Singapore – Singapore has retained its position as the world's most expensive city, according to a research conducted by the Economist Intelligence Unit (EIU). The top five most expensive cities in the world remain unchanged from a year earlier and include, in descending order, Paris, Oslo, Zurich and Sydney. The EIU's survey comprises 133 cities worldwide and uses New York as a base. It compares and reviews the cost of more than 160 services and products including food, clothing and utility bills. Singapore was found to be 11% more expensive than New York for basic groceries.
Axis Capital Holdings Limited (AXS) Q3 2013 Earnings Conference Call October 31, 2013 8:00 AM ET Operator Good morning, and welcome to the Third Quarter 2013 AXIS Capital Earnings Conference Call. All
Six more Bermuda-based insurers and another from Switzerland have chimed in with expected catastrophe losses from Superstorm Sandy. Axis Capital Holdings of Pembroke leads this latest grouping by announcing $300 million as its preliminary estimate of Sandy-related losses, after tax, reinsurance recoveries and reinstatement premiums. The amount is to be split evenly between the company’s insurance and reinsurance segments, with most losses in the reinsurance side coming from property catastrophe and property per-risk treaty accounts with commercial property exposure. Axis says it expects to retain all losses in the reinsurance segment. Losses in the insurance unit are expected to primarily come from commercial property business as well as marine lines, which include cargo recreational marine, fine art and coined-money coverages. Axis says it expects some recoveries for its property and marine losses. The company retains the first $150 million in losses and 50 percent of the next $100 million layer, Axis says. Everest Re The Hamilton, Bermuda-based reinsurer says it expects $220 million in losses from Sandy after taxes and reinstatements. “Despite these losses, we expect to have an operating profit for the quarter,” says Joseph V. Taranto, CEO, in a statement. The loss estimate is based on industry losses and between $20 billion and $25 billion. Aspen Fourth-quarter earnings will include about $175 million in losses attributable to Sandy, after reinsurance and reinstatement premiums. The Hamilton-based insurer and reinsurer says about 65 percent of losses will come from its reinsurance segment, with the remaining felt in its insurance segment. Allied World About $165 million in fourth-quarter catastrophe losses from Sandy are expected by Zug, Switzerland-based Allied World Assurance Co. Holdings. The estimate is pretax and net of recoveries and reinstatements. The specialty insurer and reinsurer says about $95 million of the total will come from its insurance segment. Allied World says its estimate is based on industry losses approaching $25 billion. The loss is “well within our expectation for an event of this magnitude,” CEO Scott Carmilani says in a statement. Endurance Specialty Holdings Endurance Specialty Holdings puts its Sandy-related losses at $160 million, pretax and net of reinsurance and reinstatement premiums. About $125 million of the total will come from the Pembroke company's reinsurance segment, with the remainder seen in its insurance segment. Endurance says it arrives at its estimate by using its proprietary catastrophe modeling, standard industry models, a review of contracts, and initial reports from clients and brokers. RenaissanceRe Pembroker, Bermuda-based RenaissanceRe Holdings puts its fourth-quarter impact from Sandy at about $130 million. RenRe says its predicted tally includes est8imates of claims, claims expenses, reinstatement premiums assumed and ceded, lost-profit commissions, redeemable non-controlling interest, and other income. Argo Group Argo Group International Holdings says it expects fourth-quarter results to be hit by pretax losses of between $45 million and $55 million, net of reinsurance and reinstatements. Catastrophe modelers say Sandy could cause up to $25 billion in losses for the insurance industry. Read about other estimated company losses and additional Superstorm Sandy-related news HERE.
AXIS Capital Holdings Limited provides specialty lines insurance and treaty reinsurance products in Bermuda, the United States, Europe, Singapore, Canada, Australia, and Latin America. The company’s Insurance segment offers property insurance for commercial buildings, residential premises, construction projects, and onshore energy installations; marine insurance covering offshore energy, cargo, liability, recreational marine, fine art, specie, hull, and war; and aviation, terrorism, credit and political risk, and liability insurance. It also provides professional lines that cover directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, and other financial insurance related coverage; and accidental death, travel, and specialty health products for employer and affinity groups, financial institutions, schools, and colleges, as well as accident and health reinsurance for catastrophic or per life events. This segment offers its products through wholesale and retail brokers, managing general agents, and underwriters. Its Reinsurance segment provides non-life reinsurance to insurance companies, including catastrophe; property reinsurance covering property damage and related losses resulting from natural and man-made perils; professional lines; credit and bond reinsurance; and motor reinsurance providing coverage to cedants for motor liability and property damage losses. This segment also offers coverage to insurers of standard casualty business, excess and surplus casualty business, and specialty casualty programs; coverage for various types of construction risks and risks associated with the erection, testing, and commissioning of machinery and plants during the construction stage; and aviation, marine, personal accident, and crop reinsurance. AXIS Capital Holdings Limited was founded in 2001 and is headquartered in Pembroke, Bermuda.