Latest Profit Loss Headlines

All the headlines from our Profit Loss Topic Page, ordered by recency.

Fitch Says P/C Views Record U.S. Catastrophe Losses in 2004, However Profitability Moves Up

Mar 30 2005 // The U.S. property and casualty industry posted stronger underwriting results and profitability in 2004 relative to 2003, despite sharp increases in catastrophe losses for many market participants related to the...

AIG Again Delays Filing of 10-K Annual Report; Discloses Details About Gen Re, Offshore, Starr Dealings

Mar 30 2005 // American International Group, Inc. announced that the filing of its 2004 Form 10-K will be delayed beyond the March 31, 2005 extended due date in order to provide AIG, its board of directors and its new management more...

Bank Insurance Brokerage Fee Income Jumps 22% to Record $3.6 Billion

Mar 28 2005 // Banks increased their 2004 insurance brokerage fee income by 22.2 percent from $2.97 billion in 2003 to a record $3.63 billion earned in 2004, according to Michael White’s 2004 Year-End Bank Insurance &...

Pa. Man Sentenced in Murder-for-Profit Plot

Mar 25 2005 // A man who pleaded guilty to hiring a hit man to kill a used car dealer for insurance money was sentenced to 20 years in prison. Lawrence A. Skiba of White Oak sobbed after a federal judge sentenced him for his role in a...

SCOR Posts $89.4 Million 2004 Net Profit

Mar 24 2005 // French reinsurer SCOR Group returned to profitability in 2004 posting net income of 68.7 million euros ($89.4 million) on gross written premiums of 2.528 billion euros ($3.29 billion). The group posted a 314 million euro...

Mich. DOI Study Finds Competition Doesn’t Equal Affordability; Insurers Say Losses Driving Rates

Mar 24 2005 // Michigan’s Office of Financial and Insurance Services last week released the results of its long-awaited study of competitiveness in the state’s insurance market. While the report found competition under the...

S&P Comments on SCOR’s Earnings Announcement

Mar 24 2005 // Standard & Poor’s Ratings Services indicated that its ratings and outlook on French reinsurer SCOR and its guaranteed subsidiaries – currently “BBB+” with a positive outlook – would not...

MarshMac Emerges from Difficult Year with Downsizing and Disclosure Plan

Mar 21 2005 // Marsh Will Drop ‘Unprofitable’ Accounts But MMC Will Keep Putnam and Mercer Units Giant insurance broker Marsh, battered by regulators, soft market prices and competitors in 2004, plans on dropping thousands of...

Workers’ Comp Loss Prevention: Going Beyond the Safety Dance

Mar 21 2005 // You work hard, yet you’re frustrated. Why is your client still suffering from employee injury problems and escalating workers’ compensation insurance cost regardless of your efforts? So, is the solution to do...

Roofing Contractors, Workers’ Compensation Insurance and Profits

Mar 21 2005 // Making the Puzzle Pieces Fit Begin a conversation with any roofing contractor with the words workers’ comp insurance and profits in the same sentence and you’ll probably be met with a confused look. By all...

OIL Hit by Ivan Posts $548 Million Net Loss in 2004

Mar 21 2005 // Oil Insurance Limited (OIL), the Bermuda-based mutual company, which currently insures 83 energy companies, was heavily impacted by 2004’s hurricanes, especially Ivan. The storm’s “slow track across the...

S&P, Best Comment on Allianz 2004 Earnings

Mar 18 2005 // Standard & Poor’s Ratings Services noted that “the improved 2004 results published by Allianz AG (See previous article),” (rated “AA-” Negative outlook – “/A-1+) were in line...

Allianz 2004 Profits up 16.4% to $2.93 Billion

Mar 18 2005 // Germany’s Allianz reported net 2004 profits of 2.2 billion euros ($2.93 billion), despite last year’s spate of natural catastrophes and continued problems at its Dresdner Bank subsidiary. The group’s net...

Swiss Re Profits up 45% to $2.167 Billion

Mar 17 2005 // Swiss Re joined Munich Re in reporting strong 2004 results. The group reported net profits of CHF 2.5 billion ($2.167 billion) compared to CHF 1.7 billion ($1.474 billion) in 2003, a 45 percent gain, despite 2004’s...

Munich Re Posts $2.44 Billion 2004 Group Net Profit

Mar 16 2005 // Germany’s Munich Re Group celebrated its 125th anniversary year in style, recovering from a 434 million euro ($578 million) loss in 2003 to post 2004 net profits of 1.833 billion euros ($2.44 billion) despite a...

Safety Insurance Net Income Jumped in 2004

Mar 16 2005 // Safety Insurance Group, Inc. reported that net income for the 2004 was $45.0 million, or $2.90 per diluted share, compared to $28.5 million, or $1.86 per diluted share, for 2003. Safety’s book value per share...

Eureko Posts Record 2004 Profits; CEO to Step Down

Mar 15 2005 // The Netherlands-based Eureko group announced record profits for 2004. Consolidated net income, which includes capital gains, rose to 1.153 billion euros ($1.54 billion), while net income excluding capital gains doubled to...

Quanta Posts $14.4 Million Q4 Loss; $54.6 Million Full Year Net Loss

Mar 15 2005 // Bermuda’s Quanta Capital Holdings Ltd. reported that its net loss for the fourth quarter of 2004 was $14.4 million, or $0.25 per diluted share. This compares to a net loss of $37.4 million, or $0.66 per diluted...

Computer Models Reassess Fla. Hurricane Risk Following Busy 2004 Season

Mar 14 2005 // New computer models show higher chances of hurricane strikes to Florida, and a 3.9 percent increase in predicted losses. In parts of the state, particularly Escambia County, the program boosts predicted losses as much as...

Hurricanes Lower Hiscox 2004 Profits to $148 Million

Mar 14 2005 // U.K. insurer Hiscox plc reported a drop in profits for 2004 of around 8 percent, posting a net figure of £77 million ($148.1 million), compared to £83.4 million ($160.5 million) in 2003, as losses from the Florida...