Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Munich Re 2003 Catastrophe Study – Fatalities up 450 Percent; $15 Billion Insured Losses
Dec 30 2003 // Munich Re has released its analysis of natural catastrophes in 2003 and concluded that economic and insured losses continue to increase at a high level. Preliminary portions of the study had been presented at the recent...
Quake Insured Losses Pegged at $40 Million to $60 Million
Dec 30 2003 // The earthquake that struck California’s central coast on Dec. 22 could generate insurance claims of between $40 million and $60 million. The initial shockwave, registering 6.5 on the Richter scale, was followed by...
W.R. Berkley Corp., Operating Companies Ratings Affirmed; Outlook Negative
Dec 29 2003 // Standard & Poor’s affirmed its ‘BBB+’ counterparty credit rating on W. R. Berkley Corp. At the same time, Standard & Poor’s affirmed its ‘A+’ counterparty credit and financial...
Wm. Kramer & Assoc. New Mass. Turnpike Loss Adjuster
Dec 29 2003 // Underwriters at Lloyd’s of London have appointed Connecticut-based William Kramer & Associates (WKA) as the sole claim loss insurance adjuster for the Massachusetts Turnpike Authority (MTA). WKA has extensive...
RLI Expects Few Losses from San Simeon Quake
Dec 24 2003 // Peoria, Ill.-based RLI Corp. reported that it expects minimal losses from the Dec. 22 earthquake along the central California coast. RLI specializes in the writing of earthquake coverages, but has limited commercial...
P/C Industry’s Net Income Surges, But Slowing Premium Growth May Hamper Further Progress, Report Says
Dec 23 2003 // According to a report released by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers, the U.S. property/casualty industry’s net income after taxes increased to $21.1 billion...
S&P Lowers Medical Protective’s Ratings to ‘A;’ Off CreditWatch
Dec 22 2003 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on Medical Protective Co. (MedPro), a subsidiary of GE Global Insurance Holdings that it...
Conning Study Says P/C Insurers’ Loss Reserves Hit Turning Point as Deficiencies Decrease
Dec 17 2003 // Three years of rising property/casualty rates have finally had a favorable impact on loss reserves, substantially reducing estimated deficiency, according to the latest annual study on the subject by Conning Research...
Employers Insurance Company of Nevada Report 3Q 2003 Financial Results
Dec 16 2003 // Employers Insurance Company of Nevada, A Mutual Company (“EICN”) and its wholly-owned subsidiary Employers Compensation Insurance Company (“ECIC”) formerly known as Fremont Employers Insurance...
Quotesmith.com’s 2003 Loss Estimate Doubles
Dec 15 2003 // Darien, Ill.-based online broker Quotesmith.com Inc. revised the financial targets for 2003 that were announced Oct. 2, 2003. In October, the company anticipated 2003 revenues of $9.5 to $10 million with a projected net...
A.M. Best: P/C Industry Notes Strong Q3 Results, But Reserve Development, Rate Deceleration Emerge
Dec 15 2003 // The property/casualty industry reported strong premium growth and vastly improved underwriting results during the first nine months of 2003, compared with the same period of 2002, according to A.M. Best Co. Driving these...
Top 10 2003 Newsmakers
Dec 15 2003 // While less turbulent than 2001-2002, this year hasn’t exactly been a walk in the park. The industry continues to face intractable problems—a lack of capital strength, accompanied by accusations that it’s...
Canada’s P/C Insurers Report Weaker Q3 Results from Auto Losses
Dec 15 2003 // According to a bulletin from the Insurance Bureau of Canada, the country’s P/C insurers posted generally weaker financial results in the third quarter of 2003, due largely to a downward trend in the auto insurance...
Top 10 2003 Newsmakers
Dec 15 2003 // While less turbulent than 2001-2002, this year hasn’t exactly been a walk in the park. The industry continues to face intractable problems—a lack of capital strength, accompanied by accusations that it’s...
PAULA Financial Announces Debt Refinancing and Reports Net Income for 3rdQ 2003
Dec 11 2003 // Pasadena-based PAULA Financial announced that it has completed the refinancing of its outstanding debt balance of $1.8 million. The new credit facility represents a significant improvement in both interest rate and...
Horace Mann Estimates Impact of Calif. Wildfires; Lowers 2003 Earnings Estimate
Dec 9 2003 // Illinois-based Horace Mann Educators Corporation estimates its policyholder claims from wildfires in Southern California will total approximately $12.5 million pretax. Reflecting anticipated recoveries from the...
New Mo. Law Requires Revocation of Producer Licenses for Unpaid Income Taxes
Dec 5 2003 // Missouri’s House Bill 600 has taken effect, requiring persons with professional licenses to file and pay their state taxes or face license revocation. Affected under the legislation are Missouri Department of...
XL Announces 2004 Earnings Estimates
Dec 4 2003 // Brian M. O’Hara, President and CEO of Bermuda’s XL Capital Ltd., speaking at the Bermuda Angle Conference yesterday, announced that the company estimated 2004 earnings would be between $9.05 to $9.25 per...
RenRe Gives Q4, Full Year Earnings Estimates
Dec 3 2003 // Bermuda’s premier property reinsurer, RenaissanceRe Holdings Ltd., also chose the Bermuda Angle conference to announce preliminary fourth quarter, full year and 2004 earnings estimates. It estimated that full year...
9 Programs That May Just Fit the Bill
Dec 1 2003 // The December 2002 Insurance Journal “program directory” issue highlighted eight programs that the editorial staff considered to be unique, interesting or tough to find. This year we’ve added one more to...
