Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Wood Gutmann & Bogart Insurance Names Focardi Loss Control Manager
May 27 2011 // Tustin, Calif.-based Wood Gutmann & Bogart Insurance Brokers has named Theresa Focardi loss control manager. She will service customers in loss reduction and safety implementation. Focardi has 14 years of loss control...
Treasury Sells AIG Shares at Slight Profit
May 25 2011 // The U.S. Treasury is barely breaking even on its investment in beleaguered insurance giant American International Group Inc., according to an early litmus test of market interest in the firm’s stock. The Treasury...
Joplin, Missouri Tornado Insured Loss Estimate: $3 Billion
May 24 2011 // The tornado that devastated Joplin, Missouri could cost the insurance industry between $1 billion and $3 billion, according to catastrophe modeling firm Eqecat. The tornado is the deadliest to hit the U.S. since 1947 and...
P/C Insurers Facing Record Losses from Weather
May 24 2011 // Devastating tornadoes, floods, earthquakes overseas and a busier-than-usual hurricane season have U.S. insurance companies bracing for record losses in 2011. Insurers could suffer as much as $10 billion from...
Late April Tornadoes Likely to Affect P/C Insurers’ Earnings, Not Capital
May 23 2011 // The deadly outbreak of tornadoes in late April, which generated insured losses estimated at as much as $6 billion, is unlikely to have an immediate impact on property/casualty insurers’ Best’s ratings. The...
Cincinnati Financial Estimates April Storm Losses of $150M – $200M
May 19 2011 // Cincinnati Financial Corp. expects its property casualty group to see pre-tax catastrophe losses, net of reinsurance, of $150 million to $200 million due to severe weather during April. Catastrophe losses affect property...
Lexington to Insure Alternative Energy Tax Credits
May 18 2011 // Lexington Insurance Co., a Chartis company, has introduced ITC Energy – 48SM, its energy investment tax credit insurance program, which consists of ITC Energy-48SM Mobile Property Insurance and ITC Energy-48 SM...
Unitrin Estimates April Catastrophe Losses at $65M to $75M
May 18 2011 // Unitrin Inc., headquartered in Chicago, announced that pret-tax catastrophe losses due to several, severe tornados and other storms during April would likely come in at an estimated $65 million and $75 million. The company...
Florida Gov. Scott Signs Property Insurance Cost Control Bill
May 17 2011 // Florida Gov. Rick Scott has signed into law legislation that promises to lower costs for the state’s property insurers, including what they pay on sinkhole claims. While the memory of former Governor Charles...
State Auto Estimates April Storm Losses of $75M to $85M
May 17 2011 // State Auto Financial Corp., based in Columbus, Ohio, has estimated its second quarter 2011 earnings will include between $75 million and $85 million in pre-tax catastrophe losses related to April storm activity, net of...
Best Sees ‘Growing Pressure’ for Higher P/C Insurance Rates
May 17 2011 // There is “growing pressure” to support increased rates in property/casualty insurance and reinsurance markets, rating agency A.M. Best has concluded in its most recent market analysis. As a consequence, Best...
Bank Holding Company Insurance Revenue Drops 5.7%
May 16 2011 // The nation’s bank holding companies (BHCs) experienced a decrease of 5.7 percent in their total insurance revenue from a record $15.08 billion in 2009 to $14.21 billion in 2010, when MetLife, a traditional life...
Agents Tell Regulators Commissions, Consumers Hurt by Medical Loss Rule
May 16 2011 // “The impact of the medical loss ratio has been dramatic on the agents and brokers in this country and it was dramatic immediately.” That’s a quote from Beth Ashmore, an independent insurance agency owner...
Storms That Shatter Lives Hold Lessons for Insurers
May 16 2011 // It used to be the low-frequency, high-severity events that kept U.S. property insurance producers, carriers, and reinsurers up at night. These big Cats have become part of our collective history – Hurricanes Andrew,...
Business Losses Due to ‘Action’ by Civil Authorities: When Is There Coverage?
May 16 2011 // Virtually all insurance policies contain provisions and exclusions dealing with events that most insureds consider so remote and unlikely that they rarely give any thought to their possible occurrence, much less what...
Unico American Corp. Reports $1.1M in Q1 Net Revenue
May 13 2011 // Woodland Hills, Calif.-based Unico American Corp. announced its revenue for the three months ended March 31, 2011, was $8.6 million and net income was $1.1 million, compared with revenue of $9.9 million and net income of...
EQECAT Estimates Spain Quake Insured Losses at Maximum $100 Million
May 13 2011 // Catastrophe modeling firm EQECAT has released a “CatWatch update” on the market loss estimate for the May 11 earthquake near Lorca, Spain, which indicates that, based on the latest information available,...
Drought Expands Dramatically in Texas, Losses Mount
May 13 2011 // Another dry week in the southern United States has driven the spread of a devastating drought further across Texas and neighboring states, promising to add to economic losses that could top $3 billion. Texas, suffering its...
Lloyd’s Estimates Losses from Q1 Disasters at $3.8 Billion
May 13 2011 // After careful calculation Lloyd’s has announced its estimated net claims before tax from the earthquakes this year in Japan and New Zealand and the January 2011 floods in Australia. The current net estimates were...
Business Losses Due to Civil Authority Action: When Is There Coverage?
May 12 2011 // Virtually all insurance policies contain provisions and exclusions dealing with events that most insureds consider so remote and unlikely that they rarely give any thought to their possible occurrence, much less what...
