Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
P/C Industry’s Net Income Up; Combined Ratio at 100.7 for Q3
Dec 22 2009 // Private U.S. property/casualty insurers’ net income after taxes rose to $16.2 billion through nine-months 2009, partially recovering from the 91.2 percent decline to $4.4 billion through nine-months 2008 from $49.6...
Truth or Lore? Insurance ‘Factorama’ Explores the Known and Little-Known
Dec 20 2009 // It’s the end of the decade that apparently has no name as yet, but that doesn’t stop those of us at Insurance Journal from looking back at the past 10 years and beyond for known and little-known insurance...
2009 P/C Insurance Mergers, Acquisitions Large and Small
Dec 20 2009 // Large insurers AIG, Farmers and The Hartford made moves in 2009, as did large brokers Marsh, Aon, Willis, Gallagher, Brown & Brown, Hub and Wells Fargo. So, too, did, many regional insurers and Main Street agencies....
Best Affirms Zurich’s ‘A’ Ratings
Dec 18 2009 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Zurich Insurance Company Limited (ZIC), the main operating company of...
Marsh Warns Recent Losses May Hit UK Jewelry Insurance Market in 2010
Dec 17 2009 // Marsh UK has issued a warning to retail jewelers to review their risk management and security practices ahead of the 2010 insurance renewal season, or risk facing sizeable increases in their premiums next year. Marsh said...
Kentucky Audit Blasts Spending at County Insurance Provider
Dec 17 2009 // The association that sells and manages insurance programs for Kentucky’s 120 counties operates with a “self-serving culture” that has resulted in millions of dollars in questionable spending the past...
Economists Estimate $309M Arkansas Crop Losses
Dec 15 2009 // Rains late in the growing season that inundated some cropland and pummeled rice and cotton plants caused an estimated $309 million in losses, according to economists at the University of Arkansas Division of...
Best Affirms Swiss Re and Subs ‘A’ Ratings; Outlook Stable
Dec 15 2009 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Swiss Reinsurance Company Ltd. and its subsidiaries. Best also affirmed...
P/C Insurers’ Asbestos Losses Down
Dec 7 2009 // A.M. Best Co. has revised its view of the U.S. property/casualty industry’s ultimate asbestos and environmental (A&E) losses downward to $117 billion from $121 billion. Asbestos exposures now are estimated at...
Captives Fuel Growth and Income for Agency Owners
Dec 6 2009 // Now is the Time for a Captive: Don’t Wait for the Next Hard Market In times likes these, where the insurance industry is now in its fifth year of a soft market, the use of an agency captive insurance company can...
UPDATE: RMS Gives Preliminary Loss Estimates from UK Floods
Nov 23 2009 // Risk Management Solutions has issued a bulletin that presents several possibilities concerning the economic losses from the floods, which have caused extensive damage in northwest England [See IJ web site –...
Munich Re America Offers ‘Local’ Nat Cat Frequency Coverage
Nov 18 2009 // Munich Reinsurance America, Inc. announced that it now offers a reinsurance product for insurance companies impacted by rising insured losses from ‘local’ natural catastrophes. “The Nat Cat Frequency...
The Mississippi Supreme Court’s Anti-Concurrent Clause Decision
Nov 15 2009 // How Far Will It Go? On Oct. 8, 2009, the Mississippi Supreme Court handed down its opinion in Corban v. USAA, in which it addressed the enforceability and application of “Anti- Concurrent Cause” clauses (ACCs)...
Oklahoma Lawmakers Eye Business Tax Breaks Amid Budget Shortfall
Nov 10 2009 // Oklahoma gives away billions of dollars in tax revenue through hundreds of exemptions, credits and deductions that some lawmakers say the state may no longer be able to afford as it slips deeper into a revenue...
Validus Q3 Net Almost $500 Million; $731.6 for 9-Months
Nov 9 2009 // Bermuda-based Validus Holdings reported net income of $499.2 million, or $5.21 per diluted common share for the three months ended September 30, 2009, compared with a net (loss) of ($126.3) million, or ($1.71) per diluted...
Allstate Reports Q3 Profit
Nov 6 2009 // Allstate Corp., the largest publicly traded U.S. home and auto insurer, reported a third qarter profit Wednesday, the improvement from a year ago loss made possible by lower catastrophe and investment losses. Net income...
U.S. Senate Passes Tax Loss Credit for Business
Nov 6 2009 // U.S. companies of all sizes would get to apply losses in 2008 or 2009 to prior income over five years to receive tax refunds under a bill that passed the Senate by a unanimous vote Wednesday. The provision was added to...
AIG Posts $455 Million Q3 Net Income; Stabilization Continues
Nov 6 2009 // American International Group may be a shadow of its former self but for the second straight quarter it has posted a profit. AIG reported net income of $455 million. Third quarter 2009 adjusted net income was $1.9 billion,...
Zurich Reports Big Increases in Q3, 9-Month Profits
Nov 5 2009 // Zurich Financial Services Group reported “business operating profit for the discrete third quarter 2009” of $1.5 billion, a 138 percent increase over Q3 2008. Net income for the quarter was $909 million, a 490...
Montpelier Re Reports $148 Million Q3 Net Income; $359 Million 9-Months
Nov 5 2009 // Bermuda-based Montpelier Re Holdings Ltd. reported net income of $148 million ($1.68 per share) for the third quarter and $359 million ($4.11 per share) for the nine months ended September 30, 2009. Operating income, which...
