H.R. 219--Homeowners' Insurance Availability Act of 1997: Hearing Before the Committee on Banking and Financial Services, U.S. House of Representatives, One Hundred Fifth Congress, Second Session, April 23, 1998, Volume 4 |
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actuarial affordable American Insurance Association areas assessment auction bill billion California Earthquake Authority capital markets catastrophe exposure catastrophe insurance catastrophe models catastrophe risk catastrophic events catastrophic losses CBOT Chairman LEACH CMAP coastal committee Congress consumers cost damage deductibles disaster insurance disaster-prone earthquake insurance entities excess-of-loss contracts Federal Government federal reinsurance Florida going Hawaii homeowners insurance homeowners policies homes Hurricane Andrew Hurricane Hugo Hurricane Iniki insurance and reinsurance insurance companies insurance coverage Insurance Department insurance industry insurance market insurance programs insured losses investment investors issue KANJORSKI KNOWLES LAZIO legislation major marketplace MCCOLLUM Missouri mitigation modeling natural disasters Northridge Earthquake NYPIUA options percent policyholders potential premium private insurance private market private sector problem property insurance residential role securitization solution storm structure surplus taxpayer Temporary Panel Thank transactions Treasury trigger Underwriting Association USAA windstorm York
Popular passages
Page 338 - Arkwright has set up a trust to issue $100 million in trust notes to private investors. New proceeds of the notes will be used to buy government securities held by the trust. (1996) AIG Combined Risks/Benfield - Placed 5 catastrophe-linked bonds with an investment fund managed by Mercury Asset Management. Bonds will pay out if a catastrophe exceeding an agreed trigger occurs in: US, Japan, Australia, Caribbean, Europe or Japan. (1996) Hannover Re - Sold $100 million worth of catastrophe cover. The...
Page 389 - ENTERPRISES of the COMMITTEE ON BANKING AND FINANCIAL SERVICES of the US HOUSE OF REPRESENTATIVES...
Page 338 - Boston. (1997) Swiss Re - Placed $137 million in two-year bonds tied to reinsurance losses from a potential California earthquake. Swiss Re and Credit Suisse First Boston were the placement agents for the notes. (1997) Horace Mann Educators Corporation: Agreement allows Horace Mann to receive up to $100 million from Center Re, the transactions underwriter, in exchange for an equivalent value of its convertible preferred shared in the event of a mega-catastrophe. (1997) RLI Corporation - Aon Re Services...
Page 41 - Mr. Chairman, Members of the Committee, thank you very much for the opportunity to testify on this important subject.
Page 231 - The syndicate managers were Merrill Lynch & Co., Goldman Sachs & Co. and Lehman Bros. (1997). LaSalle Re - Aon Re, Inc. and Aon Securities Corporation developed a $100 million multi-year Catastrophe Equity Put (CatEPut) option program for LaSalle Re. The option program allows LaSalle to issue up to $100 million in convertible preferred...
Page 373 - We must maintain our multi-family housing stock by ensuring that owners have the means to make needed repairs following a natural disaster. We thank you again for the opportunity to participate in this hearing, and look forward to assisting in whatever way we can in creating a viable, effective nationwide program to address the risks of natural disasters.
Page 224 - Whether there is a written unconditional promise to pay on demand or on a specified date a sum certain in money in return for an adequate consideration in money or money's worth, and to pay a fixed rate of interest...
Page 85 - Federal agency" means any department, agency, corporation, or other entity or instrumentality of the executive branch of the Federal Government, including the United States Postal Service, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation. (6) The term "Federal building...
Page 18 - I have a longer statement which I will submit for the record, but I would like to read a shorter version.
Page 55 - I would be happy to answer any questions. Thank you. [The prepared statement of Mr.