Profit Loss - Latest Insurance News

Safeco Posts Strong Profits in All Major P/C Segments

Jul 20 2004 // Seattle-based Safeco announced strong second-quarter results, reflecting the company’s solid underwriting and the competitive strength of its automated sales platform. In addition, weather-related catastrophe losses...

Everest Re Group Announces Second Quarter Earnings

Jul 20 2004 // Bermuda-based Everest Re Group Ltd. reported a second quarter 2004 after-tax operating income, which excludes realized capital gains and losses, of $174.4 million, or $3.07 per diluted share, a 62.8 percent increase...

Preparing to Sell or Merge the Agency

Jul 19 2004 // One of the most difficult decisions that an owner will have to make is to sell their agency or merge with another party. The typical owner has spent more time working and building up the business than they have with their...

Donegal Group Net Income Up for Q2 and Year-to-Date

Jul 19 2004 // Donegal Group Inc. of Marietta, Pa. reported improved results including increased net income for the quarter ended June 30, 2004 of $6,770,187, or $.50 per share, compared to $5,268,953, or $.56 per share, for the second...

PCI Tells NCOIL That Restrictions on Loss History Are Unnecessary

Jul 18 2004 // The Property Casualty Insurers Association of America (PCI) told lawmakers during a panel discussion that efforts to limit insurers’ access to loss history information on properties are unnecessary and harmful to...

The Midland Company Unveils Q2 Numbers

Jul 15 2004 // The Midland Company, an Ohio-based provider of specialty insurance products and services, reported record results for the second quarter ended June 30, 2004. Net income per share was 58 cents, which included 2 cents in...

Insurer Seeks Damages Over Baltimore Orioles’ Loss

Jul 15 2004 // The Connecticut-based insurer for the Baltimore Orioles is attempting to recover more than $1 million in damages after a train derailment and tunnel fire forced city officials to cancel three home games in July 2001. The...

Loss-History Data Under Scrutiny in 31 States

Jul 14 2004 // Lawmakers or insurance regulators in 31 states have questioned the practice during the past 18 months, and at least 14 states and the District of Columbia have enacted provisions dealing with use of this information,...

Record Q2 for RLI

Jul 14 2004 // Peoria, Ill.-based specialty lines carrier RLI Corp. announced record second-quarter profits, driven growing underwriting profits and investment income. The company reported quarterly net earnings of $18.4 million (71 per...

Losses Drive High Cost of Detroit Metro Auto Coverage, Insurance Lobby Says

Jul 14 2004 // Higher claims frequency and severity make it twice as expensive for insurers to offer full auto and homeowners coverage to residents in metropolitan Detroit than the state as a whole, according to a recent study conducted...

Bank Holding Companies’ Insurance Agency Fee Income Rises to Record $8.4 Billion in 2003

Jul 13 2004 // Bank holding companies (BHCs) earned a record $8.36 billion in insurance agency commissions and fee income in 2003, according to Michael White’s Bank Holding Company Insurance & Investment Fee Income Report...

Consumer Group Claims NAMIC Study on Credit Scoring ‘Flip-Flops’ Earlier Positions

Jul 9 2004 // The consumer group, Center for Economic Justice (CEJ), released a statement in response to a National Association of Mutual Insurance Companies (NAMIC) study on credit scoring. CEJ’s Executive Director Birny Birnbaum...

Va. Gov. Applauds State for Earning Special Recognition for Drop in Traffic Fatalities

Jul 9 2004 // Virginia Gov. Mark Warner on Thursday applauded Virginia’s law enforcement, transportation officials, and motorists for doing their part in making the Commonwealth’s highways among the safest in the...

S&P Report Analyzes European Insurers’ Profit Growth

Jul 7 2004 // According to a recent report issued by Standard & Poor’s Rating Services, “Europe’s insurers will continue to face challenges in delivering genuine ‘profitable growth’ over the next few...

S&P Affirms Ratings for Best Meridian Insurance Co. Along with Subsidiary

Jul 7 2004 // Standard & Poor’s Ratings Services affirmed its ‘BBB-‘ counterparty credit and financial strength ratings on Best Meridian Insurance Co. (BMI) and its subsidiary, Best Meridian International...

WCIRB Releases Report on Calendar Year 2003 Losses and Expenses

Jul 6 2004 // The WCIRB has released its annual report on 2003 losses and expenses for the California workers’ compensation insurance industry, pursuant to Section 11759.1 of the Insurance Code. The report can be viewed by...

Another Soft Market Creates a Hard Reality

Jul 5 2004 // Like a commercial airline scrambling to squeeze out a profit in the face of increased competition and skyrocketing fuel prices, many insurance agents find themselves caught in the downward spiral of another soft market...

High Level Disability Income Product

Jul 5 2004 // Nuts & Bolts: Rockwood Programs has partnered with ASU International Inc. to launch a disability income product positioned to meet the coverage needs of highly compensated personnel. The initiative, called the...

Principals Should Focus on Creating Agency Value, Not Day-to-Day Issues

Jul 5 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...

High Level Disability Income