U.S. storms create ripples for European Reinsurers.The damage and uncertainty created by hurricanes Katrina and Rita are generating ripples that have reached Europe as reinsurers and their clients carve out the details of next year's reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. renewals. Rolf Tolle, franchise performance director at Lloyd's, said it's possible that some deals may not be in place before Jan 1,2006. This would expose underwriters' capital to the threat of major claims early in the new year. "What you do after these events is you take stock," Tolle said of this year's two headline-grabbing hurricanes. He made his remarks during an interview in Brenner's Park Hotel in Baden-Baden, Germany. Tolle spoke amid the din DIN - Deutsche Institut fuer Normung. The German standardisation body, a member of ISO. of conversation from the reinsurance pilgrims Pilgrims, in American history, the group of separatists and other individuals who were the founders of Plymouth Colony. The name Pilgrim Fathers is given to those members who made the first crossing on the Mayflower. who gather every year in this ancient resort. Outside the sun shone and the turning leaves offered a suggestion of New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. in October. A backdrop to the proceedings was provided from another region, as Hurricane Wilma Hurricane Wilma was the most intense hurricane ever recorded in the Atlantic basin. Exceeding the 21 storms of the 1933 season, Wilma was the twenty-second storm (including the subtropical storm discovered in reanalysis), thirteenth hurricane, sixth major hurricane, and fourth moved on southern Florida the week of Oct. 24. Tolle suggested the continuing difficulty in getting accurate information about the extent of the losses caused by Katrina has engendered a certain wariness at Baden-Baden. |
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