance requirements of the federal Sarbanes-Oxley Act have become a fact of life for publicly traded insurance companies, they haven't yet been directly applied to captive...

NAIC hears concerns over life cover reserving regulations.(Industry News)
September 1, 2005... A National Assn. of Insurance Commissioners hearing last month in Minneapolis reflected several commissioners' concerns with the need to modernize reserving regulations for life insurance products, according to the executive director of an...

Insurers in top workplace ranks.(Industry News)
September 1, 2005... WASHINGTON-AARP has included several insurance industry organizations among the 50 companies singled out in its "AARP Best Employers for Workers Over 50'' survey this year. Among the insurance industry companies ranked was the Des Moines,...

Large health insurers gaining muscle; Steady stream of acquisitions more product-driven than in the past.(Cover Focus: Convergence & Consolidation)
September 1, 2005... Byline: Rupal Parekh Consolidation is familiar to the managed care sector, but a new set of drivers are propelling merger and acquisition activity in the industry. Acquisitive health plans today are not being purely opportunistic,...

Firms unite to offer finite structure review.(Industry News)
September 1, 2005... NEWPORT BEACH, Calif.-Two reinsurance consulting firms have formed an alliance to provide reinsurance treaty review and analysis to the international investors operating in the insurance or reinsurance industries. Newport, Calif.-based...

Putting The Pieces In Place; Lack of attractive targets more of a drag on M&A activity than investigations.(Cover Focus: Convergence & Consolidation)
September 1, 2005... Byline: Rodd Zolkos The impact of well-publicized investigations of insurance industry activities and concerns over contingent commissions appears to have waned as a factor shaping the agent and broker merger and acquisition landscape,...

Have any historical D&O anecdotes?(Industry News)
September 1, 2005... NEW YORK-A Marsh Inc. executive is seeking reminiscences and memorabilia for an anecdote-based history of directors and officers insurance, the proceeds from which will benefit charity. Proceeds from the book, edited by Larry Goanos, a...

Partnership attempts to identify factors in fleet accidents.(Industry News)
September 1, 2005... SPARKS, Md.-A partnership between two companies aims to offer a tool to reduce vehicle-related accidents to risk and safety managers of businesses with transportation fleets. The partnership between PHH Corp. subsidiary PHH Arval in Sparks,...

McGrath undertakes marketing redesign.(Industry News)
September 1, 2005... SOUTHBRIDGE, Mass.-As part of a marketing initiative, central Massachusetts insurance agency McGrath/Burnham Group has changed its name to McGrath Insurance Group Inc. and redesigned its logo. The Southbridge, Mass.-based full service...

Oil insurer taps capital market for coverage.(Industry News)
September 1, 2005... HAMILTON, Bermuda-As insurance companies continue to find ways to use the capital markets to transfer property risks, a Bermuda-based insurer this summer used a capital markets approach to securitize high excess casualty exposure. ...

Survey shows insurers are outsourcing IT.(Industry News)
September 1, 2005... According to a survey by market analyst Datamonitor P.L.C., U.S. insurers are increasingly looking to outsource the development, implementation and management of complex technology projects. The report indicates that 2005 will be the first...

RMS opens office in Bermuda.(Industry News)
September 1, 2005... HAMILTON, Bermuda-Modeling firm Risk Management Solutions Inc. is opening an office in Bermuda, underscoring the Newark, Calif.-based firm's commitment to the Bermuda market, RMS said. RMS has been involved with Bermuda's reinsurance...

What Otto be done: some historic advice.(Perspective)
September 1, 2005... Byline: Bob Mackin The evening thunderstorm off Lake Michigan had drenched me to the bone, and I was still several blocks from my hotel. I needed rest after long meetings on regulatory modernization, accounting rules, SOX compliance-all of...

Enhanced NetMap offers claims investigators better search capabilities.(Industry News)(Brief Article)
September 1, 2005... JERSEY CITY, N.J.-The Insurance Services Office Inc. has enhanced its NetMap for Claims software, adding functions to provide more robust search capabilities to claims investigators. NetMap for Claims Version 4.5 offers investigators direct...

CATStation gets enhanced.(Industry News)(Brief Article)
September 1, 2005... BOSTON-AIR Worldwide Corp. has released a new version of CATStation, the modeling firm's Web-based catastrophe risk management system. Boston-based AIR said the new version increases insurers' ability to manage risk accumulations at a...

The Quote.(Industry News)
September 1, 2005... `It's clearly not attributable to the Spitzer factor, the fact that there's been a smaller number of deals done this year than last year.' Timothy J. Cunningham Principal OPTIS Partners L.L.C.

Liberty establishes fidelity bond unit.(Industry News)
September 1, 2005... NEW YORK-Liberty International Underwriters Inc. has started a dedicated U.S. fidelity bond department. Gerry Mogan has been named vp of fidelity and Melissa Schwartz has been named fidelity underwriting manager to start the new department....

On the Move.(Industry News)
September 1, 2005... Zurich, Switzerland-based Swiss Reinsurance Co. has announced that Jacques Aigrain will succeed John Coomber as chief executive officer in December. Mr. Aigrain, a former banker, was named deputy CEO in 2004. The company said Mr. Coomber, who...

Will day dawn again for TRIA?(Last Word)
September 1, 2005... Byline: John P. Dearie Jr. and Brian J. Green On June 30, the U.S. Treasury Department issued its long-awaited report on the Terrorism Risk Insurance Act of 2002. The report strongly recommended that TRIA not be extended in its present form...

Three Questions.(Interview)
September 1, 2005... Ron Pressman has served as chairman, president and chief executive officer of Kansas City, Mo.-based GE Insurance Solutions since 2000, and his career with General Electric Co.'s various businesses has spanned 20 years. He recently discussed...

Industry should step up in Katrina's wake.(First Word)
September 1, 2005... Byline: Rodd Zolkos Like a lot of people, I suppose, I relate to a lot of life's events through music. That is, different things trigger thoughts of different songs. It can be annoying sometimes, but often it's kind of amazing how...

Readers Choice deadline extended.
September 5, 2005... Business Insurance readers have a little more time to weigh in on which companies they think are the best in the industry. The deadline for the inaugural Readers Choice Awards has been extended to Sept. 7. If you subscribe to BI, we want to...

Investigations lower demand for 'structured reinsurance'.(Spotlight)
September 5, 2005... Byline: CAROLYN ALDRED Continued regulatory scrutiny of finite reinsurance and a flurry of subpoenas for insurers and reinsurers has led to reduced demand-and a new name-for the product. Finite reinsurance-the term previously used to...

Reinsurers find methods of surviving downgrades.
September 5, 2005... Byline: MICHAEL BRADFORD Reinsurers that manage some quick damage control and consider changes to their business plans have the best shot at survival when a ratings downgrade threatens their operations. A downgrade from an A-level...

Asbestos trust fund report open to interpretation; CBO estimates that fund might lack money to pay all claims.(News)(Congressional Budget Office)
September 5, 2005... Byline: MARK A. HOFMANN WASHINGTON-The significance of a new government report on the possible costs of creating a trust fund to replace the current litigation-based system for compensating victims of asbestos-related diseases depends on...

London market certain to achieve coverage clarity.(Spotlight)(insurance industry)
September 5, 2005... Byline: BARBARA COCKBURN LONDON-London market organizations will achieve contract certainty in insurance and reinsurance transactions, but it won't be easy, observers say. Agreeing to detailed coverage terms by policy inception will...

Reinsurers seek to avoid problems in phase two of new E.U. standards.(Spotlight)(European Union)(insurance law)
September 5, 2005... Byline: SARAH VEYSEY Now that Europe's reinsurers have issued their first set of financial reports under new accounting rules, they are working to ensure that the second phase of the standardization effort does not create significant...

Between the Lines; RLI Corp. declares `Condition 90'.
September 5, 2005... Byline: Compiled by Joanne Wojcik Practitioners from the Bermuda market would have felt at home in Peoria, Ill., this summer, where RLI Corp. gave its home office employees permission to wear shorts whenever the temperature topped 90...

Comings & Goings - Industry.(American International Group Inc appoints Christopher J. Swift and Louis P. Iglesias)(Foley Hoag L.L.P appoints Martin C. Pentz)(Alea London Ltd appoints Mike Henthorn )
September 5, 2005... Insurers: New York-based American International Group Inc. has appointed Christopher J. Swift as chief financial officer and vp for its life insurance and retirement services operations. Previously, he was executive vp and CFO of AIG...

Asbestos trust fund analysis shows need for change.(United States. Congressional Budget Office)(Editorial)
September 5, 2005... If beauty is truly in the eye of the beholder, the recent Congressional Budget Office report on a proposed asbestos trust fund must be a masterpiece to many indeed. Advocates of creating a national no-fault trust fund to replace the...

Bank sues own captive over WorldCom claim.
September 5, 2005... Byline: DOUGLAS McLEOD PROVIDENCE, R.I.-Bank of America Corp. has filed bad-faith charges against its own Vermont-based captive insurer and units of Chubb Corp. for their alleged refusal to cover more than $24 million of the bank's $460.5...

Alea says it will cut exposure to long-tail casualty in U.S.(Alea London Ltd)
September 5, 2005... Byline: BARBARA COCKBURN HAMILTON, Bermuda-Alea Group Holdings (Bermuda) Ltd. plans to cut back its long-tail reinsurance business in the United States as it faces a sharp drop in first-half profits and a negative ratings outlook. The...

Equitas settlements total $300 million.(Equitas Holdings Ltd)
September 5, 2005... Byline: SARAH VEYSEY LONDON-Equitas Ltd. said that it has reached several settlements with policyholders in the past few months that will cost the runoff reinsurer $300 million in total. Equitas, the runoff reinsurer for the pre-1993...

Missouri lawmakers set to fix problem in comp reform law.(News)(workers compensation)
September 5, 2005... Byline: ROBERTO CENICEROS JEFFERSON CITY, Mo.-Missouri state lawmakers will meet in a special session this week to work on correcting a legislative error that could create problems for both employers and injured workers in the state. ...

Flooding claims in Europe estimated at $645 million.(World)
September 5, 2005... Byline: SARAH VEYSEY ZURICH, Switzerland-As European insurers and reinsurers tally their losses from Hurricane Katrina, some also face losses from last month's flooding in the Swiss Alps. Those floods likely will result in insured...

Nova Scotia to introduce comp surcharge.(World)
September 5, 2005... Byline: GLORIA GONZALEZ HALIFAX, Nova Scotia-Employers in Nova Scotia with poor safety records will face annual workers compensation surcharges beginning in 2008, under an initiative being introduced in the Canadian province. The...

Reinsurance premiums fall in first half.(News)
September 5, 2005... Byline: JUDY GREENWALD U.S. reinsurers' results for the first half of 2005 reflect downward pressure on rates, increased retentions by primary reinsurers and adverse development from prior accident years, say observers. But whatever...

HRH settlement allows some contingents; Broker to pay back $30 million to clients.(News)(Hilb, Rogal and Hobbs Co.)
September 5, 2005... Byline: SALLY ROBERTS HARTFORD, Conn.-Hilb Rogal & Hobbs Co. will still collect contingent commissions on much of its business despite a $30 million settlement it reached with prosecutors last week over charges that it steered clients to...

XL buys casualty business from Argonaut.(XL America Inc., Argonaut Insurance Co.)(Brief Article)
September 5, 2005... Byline: ROBERTO CENICEROS STAMFORD, Conn.-XL America Inc. has agreed to buy a substantial portion of Argonaut Insurance Co.'s U.S. risk management book of business. Stamford, Conn.-based XL America, a unit of XL Capital Ltd. in...

Transparency more important than ever.(Hilb, Rogal and Hobbs Co's new disclosure standards)(Editorial)
September 5, 2005... As yet another major brokerage reaches a settlement over its compensation practices, it appears we're now seeing a gray area in which smaller brokers must decide whether and how to segregate their operations that represent insurers from...

Percentage with job-based health insurance declines.(News)(Brief Article)
September 5, 2005... Byline: JOANNE WOJCIK A reduction in employment-based health insurance coverage is largely responsible for an overall drop in the percentage of Americans with private health insurance coverage, according to a Census Bureau report released...

Updates; SCOR profits rise in first half.(Australian Prudential Regulation Authority releases paper on capital instruments, Willis Group Holdings Ltd. relocates Canadian headquarters)
September 5, 2005... Paris-based reinsurer SCOR S.A. posted net income of 72.2 million euros ($87.4 million) for the first half of 2005, up 18% compared with its six-month 2004 profits, which were restated for comparability under International Financial Reporting...

KATRINA RAVAGES COAST; Insured losses of up to $35 billion projected.(News)(Hurricane Katrina, 2005)
September 5, 2005... Byline: DAVE LENCKUS and MARK A. HOFMANN Even as loss modelers rank Hurricane Katrina as the costliest natural disaster in U.S. history and more destructive than the four storms that lashed the Southeast last year combined, exactly how bad...

CSU meteorologist Gray predicts more hurricanes.(News)(Colorado State University's William Gray predicts more hurricanes )(Brief Article)
September 5, 2005... Byline: Mark A. Hofmann FORT COLLINS, Colo.-Hurricane forecaster William Gray continues to foresee unusually high hurricane activity during the next two months. "We are continuing the bad news by predicting above-average activity for...

Insurers set to absorb huge wind, flood loss; Storm might not turn market.(News)(effects of Hurricane Katrina, 2005 on insurance industry)
September 5, 2005... Byline: JUDY GREENWALD Hurricane Katrina looks certain to be one of the largest insured losses in history. Nevertheless, it may not have a dramatic impact on the insurance market, say many observers. Four years of hard market rates...

Premium hikes likely in Gulf energy sector.(News)(Hurricane Katrina, 2005)(energy insurance premium hikes)
September 5, 2005... Byline: SARAH VEYSEY Energy insurance premiums will likely increase as a result of losses from Hurricane Katrina, though rate hikes may be limited as Gulf of Mexico coverage rates have already seen some significant increases over the past...

Late News.(meshed briefs)
September 5, 2005... Canadian drug reimport lawsuit dismissed A federal judge dismissed a lawsuit accusing major pharmaceutical companies of violating federal antitrust laws by preventing U.S. consumers from purchasing prescription drugs from Canada. The suit,...

How to submit a Perspective article to Business Insurance.(Perspectives46)
September 12, 2005... Business Insurance accepts articles from experts in commercial insurance, risk management and employee benefits management for publication in its Perspectives section. The section is intended to be a forum for readers' opinions and a forum...

Softer rates, catastrophes don't dim reinsurer outlook: Fitch.(Spotlight: Surplus Lines)
September 12, 2005... Byline: DOUGLAS McLEOD Reinsurer financial strength ratings should remain stable for at least another year, though large losses from Hurricane Katrina and other factors could change that outlook, Fitch Ratings predicts. While the...

Late News; Mercer chief named CEO of Marsh.(Brian M. Storms appointed as the chairman and chief executive officer of brokerage unit Marsh Inc.)(Alea Group Holdings (Bermuda) Ltd's profits)(Caremark Rx Inc. to pay $137.5 million to settle a lawsuit )
September 12, 2005... Marsh & McLennan Cos. Inc. has named Brian M. Storms chairman and chief executive officer of brokerage unit Marsh Inc. Mr. Storms, who most recently served as president and CEO of Mercer Human Resource Consulting, succeeds Michael G. Cherkasky,...

Disaster spins tales of sorrow and hope.(Commentary)(Hurricane Katrina, 2005)
September 12, 2005... Byline: Rodd Zolkos Trying to grasp the events of the past couple of weeks on the Gulf Coast, the mind tends to reel at the magnitude of the catastrophe. Sitting off at a distance, experiencing the disaster through newspaper,...

Benfield launches primary brokerage unit.(World)(Benfield Group Ltd. launches Benfield Corporate Risk)
September 12, 2005... Byline: SARAH VEYSEY LONDON-Benfield Group Ltd. last week formally launched its primary brokerage operation, Benfield Corporate Risk. The new operation focuses largely on marine, energy and power business but also incorporates some...

Two Illinois hospitals to test power of apologies in malpractice cases; Some concerned that 'Sorry Works!' program could increase litigation.(News)
September 12, 2005... Byline: MEG FLETCHER Illinois' new medical malpractice law contains provisions that will test the impact of encouraging hospitals and doctors to apologize to patients and their families for mistakes and unintended consequences resulting...

Public entities leery of wholesale market.(Spotlight: Surplus Lines)
September 12, 2005... Byline: SARA HARTY When it comes to the surplus lines market, risk managers for public entities and risk managers for construction companies don't always agree. For construction companies, which sometimes find it very difficult to...

Lobbyist has long career in industry.(Spotlight: Surplus Lines)(Maria L. Berthoud )(B and D Sagamore)(Brief Article)
September 12, 2005... Byline: Meg Fletcher Maria L. Berthoud started work as a consultant lobbyist for the National Assn. of Professional Surplus Lines Offices Ltd. in May. Ms. Berthoud (pronounced "bear-two'') is a vp at the lobbying firm B&D Sagamore in...

NAPSLO pushing regulatory reforms that would keep E&S market unfettered; Washington lobbyist hired as advocate for state-based regulation.(National Assn. of Professional Surplus Lines Offices Ltd. hired Maria L. Berthoud)
September 12, 2005... Byline: MEG FLETCHER WASHINGTON-Leaders of the National Assn. of Professional Surplus Lines Offices Ltd. recently hired a Washington lobbyist to step up the association's efforts to influence congressional deliberations about modernizing...

SAFETY Act supplements terror cover; Tort protections offer businesses options in reducing attack-related lawsuits.(Perspectives)
September 12, 2005... Byline: Andrew Dopheide With the Terrorism Risk Insurance Act set to expire at the end of 2005, the future of terrorism insurance is uncertain. The Bush administration opposes renewal of TRIA in its present form and wants to remove general...

It's time to focus on value in health care.(Perspectives)(health care costs)
September 12, 2005... Byline: Les C. Meyer The time has come for employers to focus on value instead of quality to achieve reasonable levels of spending and establish accountability, and unless this shift occurs, projected spending trends will render quality...

SEC may charge Gen Re chief Brandon; Gen Re CEO, two others get `Wells notices' in probe of finite risk transactions.(News)(Securities and Exchange Commission)(Chief Executive Officer Joseph P. Brandon of General Reinsurance Corp.)
September 12, 2005... Byline: DOUGLAS McLEOD STAMFORD, Conn.-A federal investigation of General Reinsurance Corp.'s finite risk transactions reached the company's highest management levels last week as Chief Executive Officer Joseph P. Brandon and two other...

Bermuda insurers showing interest in U.S. program market; Excess capital fueling partnerships with MGAs.(Spotlight: Surplus Lines)(Managing General Agent )
September 12, 2005... Byline: RUPAL PAREKH Bermuda insurers historically have not played a significant role in the program market, but that may be changing. Armed with capital and amid softening market conditions, Bermuda-based entities-following the lead...

BI senior editor, Katrina get up close and personal.(News)(Michael Bradford)
September 12, 2005... Byline: Michael Bradford Editor's note: Business Insurance Senior Editor Michael Bradford, who works out of Abita Springs, La., just north of New Orleans, offers a first-person account of the devastation left by Hurricane Katrina. ...

Health insurers waive rules for Katrina victims.(News)(Hurricane Katrina, 2005)
September 12, 2005... Byline: GLORIA GONZALEZ Health insurers are waiving normal requirements for employers and members located in states directly affected by Hurricane Katrina, offering uninterrupted medical and dental coverage, even if premiums are not paid...

Products & Services; Certus launches index of premium comparisons.(News)(Brownyard Group increases the available limits for its security guard firm program)(Media/ Professional Insurance, a subsidiary of Aon Corp. has enhances its CyberLiability Plus policy)(Philadelphia Insurance Co. has added a public library program)
September 12, 2005... TUNBRIDGE WELLS, England-Certus Ltd., a risk management consulting company, has launched a product for risk managers that will allow them to compare their premiums against relevant market averages. The MarketCheck model provides a...

Benefits professional leads wellness tour; Gary Earl pedals from coast to coast to raise awareness of the need for healthy lifestyles.(News)
September 12, 2005... Byline: JOANNE WOJCIK When Gary Earl decided to become a health benefits professional, it was more than just a career choice. It was a calling. So it was only natural that when he left his position earlier this year as director of...

Programs offer cash incentives to encourage employee wellness.(News)
September 12, 2005... Byline: JESSICA MARQUEZ Two years ago, Sprint Corp. found itself at a loss about what to do to stem rising health care costs. After aggressively trying to control the expenses through cost-sharing and changes in its benefits, the company,...

Lloyd's companies setting up shop in America; Underwriting agencies seek access to smaller and midsize business.(Spotlight: Surplus Lines)
September 12, 2005... Byline: SARAH VEYSEY Lloyd's of London has long been a significant market for U.S. surplus lines risks, but now several Lloyd's companies are taking steps to supplement that business by setting up shop in the United States itself. ...

Buyers to benefit from sales of surplus lines units.(Spotlight: Surplus Lines)(privatization in insurance industry)
September 12, 2005... Byline: ROBERTO CENICEROS The unraveling of a 15-year-old trend that saw retail brokers buying up wholesalers will provide policyholders with more choice as a wider range of independently owned surplus lines brokers emerge, several...

Cities paying a high price for their unpreparedness.(Commentary)(Hurricane Katrina, 2005)
September 12, 2005... Byline: Paul Winston In the wake of Hurricane Katrina, as in other previous disasters-including Sept. 11-there has been an outpouring of support from individuals and private industries to help those on the Gulf Coast to rebuild their...

Acquirers bet change in control won't end flow of business.(Spotlight: Surplus Lines)(mergers in insurance industry)
September 12, 2005... Byline: SALLY ROBERTS While private equity investors may reap rewards from owning and growing a large well-known wholesale franchise like Crump Insurance Services Inc. or Swett & Crawford Group, there are risks associated with making such...

Additional funding needed to protect 'soft targets' against terrorist attacks.(News)
September 12, 2005... Byline: MARK A. HOFMANN WASHINGTON-Increased federal funding for nonairline security measures will be critical in protecting so-called "soft targets'' against terrorist attacks. In addition, enhanced communication between authorities...

A timeline of key events.(News)(Crump Group)(Brief Article)(Company Profile)
September 12, 2005... 1920: Crump & Trezevant founded by E.H. Crump. 1936: Bought out partner and formed E.H. Crump Co. 1954: Crump Underwriters formed as the wholesale insurance arm to place business with Lloyd's of London. 1958: Name change to Crump...

Private equity firms eye surplus lines brokers.(Spotlight: Surplus Lines)(insurance industry)
September 12, 2005... Byline: SALLY ROBERTS The announcement last week that Crump Insurance Services Inc. will be bought by a private equity firm comes amid a period when few other potential investors have either the appetite or the resources to purchase large...

IRS bars linking HSA contributions to wellness program participation.(News)(Internal Revenue Service)(health savings accounts)
September 12, 2005... Byline: JERRY GEISEL WASHINGTON-Employers offering health assessment and disease management programs alongside health savings accounts may have to change the way they use financial incentives to promote participation in those programs...

Wholesaler divestment welcome for risk managers.(Editorial)
September 12, 2005... On balance, we think risk managers should welcome the continued divestment of wholesale brokerage business by the largest retail insurance brokers. Even though the rise of independent wholesalers likely will increase the need for risk...

Errors & Omissions.(News)(Correction Notice)
September 12, 2005... * A chart in the July 18 edition misstated the percentage of Willis Group Holdings Ltd.'s business that was attributable to reinsurance and wholesale business in 2004. The correct figures are: Wholesale, 10%; and reinsurance, 24%. * Due to...

Updates; ZFS estimates losses from European flooding.(World)(Zurich Financial Services Group's losses due to Hurricane Katrina.)(AXA Group's financial earnings)(Guy Carpenter and Company Inc. went in for restructuring and appointed Nick Frankland as its head forits London practice)
September 12, 2005... Zurich Financial Services Group said it expects claims of about $100 million pretax arising from the flooding that affected Austria, southern Germany and Switzerland last month. The losses will be recorded in the third quarter, Zurich,...

Indonesian jet crash not likely to impact falling renewal rates.(World)(Mandala Airlines)
September 12, 2005... Byline: SARAH VEYSEY MEDAN, Indonesia-Insurance coverage for a Mandala Airlines jet that crashed shortly after takeoff last Monday in Medan, Indonesia, was led by Lloyd's of London syndicate 318, managed by Beaufort Underwriting Agency...

Energy insurance rates rising after Gulf facilities battered.(News)
September 12, 2005... Byline: SARAH VEYSEY Energy insurance rates are already increasing following the devastation caused by Hurricane Katrina in the Gulf of Mexico energy sector, even though the extent of insured losses from the storm, while expected to be...

Hurricane exposes myopic planners.(Hurricane Katrina, 2005)(Editorial)
September 12, 2005... Hurricane Katrina is an excellent example of the importance of the risk management and insurance communities getting involved in the political process. As a preface, it should be obvious that the damage inflicted by Katrina-regardless of...

Storm damage raises coverage questions; Business interruption complications expected.(News)
September 12, 2005... Byline: DAVE LENCKUS A city ordered evacuated ahead of a monster storm. A wild combination of widespread wind damage and storm-surge flooding exacerbated a day later by levee breaches. A city-once a thriving tourist destination, port and...