Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
AXA Shows $3.1 Billion 2002 Loss Under U.S. GAAP Rules
Apr 10 2003 // France’s AXA Group revealed a nasty surprise when it filed its consolidated financial statements with the COB, the French financial regulatory authority. Under U.S. GAAP accounting rules the group posted an overall...
Chubb Survey Says Loss Control Spending Increases 17 Percent
Apr 8 2003 // In an apparent move to drive down the cost of risk, risk managers are spending an average 17 percent more on loss control services while their organizations confront budgetary constraints and the difficult economic...
ACIC Responds to CDI Notice on Insurers’ Use of Loss History Info. for Underwriting
Apr 7 2003 // The California Insurance Department’s draft advisory notice regarding insurance companies use of claims databases and loss history in underwriting and rating has far-reaching implications, oversteps its boundaries...
Will Insurers Use War to Profit’
Apr 7 2003 // It is often noted that the economy can be impacted by the smallest of things. Going to war with Iraq, however, was not exactly a small thing. Whether you support the cause or not, I for one do, the trickle down affect...
SWISS RE SIGMA STUDY PUTS 2002 CAT LOSSES AT $13.5B
Apr 7 2003 // A new Swiss Re sigma report, “Natural catastrophes and man-made disasters in 2002,” estimates the cost to the industry at $13.5 billion, $1.5 billion more than the company’s preliminary estimates released...
Hard Market Hits California Homeowners
Apr 7 2003 // Credit scoring, CLUE reports become targets of Commissioner Garamendi’s Ire The hard market has hit California homeowners hard. State Farm, which had nearly 23 percent market share in the state in 2001 according to...
Property/Casualty Insurance: An Industry in Recovery’
Apr 7 2003 // Following the property/casualty industry’s net loss after taxes in 2001, many analysts predicted 2002 would be the year of recovery. In fact, strong premium growth and sharply lower catastrophe losses did lead to...
Are Cost, Availability of Calif. Homeowners Insurance at Crisis Proportions’
Apr 7 2003 // Today, the California personal lines industry is at the peak of a down cycle that has adversely affected the homeowners’ insurance marketplace. The downturn began in 2000, and worsened after the Sept. 11 attack on...
Will Insurers Use War to Profit’
Apr 7 2003 // It is often noted that the economy can be impacted by the smallest of things. Going to war with Iraq however was not exactly a small thing. Whether you support the cause or not, I for one do, the trickle down affect...
Property/Casualty Insurance: An Industry in Recovery’
Apr 7 2003 // Following the property/casualty industry’s net loss after taxes in 2001, many analysts predicted 2002 would be the year of recovery. In fact, strong premium growth and sharply lower catastrophe losses did lead to...
Let it Hail, Let it Hail, Let it Hail!
Apr 7 2003 // The March 2000 thunderstorm blew in without much warning during the Fort Worth, Texas early evening rush hour. When softball-size hail smashed through the roof of a downtown restaurant, customer Mario Valverde headed for...
Industry Applauds Lloyd’s Return to Profitability
Apr 3 2003 // If it were a sports story, it would be something like the Anaheim Angels winning the World Series last year, so when an insurance company, in this case an insurance market, goes from losing almost $5 billion to making...
IIABA’S Willey Testifies Regarding National Flood Ins. Program
Apr 2 2003 // Expressing strong support for the National Flood Insurance Program (NFIP) and presenting five principles that should be the focus of reform efforts, J. Fletcher Willey testified on behalf of the Independent Insurance...
ESG Re Reports 2002 Third Quarter and Year End Results; 2001 Restatement
Apr 2 2003 // Bermuda’s ESG Re Limited has released the anticipated restatement of its 2001 results and its third quarter results in 2002. The company also posted its full year 2002 results. A dispute with its former auditors over...
Lloyd’s Announces Financial Results – $1.32 Billion Profit for 2002
Apr 2 2003 // After weathering asbestos claims, various disasters and the Sept. 11 attacks, Lloyd’s announced today that 2002 was a spectacularly profitable year. The 315-year old insurance market posted net profits on an annual...
Calif. Workers’ Comp Community Mourns Loss of Alan Tebb
Apr 2 2003 // Alan Tebb, former general manager of the California Workers’ Compensation Institute, the research and education arm of the California workers’ compensation industry, passed away March 31 following a brief...
SCOR Posts $496 Million* Loss for 2002
Apr 1 2003 // France’s Scor Group, the world’s seventh largest reinsurer, registered a net loss of 455 million Euros ($496 million) for the year 2002; 55 million Euros ($60 million) more than it had said it expected in...
Allcity Insurance Reports $3.748 Million 2002 Net Loss
Mar 31 2003 // Allcity Insurance Company, an operating subsidiary of New York’s Empire Group, which is currently in runoff, reported a net loss of $3,748,000 or $0.53 per share for the year ended December 31, 2002 compared to a net...
NAII: Ohio Industry Critic’s Report on Credit Scoring Misleading
Mar 31 2003 // A report released this month regarding Ohio insurers’ use of credit-based insurance scores incorrectly asserts that such scores intentionally and unfairly create a disproportionate impact on minority and low-income...
The Seibels Bruce Group Reports Lower Profit in 4Q 2002
Mar 31 2003 // South Carolina’s The Seibels Bruce Group Inc., announced financial results for the fourth quarter and year that ended December 31, 2002, reporting it posted a net profit of $805 thousand, or $0.09 per share (basic...
