Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
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...
Marsh Q3 Revenue Down But Profit Up
Nov 4 2009 // Marsh & McLennan Companies, Inc. (MMC) reported that for the third quarter of 2009, its consolidated revenue was $2.5 billion, a decline of 11 percent from the third quarter of 2008. Insurance revenue was down 5...
Colorado Workers’ Comp Rates to Drop
Nov 4 2009 // Colorado employers will be looking forward to additional financial relief next year by paying lower premiums for workers compensation insurance due to the announcement that a significant component of workers compensation...
The Hartford Reports 3Q Loss
Nov 4 2009 // The Hartford Financial Services Group reported a third quarter net loss of $220 million, compared with a net loss of $2.6 billion in the year-ago period. Written premiums for The Hartford’s property/casualty...
Swiss Re Q3 Profit Tops Forecasts; Capital Strengthened
Nov 3 2009 // Swiss Re strengthened its capital in the third quarter, it reported on Tuesday, boosting its chances of repaying a costly convertible loan from Warren Buffett as it beat operating profit forecasts in its core...
Q3 Profit Rises at CNA; CEO Motamed Sees ‘Encouraging’ Rate Trends
Nov 2 2009 // CNA Financial Corp.’s third quarter 2009 results included net operating income of $331 million and net income of $263 million along with a combined ratio for property/ casualty operations of 101.0%. Net operating...
