Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
The Hartford Says Sandy Losses $370 Million
Dec 11 2012 // Insurer Hartford Financial Services Group Inc said on Tuesday it expects pretax losses of $370 million from Superstorm Sandy, which ravaged New York and New Jersey in October. The Hartford said 60 percent of the losses...
Government to See $23 Billion Total Profit on AIG Bailout
Dec 11 2012 // The U.S. Treasury’s sale of its remaining stake in American International Group Inc. will fetch $7.6 billion, bringing the government a total profit of $22.7 billion from its crisis-era bailout of the insurer. The...
S&P Says Reinsurers Faced Unexpected Risks from Hurricane Sandy
Dec 11 2012 // A report from Standard & Poor’s Ratings Services notes that “despite uncertainties regarding final loss totals from Hurricane Sandy expects only a limited ratings impact on insurers and reinsurers exposed...
Sandy to Have Only Limited Impact on Insurer Ratings: S&P
Dec 11 2012 // Despite uncertainties regarding final loss totals from Hurricane Sandy, Standard & Poor’s Ratings Services said it expects only a limited ratings impact on insurers and reinsurers exposed to such losses,...
Connecticut Regulators Approve NCCI’s WC Loss Costs, Rates Hike Filing
Dec 10 2012 // The Connecticut Insurance Department recently approved National Council on Compensation Insurance’s workers’ compensation insurance filing for a change in voluntary market advisory loss costs and a change in...
Commercial Insurers Continue Raising Rates, Improve Loss Ratios: Towers Watson
Dec 10 2012 // Commercial insurance prices in aggregate increased by six percent during the third quarter of 2012, the seventh consecutive quarter that aggregate prices for all commercial lines rose. The latest Commercial Lines Insurance...
Alabama Court Changes Standard for Commercial Vehicle Total Loss
Dec 10 2012 // The Alabama Supreme Court has changed a 57-year-old standard on how commercial vehicle owners get compensated when their vehicle is totaled in an accident. The court held in 1955 that an owner who recovered damages for the...
AIG Estimates $1.3B Net Losses From Superstorm Sandy
Dec 10 2012 // American International Group Inc. announced that its preliminary estimate of the company’s after-tax losses related to Superstorm Sandy — net of reinsurance — will total approximately $1.3 billion. The...
Conn.-Based CMIC Hires Senior Loss Prevention Consultant
Dec 6 2012 // CMIC, a doctor-owned medical professional liability insurer serving New England, appointed healthcare veteran Denise Condron as senior loss prevention consultant. She is based in the company’s headquarters office in...
Travelers Cos.’ Preliminary Estimate: $650M Net Loss From Sandy
Dec 5 2012 // The Travelers Companies Inc. announced its preliminary estimate of net losses relating to Superstorm Sandy is approximately $650 million after tax and after estimated recoveries from reinsurance. This $650 million estimate...
Obamacare Medical Loss Ratio Saved $1.5 Billion in 2011: Report
Dec 5 2012 // Consumers saw nearly $1.5 billion in insurer rebates and overhead cost savings in 2011, due to the Affordable Care Act’s medical loss ratio provision requiring health insurers to spend at least 80 percent of premium...
Munich Re First to Offer Offshore Wind Energy Serial Loss Coverage
Dec 4 2012 // Munich Re announced that it has “become the first insurance group to offer serial loss cover for offshore wind energy units. Corresponding cover for a North Sea wind farm has been signed by Marcus A. Wassenberg,...
FERMA Opposes EU Fund for Industrial Accident Environmental Liabilities, Losses
Dec 3 2012 // The Federation of European Risk Management Associations [FERMA), which represents risk managers in 20 European countries, has told the European Commission that it is opposed to the creation of a fund to cover environmental...
Reinsurers’ Capital Can Absorb Sandy Losses Below $50B: S&P
Dec 3 2012 // Standard & Poor’s Ratings Services said that the reinsurance sector’s strong capital and very strong earnings thus far in 2012 will allow it to withstand losses well outside the range of current insured...
Rising Cost of Sandy Damages
Dec 3 2012 // It’s been a month since Superstorm Sandy wreaked havoc along the East Coast, devastating coastal towns and bringing a record storm surge and flooding and prolonged power outages. And the cost keeps rising. On Nov....
Weathered Income
Dec 3 2012 // Do poor- and middle-income residents in the United States suffer more, economically, from extreme weather than affluent people? According to a new report on the impact of extreme weather events that have occurred over the...
Selective Insurance: $100-$120M Preliminary Pre-Tax Gross Loss for Sandy
Nov 28 2012 // Branchville, N.J.-based Selective Insurance Group today said a preliminary pre-tax gross Hurricane Sandy loss would be between $100 to $120 million and a pre-tax net loss of around $52 million, including reinstatement...
Wind Deductibles and Sandy: What It Means for Total Insured Losses
Nov 28 2012 // On October 29, 2012, when Hurricane Sandy made landfall along the northeast coast—a year to the day since the last northeastern superstorm and fourteen months since Hurricane Irene — the wind speeds recorded by the...
October Disaster Loss at $1.08B: Allstate
Nov 28 2012 // Allstate Corp. expects to report October disaster losses of $1.08 billion, mostly due to superstorm Sandy, the home and auto insurer said on Wednesday. Allstate, the largest publicly traded home and auto insurer in the...
Best Affirms Zurich Insurance and Group ‘A+’ Ratings; Outlook Stable
Nov 28 2012 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit rating (ICR) of “aa-” of Swiss-based Zurich Insurance Company Limited...
