Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Munich Re Estimates Tsunami Claims Below $136 Million
Dec 29 2004 // Munich Re, the world’s biggest reinsurer, has issued a bulletin concerning possible losses from the tidal waves that struck many countries around the Indian Ocean on Dec. 26, which estimates the company’s...
S&P Sees No Effect on Australian Insurers’ Ratings from Tsunami Losses
Dec 29 2004 // Standard & Poor’s Ratings Services has issued a bulletin stating that it does not expect Australian general insurers to be materially affected by the cost of insurance claims arising from the Indian Ocean...
Fitch Sees Tsunami Repercussions Varying Across Insurance Sector
Dec 29 2004 // Fitch Ratings has issued a bulletin indicating that it “expects insured losses stemming from the recent Southeast Asian earthquake and tsunami to affect the Asian primary insurance market and the worldwide...
Best Reports P/C Industry Maintains Underwriting Profit, Despite “Unprecedented Cat Events”
Dec 28 2004 // A.M. Best Co. has released a year-end report on the U.S. P/C industry, which indicates that, “despite the colossal hurricane losses posted during the third quarter of 2004,” it “reported very strong...
U.S.I. Holdings Unveils Expense, Staff Reductions and Plans to Sell Certain Operations
Dec 22 2004 // The directors of U.S.I. Holdings Corporation of Briarcliff, N.Y. have approved a plan to reduce ongoing operating expenses. The plan is expected to result in cost savings of approximately $5 million, before taxes, in...
Swiss Re <em>sigma</em> 2004 Catastrophe Estimates: 21,000 Dead; $105 Billion Economic Loss; $42 Billion Insured
Dec 21 2004 // According to preliminary estimates from Swiss Re’s forthcoming sigma report, more than 21,000 people around the world lost their lives as a result of natural and man-made catastrophes in 2004. Economic losses were...
Banks Cash-In on Acquisitions; Insurance Revenues on Track for Record Year
Dec 20 2004 // Insurance revenue reported to the Federal Reserve by the nation’s bank holding companies grew by $5.0 billion in the first half of 2004 to a level of $20.9 billion, 23 percent higher than at this same time last year,...
Losses, Liabilities & Leftovers
Dec 20 2004 // A drunken Pennsylvania pilot who reportedly buzzed his single-engine plane in close proximity to a nuclear power plant and disrupted the flight paths of half-a-dozen airliners has been sentenced to six to 23 months in...
Losses, Liabilities & Leftovers
Dec 20 2004 // A drunken Pennsylvania pilot who reportedly buzzed his single-engine plane in close proximity to a nuclear power plant and disrupted the flight paths of half a dozen airliners has been sentenced to six to 23 months in...
Industry Sees First 9-Month Net Gain on Underwriting in Nearly Two Decades
Dec 20 2004 // Benefiting from profits on underwriting, the U.S. property/casualty insurance industry’s net income after taxes rose 28.3 percent to $26.7 billion in the first nine months of 2004 from $20.8 billion in the first nine...
INSURERS WELL-POSITIONED TO SHOULDER HURRICANE LOSSES:
Dec 20 2004 // Even with the nearly $21 billion of hurricane-related losses expected to be reflected in the third- and fourth-quarter results, the nation’s property/casualty insurers are well-capitalized and safely positioned to...
P/C INSURERS POSITIONED TO WEATHER HURRICANE LOSSES:
Dec 20 2004 // Even with the nearly $21 billion of hurricane-related losses expected to be reflected in the third and fourth quarter results, the nation’s property/casualty insurers are well-capitalized and safely positioned to...
Is It Time to Sell the Agency’
Dec 16 2004 // The following article was published in Insurance Journal magazine on Dec. 6, 2004 Many owners have at one time or another thought about selling their insurance agency or brokerage. Many were tempted but never quite took...
ELAN Files Calif. Public Records Act Request with Commissioner to Release $4B in Policyholder Losses
Dec 16 2004 // The Executive Life Action Network (ELAN), an activist group of former Executive Life Insurance Co. policyholders, has filed a California Public Records Act (CPRA) request with Insurance Commissioner John Garamendi urging...
Competition and Investigations Are Squeezing U.S. Commercial Lines’ Earnings, Report Says
Dec 7 2004 // U.S. insurers will see their 2004 earnings from commercial lines fall as rate increases peak and legal investigations intensify, according to a report published by Standard & Poor’s. The report, titled...
P/C Insurers Positioned to Weather Hurricane Losses
Dec 7 2004 //
Ill Winds Blow but the Ship Remains on Course
Dec 6 2004 // This year’s annual report on the reinsurance industry is a bit later than usual. It seems that beginning in August the voyage was interrupted by some serious storms, and it was hard to catch up to the boat as it...
Carrier Solvency, Not Aggregate Industry Reserves, Should be Focus
Dec 6 2004 // Placing Industry Loss and Loss Adjustment Expense Reserving into Perspective In an April 2004 edition of Insurance Journal, Mark Wells, publisher, utilized the ‘On the Street’ column to frame the issues related...
A.M. Best Finds Improved Earnings Boost P/C Industry’s Surplus Position
Dec 6 2004 // The capital surplus for U.S. property casualty insurers increased by 21.8 percent in 2003, fueled by “vastly improved operating earnings” and a big boost in unrealized capital gains, according to A. M. Best...
What is Your Agency Worth’ Productivity and Revenue Determine Value
Dec 6 2004 // Over the years, I have found that many agency owners peg their agency value to traditional benchmarks and current market values. At one time, the industry benchmark for an average agency was one and a half times annual...
