Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
ISO Reports Insurers’ Q3 CAT Losses Estimated At $2.9 Billion
Oct 14 2003 // Insurers are expected to pay $2.9 billion to homeowners and businesses for insured property losses from seven catastrophic events in the third quarter of this year — up more than 300 percent from the year-ago period —...
Harleysville Posts Record Q3 Earnings
Oct 14 2003 // Pennsylvania-based Harleysville National Corporation announced third quarter 2003 diluted earnings per share of $.36, a 5.9 percent increase over the $.34 earned during the third quarter of 2002 and a record for the...
Brown & Brown Attains New Level of Record Earnings
Oct 10 2003 // Florida-based Brown & Brown, Inc. announced record quarterly earnings for the third quarter of 2003 of $26,051,000 compared with $20,178,000 recorded in the third quarter of 2002, an increase of 29.1 percent. Net...
Selective Estimates Storm Losses at $10 Million
Oct 10 2003 // New Jersey’s Selective Insurance Group, Inc. announced that third quarter 2003 results will be impacted by estimated losses from Hurricane Isabel of $10 million, pre-tax, as a result of over 1,900 claims. The...
HRH Q3 Profits Lower than Expected; Revises Full Year Estimate
Oct 10 2003 // Hilb Rogal & Hobbs Company, the world’s 10th largest insurance and risk management intermediary, has issued an announcement indicating that its third quarter operating earnings would be lower than expected, and...
IEF Mourns Loss of Clanton
Oct 8 2003 // Insurance Education Foundation (IEF) CEO Jack Clanton passed away Sept. 28 after a courageous battle with cancer. Clanton had served as CEO for IEF since August 2002 and was instrumental in continuing the...
A.M. Best Downgrades Ratings of Atlantic Mutual Companies
Oct 7 2003 // A.M. Best Co. has downgraded the financial strength rating of The Atlantic Mutual Companies (The Atlantic) (New York) to B++ (Very Good) from A- (Excellent). Concurrently, A.M. Best has downgraded the debt rating of...
Vesta Names Executive VP., Updates Hurricane Isabel Losses
Oct 7 2003 // Alabama-based Vesta Insurance Group, Inc. announced that Thomas Mangold, has been elected executive vice president. Mangold, in addition to his new role as an executive officer of the holding company, will continue his...
Banks Reportedly Earned More Than $1.7 Billion in Insurance Fee Income in First Half of Year
Oct 7 2003 // Banks reportedly earned $1.73 billion in insurance commissions and fee income in the first half of 2003, according to Michael White’s 2003 Mid-Year Bank Insurance & Investment Fee Income Report™ (Bank-FIR™)...
INSURERS SUE TERROR SUPPORTERS FOR 9/11 LOSSES
Oct 6 2003 // Dozens of insurance companies, acting as members of five large insurance groups—Chubb, American Re, Zurich American, One Beacon and Crum & Forster—have filed a lawsuit in two cities against Al Qaida and other...
Quotesmith.com No Longer Expects 2003 to Be Profitable
Oct 3 2003 // Darien, Ill.-based online broker Quotesmith.com Inc. announced it expects to lose $450,000 to $650,000 in 2003. The company had announced in July that it anticipated to post a profit of $100,000 to $400,000. The company...
Travelers Estimates $75 Million Loss from Hurricane Isabel
Oct 3 2003 // Travelers Property Casualty Corp. announced that its preliminary estimate for catastrophe losses resulting from Hurricane Isabel is approximately $75 million, after reinsurance and tax, based on approximately 33,000 claims...
Unitrin Sees $6 Million in Isabel-Related Losses
Oct 2 2003 // Chicago-based insurer Unitrin Inc. announced that it estimates its catastrophe losses related to Hurricane Isabel to be approximately $6 million after-tax, or 9 cents per share. Unitrin plans to release its full results...
Employers, Fremont Report Q2 2003 Results
Sep 30 2003 // Employers Insurance Company of Nevada, A Mutual Company (“EICN”) and its wholly-owned subsidiary Fremont Employers Insurance Company (“FEIC”) (collectively “the Company”), leading...
$14.5 Billion First Half Profit for P/C Industry
Sep 30 2003 // The U.S. property/casualty industry’s net income after taxes rose to $14.5 billion in first-half 2003 from $4.4 billion in first-half 2002, as both underwriting and investment results improved, according to Insurance...
Safeco Strengthens WC Reserves; Announces Estimates of Hurricane Isabel Losses
Sep 30 2003 // Following the completion of a previously announced review, Safeco strengthened reserves for workers’ compensation, affecting third-quarter financial results by $0.96 per diluted share. Safeco increased loss reserves...
Ohio Casualty Estimates $9 Million Isabel Loss
Sep 26 2003 // Insurer Ohio Casualty Corp. announced that third quarter earnings will be impacted by net catastrophe losses estimated at $16 million before tax which were incurred during the period July 1 through Sept. 24. About $9...
S&P, Moody’s Bullish on Lloyd’s
Sep 25 2003 // Standard & Poor’s and Moody’s Investors’ Service both issued favorable comments yesterday on the current prospects at Lloyd’s. The announcements followed a number of first half reports from...
NAII Wants Clarification of Proposed N.J. Excess Profit Regulation
Sep 25 2003 // The National Association of Independent Insurers announced that it has asked the New Jersey Department of Banking and Insurance to be more specific regarding the methodology contained in a proposed regulation dealing with...
Brit Insurance Posts $51 Million 1st Half Profit
Sep 24 2003 // The U.K.’s Brit Insurance Holdings PLC, a general insurance group and leading Lloyd’s underwriter, announced strong first half results, posting a £31 million ($51.15 million) pretax net profit, compared to a...
