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Risk Management Solutions Inc

January 12, 2006 | From Bloomberg News
A coalition of 100 public interest groups called insurers' response to Hurricane Katrina troubling, saying the industry was unresponsive and tried to avoid obligations to policyholders hurt by the Gulf Coast storm. Americans for Insurance Reform issued a report Wednesday citing client complaints about companies including State Farm Mutual Automobile Insurance Co. and Allstate Corp. Katrina, which devastated coastal areas of Mississippi and Louisiana, was the most expensive U.S.
November 5, 2005 | From Bloomberg News
Berkshire Hathaway Inc., the insurance and investment company run by billionaire Warren E. Buffett, said Friday that losses from Hurricane Katrina triggered its lowest quarterly profit in almost four years. Third-quarter net income fell 48% to $586 million, or $381 a share, from $1.14 billion, or $739, a year earlier, Omaha-based Berkshire said.
September 16, 2005 | From Bloomberg News
Hurricane Katrina, though catastrophic and unforgettable, was not an "extraordinary" event for financial reporting purposes, according to the accounting industry's standards board and the nation's largest accountants group. The American Institute of Certified Public Accountants advised its members this week that because a hurricane is a natural disaster "that is reasonably expected to reoccur," the losses it causes shouldn't be considered extraordinary in bookkeeping.
Armed with growing damage estimates, a parade of earthquake insurance experts told the Assembly Insurance Committee on Tuesday that consumers will be lucky to pay more for less coverage in the post-Northridge market. That is, if quake policies are made available at all.
April 16, 1995 | JAN HICKENBOTTOM, SPECIAL TO THE TIMES; Hickenbottom is a past president of the Greater Los Angeles chapter of the Community Associations Institute (CAI), a national nonprofit research and educational organization
QUESTION: Our homeowner association manager recently told our board of directors that our association would have to obtain earthquake insurance soon so that individual units can qualify for mortgages. Our association, which is located in Kern County, has been unable to obtain earthquake insurance. Will this affect my ability to obtain refinancing? Where can I find more information?
August 17, 2004 | E. Scott Reckard, Times Staff Writer
It's something the industry would deny, but Hurricane Charley may well be a financial boon for insurers. Damage estimates for the big Florida storm were running from $5 billion to $14 billion Monday, which would make it the costliest U.S. natural disaster since Hurricane Andrew in 1992 and the 1994 Northridge earthquake. But stock prices rose for all 10 members of an index of property insurers.
April 5, 2006 | Peter G. Gosselin, Times Staff Writer
The companies that provide Americans with their homeowners and auto insurance made a record $44.8-billion profit last year even after accounting for the claims of policyholders wiped out by Hurricane Katrina and the other big storms of 2005, according to the firms' filings with state regulators. Top executives described the profit -- an 18.
November 28, 2006 | Peter G. Gosselin, Times Staff Writer
Hemant Shah is in the business of creating catastrophes. The computers at Shah's Silicon Valley company, Risk Management Solutions Inc., contain mathematical models of every U.S. disaster from the 1812 earthquake that toppled chimneys in St. Louis to the 9/11 assault that brought down the twin towers in New York, as well as 100,000 synthesized "extreme events."
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