Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Most Texas Insurers Profited Despite Hurricane Rita
Mar 24 2006 // Texas home insurers turned substantial profits last year despite Hurricane Rita’s destruction, prompting state regulators to question whether some companies’ rates are too high, the Associated Press...
Lloyd’s Urges Rethinking on Cat Losses
Mar 24 2006 // In a speech at the “Forces of Nature” conference in London Julian James, Lloyd’s Director of Worldwide Markets, said that the time has come for the insurance industry to rethink how it handles...
Fitch Downgrades Avalon Re; On Rating Watch Negative
Mar 23 2006 // Fitch Ratings announced that it has downgraded the class B and C variable-rate notes of Avalon Re Ltd. and placed all of the notes in classes A, B and C on Rating Watch Negative. “The class B variable-rate notes were...
Risk Management Solutions Predicts Hurricane Activity to Increase Losses by 40 Percent in Florida and Gulf Coast
Mar 23 2006 // Risk Management Solutions, Newark, Calif., expects increases in hurricane landfall frequencies will increase modeled annualized insurance losses by 40 percent on average across the Gulf Coast, Florida and the Southeast,...
Tropical Cyclone Larry Insured Loss Estimates $65 Million
Mar 22 2006 // Preliminary reports of claims following the passage of Tropical Cyclone Larry through Northern Australia (See IJ Website March 21) have put insured losses at around A$90 million (US$65.6 million). According to reports...
Allianz German Group Total Earnings up 30% to $2.14 Billion
Mar 22 2006 // Allianz Sachgruppe Deutschland, which incorporates all of the global insurer’s German P/C business, announced that total earnings after tax for 2005 were €1.79 billion ($2.14 billion), compared to the €1.25...
S&P Lowers American Steamship Mutual Ratings to ‘B+’
Mar 22 2006 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on American Steamship Owners Mutual P&I Assn. Inc. (American Club) to “B+”...
Consumer Group Accuses Geico of Unfair Underwriting Practices
Mar 21 2006 // A U.S. consumer group has made claims that Geico Corp. uses rate-making methods that directly base eligibility and premiums solely upon the educational background and occupation of consumers. The Consumer Federation of...
Hub, Citizens Bank on ‘Not Your Typical’ Insurance Agency Deal
Mar 21 2006 // “Not Your Typical Bank,” the slogan used by Citizens Financial Group in its popular consumer-friendly ads, seems to apply to the bank’s latest move, the selling off of its respected insurance agencies. It...
For O & G operators, contracts and coverages go hand in hand
Mar 20 2006 // (Editor’s note: This is the third article in a series addressing risk management for the Oil and Gas operator. The first appeared in the Aug. 22, 2005, issue of Insurance Journal-Texas/South Central, the second ran...
RMS CEO sees bigger catastrophe losses
Mar 19 2006 // Speaking at the World Insurance Forum in Bermuda, Hemant Shah, Risk Management Solutions CEO, warned that insurers should be preparing to increase their reserves for catastrophe losses, not only due to the unprecedented...
News Currents
Mar 19 2006 // Berkshire’s Buffett still high on insurance despite catastrophe risk Gen Re misfortunes overcome by Geico’s stellar performance, Buffett says Warren E. Buffett, the billionaire chairman of giant Berkshire...
Allianz Nearly Triples 4Q Profit
Mar 17 2006 // Insurer Allianz Group said Thursday its fourth-quarter profit nearly tripled as earnings in its banking and asset-management units and improved investment income protected it from losses related to last year’s...
North Pointe Holdings Corp. Reports Fourth Quarter Results
Mar 17 2006 // Southfield, Mich.-based North Pointe Holdings Corporation reported financial results for the fourth quarter ending December 31, 2005. Fourth quarter results include pre-tax expenses attributable to hurricane losses and...
Most Losses in Texas Panhandle Fires Are Uninsured
Mar 16 2006 // Wildfires in the Texas panhandle have blackened hundreds of thousands of acres and leveled ranch houses and barns in its path. Unfortunately, most of the destruction including ranch land and cattle has been uninsured,...
AIG Issues 2005 Annual Report; Net Income for Year was $10.48B
Mar 16 2006 // American International Group Inc. (AIG) has filed its Annual Report on Form 10-K for the year ended Dec. 31, 2005 with the Securities and Exchange Commission. Net income for the full year 2005 was $10.48 billion or $3.99...
Ebix Inc. Sees 20.6% Revenue Gain
Mar 15 2006 // Atlanta-based Ebix Inc., which provides software and IT services to the insurance industry, said in a report on its financial results for the fourth quarter and year ended Dec. 31, that its revenue rose 20.6 percent in...
American Physicians Service Group Sees Increased Q4, Annual Results
Mar 15 2006 // Austin, Texas-based American Physicians Service Group Inc. announced revenue increases for the fourth quarter and year-end 2005. APS is a management and financial services firm with subsidiaries and affiliates, which...
Munich Re’s 4Q Profit Quadruples Despite Gulf
Mar 15 2006 // Munich Re AG, the world’s largest reinsurer by gross premiums, said Tuesday its fourth-quarter profit quadrupled and its annual earnings rose despite the furious series of hurricanes that struck the Gulf of Mexico...
Hiscox Weathers Hurricanes, But 2005 Profits Decrease
Mar 14 2006 // Hiscox Plc, the U.K.-based Lloyd’s and specialty insurer, released its 2005 preliminary results on Monday, March 13. Although Hiscox was one of many companies whose earnings were adversely affected by last...
