Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
AmTrust Financial Refutes Negative Report, Says Future Has ‘Never Been Brighter’
Dec 17 2013 // AmTrust Financial Services Inc. (AFSI), a New York-headquartered insurer whose stock price fell last week in wake of a negative report from research firm GeoInvesting, is assuring investors its business is strong. The...
Best Affirms W. R. Berkley Corp. and Subs ‘A+’ Ratings; Outlook Stable
Dec 16 2013 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of the Delaware-based Berkley Insurance Company (BIC) and 24 of its...
AIR Estimates Windstorm Xaver Insured Losses: $963 Million to $1.92 Billion
Dec 13 2013 // Catastrophe modeling firm AIR Worldwide estimates that insured wind losses from Extratropical Cyclone Xaver will range between €700 million [$963 million] and €1.4 billion [$1.926 billion], with the majority of the...
NCCI Proposes Increase for Workers’ Comp Loss Costs in Rhode Island
Dec 9 2013 // The National Council on Compensation Insurance (NCCI) recently delivered a workers’ compensation loss cost filing to the Rhode Island Department of Business Regulation. Based upon its review of the most recently...
Judge Blocks BP Investors from Suing as Group Over Losses
Dec 9 2013 // BP Plc’s U.S. investors can’t pursue as a group claims that the company inflated its shares with misleading statements before and after the Gulf of Mexico oil spill, a judge ruled, citing a recent Supreme Court...
QBE Shares Drop Most in 12 Years on Unexpected U.S. Loss Forecast
Dec 9 2013 // QBE Insurance Group Ltd., Australia’s second-largest insurer by market value, plunged the most in 12 years after forecasting an unexpected loss due to write-downs at its North American operations. The company...
PERILS Initial Loss Estimate for Windstorm Christian is $1.358 Billion
Dec 6 2013 // PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has issued its initial loss estimate for windstorm Christian, which affected Western and Northern Europe from 27 to...
Hill Named VP of Loss Prevention at Texas Mutual Insurance
Dec 5 2013 // Austin-based workers’ compensation insurance provider, Texas Mutual Insurance Co., has named Woody Hill its vice president of loss prevention. Hill will oversee the company’s ongoing initiative to deliver...
Zurich Insurance Lowers Profit Target; Signals Business Sale
Dec 5 2013 // Zurich Insurance Group AG, Switzerland’s largest insurer, lowered its profit goal as Chief Executive Officer Martin Senn signaled he’s ready to sell some businesses to bolster earnings growth. Zurich Insurance...
Axa Germany Sees Higher Profit; Plans New Life Insurance Product
Dec 4 2013 // Axa Konzern AG, the German unit of Paris-based Axa SA, plans to increase operating profit this year as it reduces costs and readies a new life insurance product for 2014. “Our cost-reduction program is proceeding...
MarshBerry: Decreasing Agency Balance Sheet Value – Positive Impact?
Dec 3 2013 // Despite significant optimism about key market fundamentals, year-over-year agency valuation increases and agency performance metrics, ownership perpetuation continues to be the biggest long-term challenge to...
Best Agencies
Dec 2 2013 // The independent agency system is strong and getting stronger. Thanks to a focus on specialization, investments in technology and staff, as well as strong growth strategies throughout the economic recession, agencies of all...
Tower Group to Cut 140 Jobs After Q2 Loss
Dec 2 2013 // Tower Group International Ltd. is cutting about 140 jobs, or 10 percent of its workforce, after posting a second-quarter loss of more than $0.5 billion. Job cuts will be made in commercial lines underwriting and operations...
Tower Group to Cut 140 Jobs After Q2 Loss Due to Reserve Charges
Nov 25 2013 // Tower Group International Ltd. is cutting about 140 jobs, or 10 percent of its workforce, after posting a second-quarter loss of more than $0.5 billion, with previously disclosed reserve and goodwill charges contributing...
Missteps in Employee Hiring Costly for Agencies: MarshBerry
Nov 25 2013 // For most lines of insurance business, commission income is growing and most insurance agents and brokers expect profits to be similar or better in 2013 compared to 2012. That’s according to the 28th Annual Market...
Oklahoma Mourns Loss of Former Assistant Insurance Commissioner Garrett
Nov 20 2013 // The Oklahoma Insurance Department is mourning the loss of former chief examiner and assistant commissioner, Stephen P. Garrett, 69, who died Nov. 18 after a brief hospitalization. “I have the highest level of...
Insurer Sues Over 2011 Hawaii Wind Farm Fire Losses
Nov 20 2013 // The insurance company that paid $2.4 million to cover losses from a wind farm fire in Hawaii is suing manufacturers that built parts of its battery system. The Honolulu Star-Advertiser reported Certain Underwriters at...
Insured Loss for Midwest’s Rare November Tornadoes Could Top $1B: RMS
Nov 19 2013 // The Nov. 17 tornadoes in the Midwest could become the insurance industry’s first billion-dollar severe weather event to occur in November, according to catastrophe modeling firm RMS. According to Matthew Nielsen, RMS...
Philippine Disaster Fuels Call for Rich Nations to Compensate Poor for Global Warming Losses
Nov 18 2013 // The typhoon that killed thousands of people in the Philippines has energized debate about whether rich nations should compensate poor ones for climate-related losses, a proposal the U.S. and European Union are...
Insurers’ Asbestos, Environmental Losses Rose 12% in 2012
Nov 18 2013 // While generally not a material drag on the U.S. property/casualty industry’s earnings, industry losses from asbestos and environmental (A&E) claims resumed an upward climb in 2012, according to a new A.M. Best...
