Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Hannover Re Q1 Net Hit by Writedowns
May 28 2003 // Germany’s Hannover Re, the world’s fifth largest reinsurer, reported an operating profit of 109 million euros ($129 million) in the first quarter of 2003, compared to 174.4 million euros ($206.5 million) in the...
Canadian April Storm Losses Reach $14.3 Million
May 27 2003 // The Insurance Bureau of Canada has released estimates that the rain storms that swept across the country’s Atlantic region on April 1st caused $14.3 million in insured damage to cars, homes and other...
R&SA Posts $156 Million Q1 Group Operating Profit
May 22 2003 // The U.K.’s Royal and Sun Alliance announced a first quarter group operating profit of £95 million ($156 million), calculated on the basis of revised investment assumptions introduced at the beginning of this year....
Allmerica Financial Corp. Notes $19 Million Drop for 2Q Pre-Tax Catastrophe Losses
May 22 2003 // Massachusetts-based Allmerica Financial Corporation has incurred approximately $19 million in pre-tax catastrophe losses to date in the second quarter. The losses are primarily the result of hail, high winds, and...
White Mountains Reports Results of Members Meeting
May 21 2003 // Bermuda-based White Mountains Insurance Group has reported the results of its Annual General Meeting of Members, held on May 19, 2003. At least 98% of the shares voted on each proposal said the company. The Members took...
State Auto Expects About $23 Million in May Storm Losses
May 21 2003 // State Auto Financial Corp. announced that it estimates that May storms would contribute about $23 million to $26 million pre-tax to losses in the second quarter, adding 10 to 11 direct-loss ratio points to second quarter...
Safeco Estimates Storm Losses
May 20 2003 // Seattle-based Safeco announced that claims stemming from the recent string of Midwest and Southern tornadoes, added to losses from violent hailstorms in Texas earlier in the quarter, are estimated at nearly $90 million in...
Insurance Losses From Tornadoes Could Be Most Costly Event Ever, Says I.I.I.
May 20 2003 // U.S. insurers have taken another hit these past few weeks as tornado season continues to wreak havoc on the nation. The tornadoes, which swept across parts of the U.S. from May 2-11, have the potential to be the costliest...
Allcity Reports Q1 Net Loss
May 19 2003 // Brooklyn-based Allcity Insurance Company announced its operating results for the three month period ended March 31, 2003, reporting a net loss of $878,000 or $0.12 per share for the period, compared to a net loss of...
Workers’ Comp Market Analysis Shows Remarkable Improvement for Combined Ratio; Fall in Investment Income
May 16 2003 // The National Council on Compensation Insurance (NCCI) released its annual “State of the Line” preliminary workers’ compensation market analysis this week, with this year’s report indicating that the...
GAINSCO Reduces Losses in Q1
May 16 2003 // Dallas-based GAINSCO INC. reported net income for the first quarter 2003 of $0.1 million. After including effect for the accretion of the discount on the redeemable preferred stock of $0.7 million and the accrual of...
Allianz Shows Improvements, But Posts $593 Million Q1 Net Loss
May 16 2003 // Germany’s Allianz reported a first quarter net loss of 520 million euros ($593.06 million), mostly due to another series of writedowns in the value of its investments, but from an operating point of view...
Trenwick Narrows Q1 Net Loss to Under $1 Million
May 16 2003 // The beleaguered Trenwick Group received some much needed good news from its first quarter 2003 results – a net loss of $600,000, or 2 cents a share, compared to a net loss available to common shareholders of $54.6...
Platinum Raises 2003 Earnings Forecast; Will Take $9.5 Million Charge
May 15 2003 // Platinum Underwriters Holdings, Ltd. announced that, “based on the current industry environment, the mix of business underwritten and in the absence of any unusual catastrophe activity, it has updated its guidance...
ESG Re Reports Q1 Loss of $1.78 Million
May 15 2003 // Bermuda-based ESG Re Limited reported an overall loss of $1.8 million for the first quarter of 2003 compared to a budgeted loss of $1.7 million. It also said that “underwriting profit for the quarter amounted to $2.5...
Cincinnati Financial Expects $48 Million in 2ndQ Cat Losses
May 15 2003 // Cincinnati Financial Corp. announced a preliminary estimate of about $48 million for second-quarter pre-tax catastrophe losses resulting from severe weather through May 11. The storm losses, which affected policyholders of...
Ohio Casualty Corp. Notes Storms Impact Q2 Earnings
May 15 2003 // Ohio Casualty Corporation announced that second quarter earnings will be impacted by net catastrophe losses estimated at $12 million before tax which were incurred during the period April 1 though May 11,...
PAULA Financial Reports Net Income for 1stQ 2003
May 15 2003 // PAULA Financial announced net income for the first quarter of 2003 of $0.05 per share compared to $0.03 per shares for the 2002 period. Total revenue for the first quarter of 2003 was $4.6 million compared to $3.3 million...
Platinum Reports $30.6 Million Net Q1 Earnings; Gregory Morrison to Replace Jerome Fadden as CEO
May 14 2003 // Platinum Underwriters Holdings, Ltd.’s first full quarter of independent operation since its initial public offering last October got off to a good start. The company reported net income of $30.6 million, or $0.71...
Penn Treaty Announces Q1 Earnings Expectations
May 14 2003 // Allentown’s Penn Treaty American Corporation announced that “its expectations for first quarter net income and diluted earnings per share of $3,118,000 and $.07, respectively.” The anticipated results in...
