Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Everest Re Earnings Report – $839 Million Full Year Net Income
Feb 4 2008 // The Bermuda-based Everest Re Group, Ltd. reported fourth quarter 2007 after-tax operating income, which excludes realized capital gains and losses, of $63.2 million, or $1.00 per diluted share, compared to after-tax...
Meadowbrook Acquires Remaining Earnings from U.S. Speciality Underwriters
Feb 4 2008 // Southfield, Mich-based Meadowbrook Insurance Group, Inc. announced today its termination of the Management Agreement associated with its acquisition of the business of U.S. Specialty Underwriters, Inc. (USS). As previously...
N.Y. Agents and Insurers Laud Workers’ Comp Loss Cost Rating Bill
Feb 1 2008 // New York State agents and insurers praised the passage late last month of a key workers compensation reform that will extend the rate-making authority of the New York Compensation Insurance Rating Board, and move the...
Allstate 4Q Profit Falls 37% as Calif. Wildfire Losses Top $300M
Jan 31 2008 // Hit by an increase in catastrophe losses, Northbrook, Ill.-based insurer Allstate Corp. saw its profit drop by more than 37 percent in the fourth quarter of 2007 compared to the same period in 2006. The fourth quarter net...
Nev. Casino Fire Losses Could Have Hit $75 Million, Say Risk Analysts
Jan 31 2008 // The fire that blazed through the top of the Monte Carlo Hotel in Las Vegas last Friday could have been far more damaging had it started elsewhere in the building and not been contained so quickly, according to analysts at...
Everest Re to Announce Q4 Earnings Today; Conference Call Details
Jan 30 2008 // The Bermuda-based Everest Re Group, Ltd. will release its Fourth Quarter 2007 earnings after the close of trading on the NYSE today, January 30, 2008. The Company will hold a conference call discussing the results at 8:30...
Munich Re Expects $5.77 Billion 2007 Profit
Jan 30 2008 // The Munich Re Group announced that it expects a record profit for 2007 of €3.9 billion ($5.77 billion) on the basis of preliminary figures. The amount exceeds the profit guidance of €3.5-3.8 billion ($5.18 to $5.62...
Chubb 4Q Profit Stayed About Even; U.S. Premiums Down 2%
Jan 30 2008 // The Chubb Corp. reported that net income in the fourth quarter of 2007 was $650 million or $1.68 per share, compared to $654 million or $1.56 per share in the fourth quarter of 2006. Operating income increased to $620...
Arthur J. Gallagher to Sell Reinsurance Unit, Ireland Brokerage; Layoff 400
Jan 30 2008 // Itasca, Illinois-based insurance brokerage Arthur J. Gallagher & Co. reported a drop in profit for the fourth quarter and announced it would sell its global reinsurance operation and its small Ireland-based wholesale...
Travelers Reports Combined Ratio for 2007 at 87.4%; 4Q Profit Dips
Jan 29 2008 // Profits at Travelers Companies fell 11 percent in the last quarter of 2007 as sales slowed. The company reported solid underwriting results with a consolidated combined ratio of 87.4 percent. Fourth-quarter net income...
For 2007, Hanover Reports P/C Earnings Up 20%; Premiums Up 5%
Jan 29 2008 // The Hanover Insurance Group Inc. in Worcester, Mass. reported a rise in earnings for the fourth quarter and last year overall while its chief executive officer expressed confidence the company has “momentum leading...
Best Lowers XL’s Ratings; S&P Sees No Change
Jan 28 2008 // A.M. Best Co. and Standard & Poor’s Ratings Services have been reexamining their ratings on the Bermuda-based XL Capital. and its subsidiaries in light of recent announcements (See IJ web site...
La.’s Valued Policy Law: New Teeth for Hurricane Claims?
Jan 27 2008 // Property damage from hurricanes primarily comes from two sources: wind and water. Insurance coverage for property damaged by wind, and by rain water which enters the property as a result of wind damage, is generally...
Consumer Group Claims Insurers Overcharge, Underpay Policyholders
Jan 27 2008 // Insurers defend recent years’ profits, deny allegations and call national consumer group’s report ‘fatally flawed’ A national consumer organization has charged that property casualty insurers are...
Agents Have Options to Profit as Cycles Turn
Jan 27 2008 // Trust, efficiency, quality, knowledge are among the values independent agents bring to the insurance transaction Managing insurance cycles to maintain profitability is a tricky proposition. Higher premiums produced by hard...
Southern California Wildfire Losses Could Top $2 Billion
Jan 27 2008 // The California Department of Insurance announced that 37,117 claims have been filed since the wildfires broke out in Southern California in October 2007, and 1,531 of those claims are known to be total losses. Insurers...
The Subprime Mess Spills Into ERISA Lawsuits
Jan 27 2008 // Lawsuits against 401(k) plan fiduciaries and fund managers on the rise In recent 2007 year-end studies, both Cornerstone Research and NERA Economic Consulting documented how the subprime-related litigation wave drove an...
Executives See Only Moderate Growth for P/C Industry in 2008
Jan 27 2008 // Property casualty insurance insiders predicted 2008 will be a year of marginal growth as continued pricing competition will keep premiums low and profits lower — although that could quickly worsen if a natural...
Allianz Expects $11.78 Billion 2007 Net Income
Jan 25 2008 // In a preliminary earnings announcement Germany’s Allianz SE said it expects net income for 2007 to be around €8 billion ($11.7886 billion) and operating profits of more than €10.8 billion ($15.9 billion),...
Insurers Must Focus on Opportunities, Avoid Price Wars to Stay Profitable
Jan 23 2008 // Margin compression and continued pricing erosion will put increasing pressure on the insurance industry to achieve top line objectives in 2008, according to industry analysts. “With pricing becoming increasingly...
