Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Swiss Re Study: 238,000 Dead, Losses $225 Billion from 2008 Catastrophes
Dec 18 2008 // According to initial estimates from the forthcoming Swiss Re sigma study on catastrophes, more than 238,000 people lost their lives to natural catastrophes and man-made disasters in 2008 – the fourth largest number...
Forecast Pioneer Clark Says Short-Term Hurricane Models Overstate Losses
Dec 17 2008 // A new report finds that hurricane risk models designed to predict insured losses in the U.S. from Atlantic hurricanes for the five-year period ending in 2010, significantly overestimated these losses for the cumulative...
S&P Lowers XL and Operating Companies Ratings; Outlook Negative
Dec 16 2008 // Standard & Poor’s Ratings Services has lowered its counterparty credit and financial strength ratings on XL Capital Ltd.’s core operating companies to ‘A’ from ‘A+’. S&P also...
Industry Profits Dove Massively through First Nine Months of 2008
Dec 16 2008 // After-tax profits for the U.S. property and casualty industry through the first nine months of the year were $4.1 billion — a 91.8 percent decline from the $50 billion in profits earned the same period a year ago,...
S&P: Challenging Times Loom For U.S. Insurers in 2009
Dec 15 2008 // The deteriorating U.S. economy – with its waves of layoffs, dislocations in the credit and equity markets, and falling home prices – will present a challenge in 2009 for almost every domestic business sector,...
Zurich Concludes Partnerships with 3 Non-Profit Organizations
Dec 12 2008 // Zurich Financial Services Group announced that its Z Zurich Foundation has established 5-year partnerships with “three globally active Non-Profit Organizations (NPOs) to address global, social and environmental...
Best Affirms Zurich Ratings; Revises Outlook to Stable
Dec 12 2008 // A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of “a+” of Zurich Insurance Company (ZIC), the main operating company of Zurich Financial...
Best Says Flagstone Re’ ‘A-‘ Ratings ‘Unchanged’
Dec 9 2008 // A.M. Best Co. has commented that the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of Flagstone Reassurance Suisse SA and the ICR of “bbb-“of...
Aon Launches ‘Loss of Earnings’ Piracy Insurance Policy
Dec 4 2008 // Aon’s specialty group announced from London that it has launched a new insurance policy for charterers, shipowners and cargo owners to cover loss of earnings from a ship being detained by pirates. Aon noted:...
Best Affirms Amlin and Lloyd’s Syndicate 2001 Ratings
Dec 3 2008 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a” of Amlin Bermuda Limited (ABL) with a stable outlook. Best also affirmed...
NationAir Supports Entrepreneurs Through Non-Profit Micro-Lender Kiva
Dec 3 2008 // NationAir Aviation Insurance announced this week that it has made a charitable micro-loan to a needy entrepreneur through the non-profit organization Kiva. NationAir made the contribution as a gesture of thanks to the...
Partner Re Raises Ike Loss Estimates
Dec 2 2008 // Bermuda-based PartnerRe Ltd. has increased its estimate of claims from Hurricane Ike by $115 million to a total estimate of approximately $305 million, pre-tax and after reinstatement premiums. PartnerRe said its...
Best Affirms White Mountains and Subsidiaries Ratings
Dec 1 2008 // A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of selected subsidiaries of the Bermuda-based White Mountains Insurance Group, Ltd., including the FSRs of ‘A’...
Estimating the Credit Crisis Insurance Losses
Nov 30 2008 // On Nov. 5, 2008, the insurance information firm Advisen issued an updated forecast of insurance losses likely to arise from the credit crisis. Advisen is now estimating aggregate directors and officers, and errors and...
Estimating the Credit Crisis Insurance Losses
Nov 30 2008 // On Nov. 5, 2008, the insurance information firm Advisen issued an updated forecast of insurance losses likely to arise from the credit crisis. Advisen is now estimating aggregate directors and officers, and errors and...
California Wildfires May Take Longer to Settle
Nov 30 2008 // Industry analysts are predicting insured losses from the Freeway Complex, Sayre and Tea Fires that burned Southern California in mid-November will range from $600 million to $800 million. Comparatively, those losses are...
Time to Sue
Nov 30 2008 // Contractual Limitations Provisions in Insurance Policies: What Every Agent and Broker Needs to Know Generally, the statute of limitations for the breach of an oral agreement is four years. However, a shorter period is...
Transformed Wall Street Very Costly for New York, Comptroller Reports
Nov 26 2008 // The financial crisis could cost New York State and New York City 225,000 jobs and $6.5 billion in securities industry-related tax revenue over the next two years, according a report by New York State Comptroller Thomas P....
FTC Blocks Merger of Insurance Loss Vendors CCC Information, Mitchell
Nov 25 2008 // The Federal Trade Commission has filed suit to block the merger of CCC Information Services Inc. and Mitchell International Inc., charging that the merger would hinder competition in the market for electronic systems used...
Successive Hurricanes: Potential Windfall for Insureds?
Nov 24 2008 // The 2008 hurricane season came very close to presenting, on a large scale, the potential quandary caused by successive losses. On Sept.1, 2008, Hurricane Gustav came ashore and caused substantial damage from the Louisiana...
