Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Hawaiian Electric Restores Power After Rolling Outages Due to Loss of Generators
Feb 14 2024 // Utility firm Hawaiian Electric HE.Nrestored power on Hawaii Island after it had begun rolling outages on Tuesday due to the unavailability and reduced output from several large generators. “No more rolling outages...
AIG General Insurance Q4 Income Up 19% on Underwriting, Investments
Feb 14 2024 // American International Group (AIG) during the fourth quarter 2023 recorded underwriting income of $642 million within its General Insurance segment — a slight increase from $635 million during the same quarter the prior...
HP Claims $4 Billion Losses in London Lawsuit Over Autonomy Deal
Feb 12 2024 // Hewlett-Packard lost more than $4 billion over its acquisition of British software firm Autonomy because of an elaborate fraud masterminded by its co-founder Mike Lynch to inflate the company’s value, HP’s...
Federal Trade Commission Reports Nationwide Fraud Losses Topped $10B in 2023
Feb 12 2024 // Consumers reported losing more than $10 billion to fraud in 2023, marking the first time that fraud losses have reached that benchmark, and a 14% increase over reported losses in 2022, newly released Federal Trade...
Migratory Animals in Peril From Overhunting, Habitat Loss: UN Report
Feb 12 2024 // Every year, mammals, birds, fish and insects make epic migrations between habitats. The humpback whale, famously, can travel 5,000 miles in a trip. But because these animals cross national borders and frequently congregate...
AM Best Says Losses from California Storms Largely Uninsured, Underinsured
Feb 9 2024 // The economic losses from the latest round of California storms will be significant, with many of these losses may not be insured because only 2% of California residents have purchased flood insurance, David Blades,...
Weekly Q4 2023 Earnings Wrap: CNA, Cincinnati Financial, American Financial
Feb 9 2024 // Fourth quarter net income at CNA Financial Corp. was up about 54% to $367 million, and net income for the year increased 77% to a record $1.2 billion. CNA said its property/casualty segments recorded net premium growth...
Allstate Reverses Q4 Loss With Benefit of Low Cat Losses, Auto Rate Increases
Feb 8 2024 // Allstate Corp. fourth quarter 2023 net income attributable to common shareholders was about $1.5 billion, reversing a loss of $303 million during the same time the prior year. Allstate CEO Tom Wilson said “improved...
West Coast Insurers Warned of Billions in Losses Over Climate-Linked Investments
Feb 6 2024 // A new report warns insurance companies could face billions of dollars in losses if they stay on the current course of investments that contribute to climate change, at “a scale exceeding some of the worst wildfires...
AccuWeather: Preliminary Damage and Loss from California Storms $9-$11B
Feb 5 2024 // The preliminary total damage and economic loss from the intense storms and record rainfall in California this week will be between $9 billion and $11 billion, according to AccuWeather estimates released on Monday. The...
Another View: Yes, P/C Industry Underwriting Profit Will Be Back in ’24
Feb 5 2024 // Not all analysts think an underwriting profit is out of reach for 2024. While a recent forecast from Fitch Ratings puts the 2024 combined ratio above 100, a report by Swiss Re Institute projects both 2024 and 2025 to have...
Travelers’ Q4 Net Income Skyrockets as Personal Lines Reverses Underwriting Loss
Feb 5 2024 // Net income at The Travelers Cos. for the last quarter of 2023 about doubled compared to the same time in 2022, to $1.6 billion on lower catastrophe losses and a return to profitable results in the personal insurance...
Secondary Perils Drive Global Insured Losses to Estimated $123B in 2023: Gallagher Re
Feb 5 2024 // Non-peak (secondary) perils and record-setting weather and climate events drove global insured losses from natural catastrophes to an estimated $123 billion in 2023, the fourth consecutive year to exceed $100 billion,...
NHTSA Upgrades Probe Into Tesla Power Steering Loss
Feb 2 2024 // U.S. safety regulators have upgraded their probe into Tesla TSLA.O vehicles over power steering loss to an engineering analysis – a required step before the agency could demand a potential recall. The National...
Weekly Q4 2023 Earnings Wrap: The Hartford, The Hanover, Markel, and Selective
Feb 2 2024 // The Hartford said fourth quarter net income available to common stockholders increased 30% to $766 million. The insurer ended the year with net income up 38% to about $2.5 billion. Commercial lines record fourth quarter...
Insurtech Resilience Expands Cyber Risk Management to Clients of $10B in Revenue
Jan 30 2024 // San Francisco, California-based Resilience expanded its underwriting authority to serve large global companies with up to $10 billion in annual revenues. The company reported that its expanded authorities come after a...
Markets/Coverages: New WTW Cyber Solution for SMEs With Revenue Under $50M
Jan 29 2024 // Broker WTW said it has launched a cyber solution specifically for business with annual revenue under $50 million, including startups and pre-revenue accounts. This tailored solution for small- and medium-sized enterprises...
Record Underwriting Income Highlights W.R. Berkley Q4 Results
Jan 24 2024 // Fourth quarter net income at W.R. Berkley Corp. increased 4% compared to the same period the prior year to about $397.3 million on record pretax underwriting income of nearly $316 million, an 8.2% increase. The Greenwich,...
Progressive Q4 Net Income Up 141% as Combined Ratio Exceeds Goal for 2023
Jan 24 2024 // Progressive Corp. today said fourth quarter 2023 net income jumped to nearly $2 billion compared to about $826 million a year ago during the same period. The Mayfield Village, Ohio-based insurer reported some quarterly and...
Tennessee Chalks Another Drop in Workers’ Comp Loss Costs
Jan 24 2024 // Workers’ compensation loss costs in Tennessee will drop an average of 9.4% for the voluntary market starting March 1, marking the 11th straight decrease for the state. The decrease follows declines of 10.2% in 2023...
