Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Hiscox Posts Mixed Q1 Results
May 13 2008 // Bermuda-based Hiscox Ltd. Posted mixed results, which it nonetheless described as “a good start to the year,” despite a 10 percent drop in total gross written premiums – from £358.4 million ($701.6...
Liability Costs for Long Term Care Industry Stabilize, Aon Reports
May 13 2008 // An Aon Corp. analysis of liability in the long term care industry found for the first time in nine years of reporting that liability costs are stable on a national average basis. The study found that average general...
Dresdner Posts Q1 Loss; Allianz Confirms Profit Decline
May 9 2008 // Dresdner Bank stayed in the red in the first quarter after writing down €845 million ($1.3 billion) on structured finance investments, keeping it in the spotlight as parent Allianz works to split it in two. Dresdner...
Eastern Insurance Reports Improved Workers’ Comp Results
May 9 2008 // Eastern Insurance Holdings, Inc., based in Lancaster, Pa., reported net income of $2.6 million for the first quarter of 2008, compared to net income of $3.2 million for the same period in 2007. The company said highlights...
S&P Lowers AIG’s Ratings; On CreditWatch/Negative
May 9 2008 // American International Group’s whopping $7.81 billion first quarter loss (See related article) brought an immediate reaction from Standard & Poor’s Ratings Services. S&P has lowered its counterparty...
Greenberg’s Starr Foundation Sues AIG, Alleging Fraud over Credit Losses
May 9 2008 // The Starr Foundation, controlled by former American International Group Inc. Chief Executive Maurice “Hank” Greenberg, has sued the insurer, claiming it misrepresented its exposure to credit default swaps. The...
Marsh Offering Wind Insurance Product for Financial Losses
May 8 2008 // Insurance broker Marsh along with catastrophe modeling firm Risk Management Solutions (RMS) and wind station operator WeatherFlow, Inc. have developed an insurance product to address financial exposures faced by businesses...
Munich Re Q1 Profit Down 19% to $1.2 Billion; Maintains 2008 Profit Targets
May 8 2008 // The Munich Re Group recorded a profit of €785 million ($1.2 billion) for the first quarter of 2008, down 19 percent from the €974 million ($1.495 billion) in the same period of 2007. The Group’s Operating result,...
Kingsway Q1 Financial Results Hit Again by Lincoln Reserving
May 8 2008 // Specialty insurer Kingsway Financial Services swung to a loss in the first quarter as it increased reserves at its Lincoln General and Kingsway General subsidiaries, the company said Wednesday. Kingsway, which sells...
AIG Posts Big Loss Due to Mortgage Woes; Insurance Results Decline, Too
May 8 2008 // The world’s biggest insurance company, American International Group Inc. (AIG), posted a big quarterly loss — $7.81 billion — largely due to write-downs related to bad mortgage investments. AIG blamed much of the...
Mercury General Reports $4 Million Net Loss in Q1
May 7 2008 // Mercury General Corp. announced its first quarter results, noting it had a net loss of $4 million in the first quarter of 2008, compared with net income of $60.5 million for the same period in 2007. Included in net...
S&P Affirms Berkshire Hathaway’s ‘AAA’ Ratings; Outlook Stable
May 7 2008 // Standard & Poor’s Ratings Services has affirmed its ‘AAA’ counterparty credit, ‘A-1+’ commercial paper, and ‘AAA’ senior unsecured debt ratings on Berkshire Hathaway Inc....
Marsh Sees First Quarter Bump in Revenue, New Business
May 7 2008 // Marsh reported financial results for the first quarter ended March 31, 2008 that showed insurance revenues up 7 percent and new insurance business up 10 percent. But overall Marsh & McLennan Companies, Inc. (MMC)...
Safety Insurance Net Income Dips
May 7 2008 // Boston-based Safety Insurance Group, Inc. reported that net income for the quarter ended March 31, 2008 was $19.0 million compared to $24.6 million last year. Direct written premiums for the quarter decreased by $13.2...
Argo Group Posts $36.9 Million Q1 Net Income; Conference Call Today, Details
May 6 2008 // The Bermuda-based Argo Group International Holdings, Ltd. (which includes the formerly Texas-based Argonaut Group) announced net income of $36.9 million for the first quarter of 2007, a 47 percent rise, while pretax...
Liberty Mutual Group First Quarter Results ‘Solid’
May 6 2008 // Boston-based Liberty Mutual Group reported net income of $360 million for the three months ended March 31, 2008, an increase of $10 million over the same period in 2007. Net written premium for the first quarter was $6.256...
Bermuda Q1 Earnings Recap: ACE, XL, Validus, RenRe, Endurance, Aspen, Montpelier Re
May 5 2008 // A number of Bermuda-based companies announced their first quarter results last week, which were generally lower than the same period of 2007. The financial credit crunch, combined with the ongoing soft market, had a...
Berkshire Hathaway Net Off 64% on Derivatives, Insurance
May 5 2008 // Warren Buffett’s Berkshire Hathaway Inc. said Friday that first- quarter profit tumbled 64 percent, hurt by losses tied to derivatives contracts and a steep slide in insurance premiums. Net income for the Omaha,...
A Soft Market Solution: MGAs and Risk Sharing
May 5 2008 // Part1: Retaining limited underwriting risk could offer MGAs a way to bolster revenue Editor’s Note: The following is part one of a discussion of the risk retention options available to MGAs, the sundry variables...
Willis Reports First Quarter Profit Dip
May 1 2008 // Willis Group Holdings Ltd. reported a drop in net income for the first quarter, but said revenues from commissions and fees grew. Net income for the third largest insurance broker was $166 million, or $1.16 a share, down...
