Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Valuations: Educating Your Client on True Replacement Cost
Oct 3 2005 // There are two calls that an agent or broker might receive that should raise concerns; the first is a call from the IRS audit department and the other is from an insured who says, “I just had a fire.” The reason...
Hurricane Rita Losses Not as High as Previous Storms
Oct 3 2005 // But destruction will add to totals from Dennis, Katrina and Ophelia. While indications are that damages from Hurricane Rita won’t come close to equaling those of its immediate predecessor, Hurricane Katrina, that...
How Did Catastrophe Models Weather Katrina?
Oct 3 2005 // While it’s too early to tell if the highly touted computer catastrophe models met expectations for Hurricane Katrina, there are indications the models didn’t work as well as some insurers had hoped. Several...
New Report Warns of Rising Threat to US Insurers from Climate Change
Oct 3 2005 // Higher premiums, coverage restrictions already hitting many parts of country Hurricane Katrina is a poignant reminder that U.S. insurers, government and consumers are at enormous risk from escalating losses from hurricanes...
Valuations: Educating Your Client on True Replacement Cost
Oct 3 2005 // There are two calls that an agent or broker might receive that should raise concerns; the first is a call from the IRS audit department and the other is from an insured who says, “I just had a fire.” The reason...
How Did Catastrophe Models Weather Katrina?
Oct 3 2005 // While it’s too early to tell if the highly touted computer catastrophe models met expectations for Hurricane Katrina, there are indications the models didn’t work as well as some insurers had hoped. Several...
Hurricane Rita Losses Not as High as Previous Storms
Oct 3 2005 // But destruction will add to totals from Dennis, Katrina and Ophelia. While indications are that damages from Hurricane Rita won’t come close to equaling those of its immediate predecessor, Hurricane Katrina, that...
New Report Warns of Rising Threat to US Insurers from Climate Change
Oct 3 2005 // Higher premiums, coverage restrictions already hitting many parts of country. Hurricane Katrina is a poignant reminder that U.S. insurers, government and consumers are at enormous risk from escalating losses from...
How Did Catastrophe Models Weather Katrina?
Oct 3 2005 // While it’s too early to tell if the highly touted computer catastrophe models met expectations for Hurricane Katrina, there are indications the models didn’t work as well as some insurers had hoped. Several...
Fitch: Katrina Causes Unprecedented Challenges, Risks for P/C Insurers
Oct 3 2005 // The circumstances surrounding Hurricane Katrina are unprecedented in many ways, reports Fitch Ratings. So much so that the rating agency may need to reassess the core risk profile of the property/casualty insurance...
News Briefs
Oct 3 2005 // Roundup of Katrina Loss Estimates: As the scope of the devastation wrought by Hurricane Katrina became increasingly evident, European and Bermuda-based insurers and reinsurers continued to calculate their potential...
S&P Lowers PXRE Ratings
Sep 30 2005 // Standard & Poor’s Rating Services announced that it has lowered its counterparty credit and financial strength ratings on Bermuda-based PXRE Reinsurance Ltd. and U.S.-based PXRE Reinsurance Co. to...
Endurance Estimates Rita Net Losses at Around $85 Million
Sep 30 2005 // Bermuda-based Endurance Specialty Holdings Ltd. announced that its initial estimates of losses, net of reinsurance, reinstatement premiums, and tax benefits related to Hurricane Rita would be approximately $85 million. The...
Converium Ups Katrina Loss Estimates to $20-$40 Million
Sep 29 2005 // Zurich-based reinsurer Converium has issued a statement indicating that increased industry loss estimates from Katrina have resulted in a new estimate of its potential exposure to between $20 and $40 million. It had...
PXRE Estimates Rita Impact at $30-$40 Million; Sees Q3, Full Year Loss
Sep 29 2005 // The Bermuda-based PXRE Group Ltd. has announced that its preliminary estimate of the net impact from Hurricane Rita is between $30 and $40 million, “after tax, reinsurance recoveries on its outwards reinsurance...
Munich Re Analyzes Katrina/Rita Impact; Insured Loss Around $40 Billion
Sep 28 2005 // Munich Re has issued a report on the impact of Hurricanes Katrina and Rita on the insurance industry. The world’s largest reinsurer said it “estimates total insured market losses at up to US$ 40 billion,”...
Guy Carpenter Unveils CAT Mapping Tool to Assess Katrina Losses
Sep 28 2005 // Guy Carpenter & Company, Inc. has introduced i-aXs catastrophe mapping, an online tool that enables clients to assess specific properties at a potential risk of loss in areas impacted by catastrophes, specifically...
Safeco Estimates Katrina After-Tax Losses at $78M
Sep 27 2005 // Seattle-based Safeco announced estimated after-tax catastrophe losses from Hurricane Katrina of $78 million, or $0.61 per diluted share. Safeco’s gross pretax losses before reinsurance are estimated to be $170...
Fitch: Hurricane Rita Won’t Cause Widespread U.S. Insurance Company Rating Changes
Sep 26 2005 // Fitch Ratings said Monday it expects Hurricane Rita will represent a material loss to the insurance industry and will create further strain on insurers’ claims-adjusting resources. However, Fitch does not expect any...
Fitch Takes Fairfax Off Credit Watch; Affirms Ratings
Sep 26 2005 // Fitch Ratings announced that it has affirmed the ratings of Canada’s Fairfax Financial Holdings, Ltd. with a stable out look, and has removed the ratings from its negative credit watch. “The rating action...
