Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
For Anglo-Dutch Reed, Insurance is ‘Jewel’ in Acquisition of ChoicePoint
Feb 21 2008 // Reed Elsevier announced the acquisition of U.S. risk-management business ChoicePoint Inc for $4.1 billion, including debt, and said it would intensify a cost-saving drive and sell an advertising-dependent information...
Kingsway Reports Q4, FY Loss
Feb 20 2008 // In its earnings report (in U.S. dollars) released last week Toronto-based Kingsway Financial Services Inc. reported a fourth quarter loss of $103.5 million, and an $18.5 million loss for the full year. The Company said the...
Flagstone Re Q4 Net Income Drops; FY Net Earnings Near $168 Million
Feb 20 2008 // Bermuda-based Flagstone Reinsurance Holdings Limited posted a rise in basic book value per share to $14.17, despite a drop in fourth quarter earnings to $51.4 million, or $0.60 per diluted share, compared to $63.6 million,...
Willis ‘CyPro’ to Cover Business Interruption, Costs from Data Loss
Feb 20 2008 // Willis Group Holdings has launched a new facility to cover business interruption and recovery costs stemming from malicious and accidental loss of data. Willis described its CyPro, as a “new suite of products,”...
6 Fla. Workers’ Comp Cos. Ordered to Refund ‘Excess’ Profits
Feb 20 2008 // Florida Insurance Commissioner Kevin McCarty has ordered six workers’ compensation insurance companies to return $4.2 million in what his agency says are excessive profits to their policyholders. By law,...
Farm Losses from Tennessee Tornadoes Top $29 Million
Feb 18 2008 // Agriculture officials say storm-related farm losses in Tennessee’s Macon County could surpass $29 million. The county’s livestock and tobacco industries were particularly hard-hit by the tornado that claimed at...
RMS Launches ‘Paradex’ Model for European Windstorms
Feb 15 2008 // Risk Management Solutions (RMS) announced the launch of “the first parametric index for assessing insured industry losses from windstorms in Europe.” The new model -” Paradex Europe Windstorm”...
Monte Carlo Hotel-Casino Fire Loss Estimated to be Near $100 Million
Feb 15 2008 // A fire that sent gamblers fleeing from the Monte Carlo hotel-casino on the Las Vegas Strip in January will cost close to $100 million in repairs and lost business, casino operator MGM Mirage Inc. said. The company has...
Max Capital Reports Drop in Q4 Net Income; FY up 29% to $303 Million
Feb 14 2008 // The Bermuda-based Max Capital Group Ltd. reported net income for the three months ended December 31, 2007, of $62.4 million, or $1.00 per fully diluted share, versus net income of $95.4 million, or $1.50 per fully diluted...
Quarterly Profit Down 62% at Marsh
Feb 12 2008 // Quarterly profits at Marsh & McLennan dropped 62 percent, as fourth quarter and annual revenues rose 8 percent. The giant insurance brokerage reported that fourth quarter net income dropped to $85 million, or 16 cents...
AIG Downplays $5B Write-Down; Rating Agencies, Wall Street Concerned
Feb 12 2008 // While American International Group Inc. sought to downplay its miscalculation of losses on a derivatives portfolio as not “material to the company,” Wall Street was abuzz with speculation over whether the...
S&P Revises Outlook on AIG
Feb 12 2008 // American International Group Inc. may be quite sanguine about its financial outlook (See related article), but Standard & Poor’s Ratings Services isn’t quite as confident. S&P announced that it has...
Liberty Mutual’s Profit Dips Almost 7% in 2007
Feb 11 2008 // Liberty Mutual Group said its 2007 profit dipped nearly 7 percent compared with unusually strong 2006 results, as greater insurance industry competition led to pressure to cut policyholder rates. The nation’s...
Allied World Posts $469 Million 2007 Net Income; Q4 $123 Million
Feb 11 2008 // Bermuda-based Allied World Assurance Company Holdings, Ltd. reported net income of $123 million, or $2.01 per diluted share, for the fourth quarter 2007 compared to net income of $128.4 million, or $2.04 per diluted share,...
W. R. Berkley Corp. Reports Record Net Income of $744M for 2007
Feb 11 2008 // W. R. Berkley Corp. reported net income for 2007 of $3.78 per share, or $744 million, compared to $3.46 per share, or $700 million, for 2006. Net operating income for 2007 was $3.73 per share, or $734 million, compared...
Allstate 4Q Profit Falls 37 Percent
Feb 10 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...
Texas Joins Rest of the U.S. in Profitability Upswing of Last Few Years
Feb 10 2008 // I.I.I.’s Hartwig says the state is still one of the riskiest in which to operate The last few years have been good ones for the property casualty insurance industry in terms of profitability. But it’s been a...
Nev. Monte Carlo Resort & Casino Fire Losses Could Have Hit $75M, Risk Analysts Say
Feb 10 2008 // The fire that blazed through the top of the Monte Carlo Resort & Casino in Las Vegas on Jan. 25, 2008, could have been far more damaging had it started elsewhere in the building and not been contained so quickly,...
Insurers Must Focus on Opportunities; Avoid Price Wars to Stay Profitable
Feb 10 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...
Aon Reports 4th Quarter and Full Year 2007 Results
Feb 8 2008 // Chicago-based Aon Corp. (NYSE:AOC) reported on Thursday, February 7th, results for the fourth quarter and full year ending Dec. 31, 2007. Net income decreased 7percent to $207 million or $0.64 per share, compared to $223...
