Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
LWCC Hires New Director of Safety and Loss Prevention
Jan 23 2008 // Louisiana Workers’ Compensation Corporation (LWCC) has hired Michael Page as director of safety and loss prevention, the company announced. Page previously was director of loss prevention services for Workforce...
RenRe Records Q4 Write-Downs
Jan 17 2008 // RenaissanceRe announced that it expects two significant fourth quarter charges: — A charge which would result in a full reduction of the Company’s carried value in ChannelRe, which was $126.7 million at...
Despite Woes, Big Insurance Brokers Still Make the Grade, Says Fitch
Jan 16 2008 // Taken as a group, the nation’s largest public insurance brokers did better in 2007 than 2006, although the continuing soft market will make it harder for them to improve a lot on the 2007 performance in 2008,...
Risk Management Solutions Warns of Costly Repeat of 1998 Ice Storm
Jan 14 2008 // Risk Management Solutions (RMS) has released a 10-year retrospective report on the 1998 Ice Storm that devastated the Canadian provinces of Ontario and Quebec, as well as portions of the northeastern U.S., in January 1998....
ISO: Insurers to Pay $6.5 Billion in 2007 Catastrophe Claims
Jan 14 2008 // U.S. property/casualty insurers are expected to pay homeowners and businesses $6.5 billion for 2007 property losses from 23 catastrophes — the eighth lowest cost in a decade and the seventh lowest frequency for the same...
What the Reauthorization of TRIA Means to the P/C Industry
Jan 13 2008 // On Dec. 26, President George W. Bush signed the Terrorism Risk Insurance Program Reauthorization Act of 2007 to reauthorize the federal backstop for seven years. First and foremost, reauthorization of TRIA means it is...
The World According to TRIPRA
Jan 13 2008 // Passage of federal terrorism insurance extension buys another seven years for industry to find a long-term solution Many in the insurance industry breathed a cool sigh of relief when just five days before the Terrorism...
P/C Insurers’ Net Income, Surplus Rose But Profitability Dropped in 3rd Quarter
Jan 13 2008 // The U.S. property/casualty insurance industry’s net income after taxes rose 7.1 percent to $49.4 billion through nine-months 2007 from $46.1 billion through nine-months 2006. Fueled by the industry’s net...
Well-financed Buyers Lead Today’s Agency Value Trends
Jan 13 2008 // Fair market value can be defined as the price that a willing buyer and a willing seller agree on for the price of a business. Naturally, there is a lot of room for negotiation based on the circumstances. However, fair...
Dramatic Changes in State Building Trends Could Prompt Rise in Losses
Jan 13 2008 // As the financial and housing markets continue to work their way through the fallout of the mortgage lending meltdown, the construction sector faces its share of woes. But as is typically the case, specific conditions —...
Insurers Defend Profits; Deny They Overcharge, Under-deliver on Home, Auto Policies
Jan 11 2008 // A national consumer organization has charged that property/casualty insurers are unfairly overcharging for home and auto insurance at the same time they are reducing payments to insureds. According to the Consumer...
Southern California Wildfire Losses Could Reach More than $2 Billion
Jan 11 2008 // The California Department of Insurance announced that since the wildfires broke out in Southern California in October 2007, 37,117 claims have been filed, and 1,531 of those claims are known to be total losses, with an...
Lighthouse Underwriters Sells Retail Non-Profit Book to Cooley and Darling
Jan 10 2008 // Cooley and Darling Insurance Agency Inc. (www.cd-insure.com), a new retail agency based in Haymarket, Va., has acquired the retail book of non-profit business from Lighthouse Underwriters LLC, a member company of U.S. Risk...
West Storm Losses Could Reach $600 Million
Jan 10 2008 // Catastrophe risk modeling firm Air Worldwide estimates insured losses from the recent west coast winter storm that occrred January 4-8 could reach as high as $600 million, with the vast majority of those losses in...
Trial Opens for Five Former Gen Re, AIG Executives
Jan 9 2008 // The former chairman and CEO of the world’s largest insurer initiated a deal that led to five ex-executives being charged in a scheme to manipulate the company’s financial statements, a federal prosecutor said...
Top Insurance Stories in 2007
Dec 31 2007 // The debate over climate change captured the world’s attention, including the insurance industry’s, in 2007, while major hurricanes spared the United States’ coastline. The soft market took hold of...
Munich Re 2007 Nat Cat Report Warns of ‘Rising Trend’
Dec 28 2007 // Munich Re’s loss figures for 2007 from natural catastrophes concludes that “despite the general absence of extreme events, overall economic losses had reached $75 billion by the end of December – an...
AIR Estimates Insured Losses from New Zealand Quake at $192 Million
Dec 27 2007 // Boston-based AIR Worldwide has issued a bulletin indicating that insured losses from a recent strong earthquake in New Zealand “are unlikely to exceed NZD 250 million” [$191.6 million]. The quake struck about...
P/C Insurers’ Net Income, Surplus Rose But Profitability Dropped
Dec 27 2007 // The U.S. property/casualty insurance industry’s net income after taxes rose 7.1 percent to $49.4 billion through nine-months 2007 from $46.1 billion through nine-months 2006. Fueled by the industry’s net...
Comp Loss
Dec 23 2007 // In 2006, South Carolina’s workers’ compensation premiums grew more than 18 percent and the state has ranked second in the nation in terms of how quickly rates have increased. So in 2007, South Carolina enacted...
