Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
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...
St. Paul Travelers Issues Hurricane Katrina Loss Estimates
Sep 26 2005 // The St. Paul Travelers Companies Inc. announced that its preliminary estimate for losses relating to Hurricane Katrina is approximately $800 million, after tax and after the impact of reinsurance, and including the cost of...
RMS: Hurricane Rita’s Insured On-Shore, Off-Shore Losses Expected to be $4-$7 Billion
Sep 25 2005 // Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, has estimated that insured losses from Hurricane Rita are likely to range from $4 to $7 billion, based on current...
RMS Model Shows Increased Risk of Extreme U.S. Terrorism Losses
Sep 22 2005 // According to Risk Management Solutions’ fourth annual U.S. Terrorism Risk Model, the risk of extreme terrorism-related events over the next five years, including terrorist attacks using chemical, biological,...
RLI Estimates Katrina Losses
Sep 22 2005 // RLI Corp. announced an estimated range of pretax losses from Hurricane Katrina of $15 million to $19 million, net of reinsurance ($0.37 to $0.47 per diluted share, after tax). This is based on projections by the...
IPC Holdings Unveils Early Estimate of Katrina Losses
Sep 22 2005 // Bermuda-based IPC Holdings, Ltd. announced that it expects third quarter 2005 earnings to be significantly impacted by Hurricane Katrina. According to a company release, “Based upon a preliminary analysis of the...
AXIS Capital Provides Estimates of Katrina Losses
Sep 21 2005 // Bermuda-based AXIS Capital Holdings Ltd. announced its initial estimates of net losses related to Hurricane Katrina to be between $500 million and $650 million. The company also reiterated its earlier guidance that these...
N.C. Agriculture Losses $19.6M From Hurricane Ophelia
Sep 21 2005 // Hurricane Ophelia resulted in damages to North Carolina’s agricultural industry amounting to $19.6 million, based on reports tabulated from 13 counties. According to the North Carolina Department of Agriculture and...
PXRE Estimates Katrina Impact at $235 to $300 Million; Sees 2005 Loss
Sep 20 2005 // The Bermuda-based PXRE Group Ltd. has updated its estimates of potential losses from Hurricane Katrina to between $235 to $300 million, “after tax, reinsurance recoveries on its outwards reinsurance program and the...
AIG: Q3 CAT Losses Expected to be About $1.1B After-Tax
Sep 20 2005 // American International Group Inc. has issued an initial estimate of its total expected losses relating to third quarter catastrophe events, principally Hurricane Katrina, totaling approximately $1.1 billion after-tax. AIG...
Fitch: Katrina Causes Unprecedented Challenges/Risks for P/C Insurers
Sep 19 2005 // Circumstances surrounding Hurricane Katrina are unprecedented in many ways, said Fitch Ratings. So much so that the rating agency may need to reassess the core risk profile of the property/casualty insurance...
AFG Notes Preliminary Katrina Losses
Sep 19 2005 // American Financial Group Inc. has issued a preliminary estimate of its expected loss from Hurricane Katrina. Based on information available at this time, AFG estimates that its after-tax loss, net of reinsurance, will be...
