Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Report: Obesity Costing Firms $45B a Year in Work Loss, Medical Costs
Apr 10 2008 // The rate of obesity in the United States has doubled in the last 30 years, and those extra pounds weigh on companies’ bottom lines, according to a new report from The Conference Board. Today, 34 percent of American...
Auto Insurer Progressive Reports Q1 Profit Down 34%
Apr 9 2008 // Progressive Corp., one of the largest U.S. auto insurers, Wednesday said first-quarter profit fell 34 percent, as premiums declined. Net income for the Mayfield Village, Ohio-based company dropped to $239.4 million, or 35...
Bear Stearns, Deloitte & Touche Sued over Hedge Fund Losses
Apr 8 2008 // The liquidators of two Bear Stearns Cos mortgage hedge funds that collapsed last year, filed suit Monday against the company and its auditor, Deloitte & Touche, seeking to recover over $1 billion in losses. The suit,...
Climate Change Heats Up Insurance Industry
Apr 7 2008 // Greenhouse gases (GHGs) have gotten a bad rap, according to Mark C. Bove, senior research meteorologist, catastrophic risk management for Munich Reinsurance America. Speaking on a panel about climate change at the...
FBI: Dollar Loss from Internet Crime Reaches All-Time High
Apr 4 2008 // Internet crimes in 2007 cost nearly $240 million, a $40 million increase from 2006, the Federal Bureau of Investigation reported. According to the FBI’s 2007 Internet Crime Report, the Internet Crime Complaint Center...
New Jersey Mother Settles Weight-Loss Lawsuit for $1M
Apr 3 2008 // Her lawyer says the mother of a Rochelle Park, New Jersey teen has settled a lawsuit over his weight-loss surgery for $1 million. Elaine LaBeur’s decision came after a few days of testimony in the trial involving...
La. Posts Nation’s Fastest Income Growth. But Will It Last?
Mar 28 2008 // For the second straight year, Louisiana has posted the fastest personal income growth in the nation, but a prominent economist says that the post-hurricane boost will not necessarily last. “To argue we’re the...
West Virginia’s Workers Comp Insurer May not See Huge Profits Again
Mar 25 2008 // BrickStreet Insurance’s profit from running West Virginia’s workers’ compensation program more than doubled in its second year of business, but those heady days could be ending. In July, the company will...
West Virginia Workers’ Comp Insurer Reports $185 Million Profit for 2007
Mar 24 2008 // BrickStreet Insurance’s profit from running West Virginia’s workers’ compensation program more than doubled to $185 million last year. The Charleston-based insurer earned $70.7 million in 2006, its first...
Study: California Hayward Fault Earthquake Could Cause $165 Billion in Losses
Mar 21 2008 // An earthquake of 6.8 magnitude or greater on California’s Hayward Fault, in the heart of the San Francisco Bay area, could impact more than 5 million people and impact more than $1.5 trillion in property and...
Los Angeles Trial Opens for Elderly Women in Murder-for-Profit Case
Mar 20 2008 // Two elderly women accused of killing two transient men with a car so they could collect nearly $3 million in insurance money were videotaped talking about the scheme while in FBI custody, the prosecutor said in opening...
Pacific Underwriters Adopts (I-Bind)® For Private Company and Non-Profit Risks
Mar 20 2008 // New York, NY- March 20, 2008: Pacific Underwriters announced that it has partnered with Darwin Professional Underwriters to place management liability insurance for private company and not-for-profit risks utilizing...
SCOR Net Income up 62% to $633 Million
Mar 20 2008 // French reinsurer SCOR Group posted a significant gain in net income for 2007 – up 62 percent to €407 million, ($632.8 million), a ROE of 14.1 percent and a strong 2007 EPS reaching € 2.79 ($4.337), supported by a...
Greenlight Re Reports Q4, Full Year Results; Conference Call Today
Mar 19 2008 // Cayman Islands-based Greenlight Capital Re, Ltd. has reported a net profit of $29.2 million for the fourth quarter of 2007 compared to $17.4 million for the same period in 2006. On a fully diluted per share basis, the...
Insurance Commissioner: Atlanta’s Estimated Insured Loss at $250M
Mar 18 2008 // Insurance and Safety Fire Commissioner John W. Oxendine said damage from a tornado that struck downtown Atlanta last week has reached an estimated $250 million in insured losses. “That figure includes damage from...
Firm Estimates $11B in Mortgage Applications Misrepresented Income
Mar 18 2008 // Analysts at a mortgage watchdog firm say they have uncovered more than 42,000 mortgage applications, totaling nearly $11 billion, containing significant misrepresentations of the borrowers’ income. These applications...
Florida’s Main Street America Group Reports Results for 2007
Mar 17 2008 // Jacksonville, Fla.-based Main Street America Group reported its fiscal year 2007 ended on an high note with “some of the best financial results in its 84-year history.” The super regional property/casualty...
Financial Reports Show Texas Insurers Profitable in 2007
Mar 14 2008 // In 2007, Texas insurers recorded one of their most profitable years of the decade, prompting some consumer advocates to call for tougher state regulation on homeowner rates. Financial reports released by the Texas...
AIG Shares Fall Sharply on Concerns Over Possible Bigger Credit Losses
Mar 13 2008 // Shares of American International Group fell as much as 8 percent Thursday on concern the world’s largest insurer could face larger-than-expected losses from a credit derivatives portfolio that has already led it to...
Hannover Re Group Net Income up 42.6% to $1.144 Billion
Mar 13 2008 // Germany’s Hannover Re reported excellent result for 2007 with the Group’s net income up 42.6 percent to €733.7 million ($1.144 billion. “We surpassed our profit targets and reported the highest Group...
