Guy Carpenter Receives Grant to Create Reinsurance Facility: Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, has been awarded a grant by the Microinsurance Innovation Facility to develop a reinsurance facility for microinsurance and microfinance company operations (MFIs).
Regional Changes in Shareholders’ Funds: Shareholders’ funds were depleted at double-digit rates around the world last year, with companies in the United States sustaining the greatest drops. The two primary drivers of this trend are changes in estimated losses related to Hurricanes Ike and Gustav and the ongoing financial catastrophe.
A Short, Defining Year for Cat Bonds: The catastrophe bond year ended back in July, and two quarters of virtual silence have signaled an abrupt change in the market. After 2006 and 2007, we had become accustomed to record-setting issuance years.
CAT-i Update: Bushfires in Australia Report 2: Residents in parts of Victoria are still on alert as more than 20 bushfires continue to burn in the Australian state. Firefighters are battling to contain the remaining blazes after more than 400 bushfires fanned by strong winds of up to 60 mph (100 kmph) hit the states of Victoria, New South Wales and South Australia over the weekend.
RISK-i Update: Plane Crash, Amsterdam, Netherlands: A Turkish Airlines Boeing 737-800 carrying 127 passengers and seven crew members crashed at around 10:40 local time (09:40 UTC) on 25 February while attempting to land at Amsterdam’s Schiphol international airport. According to recent reports, there are nine confirmed fatalities and 86 casualties.
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Ike Update: Revised Shareholders’ Funds Impact: Flagstone Reinsurance Holdings Ltd. has announced increased loss estimates related to Hurricanes Ike and Gustav. Earlier estimates of USD115million have been increased by USD25.2 million (21.9 percent to USD140.2 million.