Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Aon Says Return on Homeowners Insurance Up but Still Not Earning Its Cost of Capital
Mar 18 2003 // Aon Corporation reports that significant rate and underwriting initiatives in the U.S. homeowners’ insurance marketplace continue to fall short of the cost of capital, in a continuing study of return on capital by...
New PC Loss Survey Shows Accident Claims Outpace Thefts
Mar 18 2003 // Personal computer owners who filed loss claims in 2002 were nearly five times more likely to have experienced accidental damage than theft, according to a survey released by Safeware, The Insurance Agency Inc. Accidental...
RTW Reports Income Per Share of $2.78 for 2002
Mar 17 2003 // RTW Inc., which manages workers’ compensation programs, has reported net income for the fourth quarter ended Dec. 31, 2002, of $8.1 million, or $1.57 per basic and diluted share, compared to a net loss of $23.3...
Ohio February Winter Storm Losses Less Than Expected
Mar 17 2003 // Preliminary estimates from February’s snow and ice storms that hammered 16 states from the Mid-Atlantic to New England caused less than $20 million in insured losses in Ohio, according to the Ohio Insurance Institute...
EMC Insurance Restates Earnings, Boosts Reserves $2.1 Million
Mar 14 2003 // EMC Insurance Group Inc. (EMCI) restated its fourth-quarter and full-year 2002 earnings lower to reflect a $2.1 million reserve hike for direct asbestos exposures. The Des Moines, Iowa-based insurer now says it earned $5.2...
Erie Insurance Reports $25 Million Preliminary Loss Estimate from Recent Storms
Mar 14 2003 // The Erie Insurance Group announced that it has received loss notification from approximately 6,600 policyholders as a result of severe ice, snow and flooding Feb. 14-18 and Feb. 21-23, 2003. It gave preliminary loss...
Kentucky DOI Warns Agents About Potential Loss of License
Mar 13 2003 // The Kentucky Department of Insurance issued a warning to agents that due to widespread non-compliance with renewal and address change requirements, many are facing loss of their authority to do business in the...
Swiss Re sigma Study Puts 2002 Cat Losses at $13.5 Billion
Mar 13 2003 // A new Swiss Re sigma report, “Natural catastrophes and man-made disasters in 2002,” estimates the cost to the insurance industry at $13.5 billion, $1.5 billion more than the company’s preliminary...
Argonaut Posts Losses, Agrees to Sell Stock to HCC
Mar 13 2003 // Despite gains in three of its four business segments, San Antonio-based Argonaut Group said it posted a $105.3 million net loss for the fourth quarter 2002 and an $87.0 million net loss for the year. The 2002 net loss was...
The Hartford Names Candy Cope Director of Stop Loss Sales and Marketing
Mar 12 2003 // The Hartford Financial Services Group announced that Candy Cope has been named Director of Sales and Marketing for Integrated Medical Solutions, The Hartford’s business unit that sells and services individual and...
Underwriting Losses Earn Warranty Insurer Lowered Rating
Mar 11 2003 // Nebraska-based auto warranty and service contract insurer National Warranty Insurance Co. has been downgraded to “B++” (Very Good) from “A-” (Excellent) by A.M. Best & Co. The rating action...
Munich Re Issues 2002 Natural Catastrophe Study; L.A., S.F. are High Risk
Mar 11 2003 // Munich Re has issued a new survey report – “topics Natural Catastrophes 2002.” The study found that “storms and floods have an even greater impact on insurers’ claims burdens than in the year...
S&P Indicates No Rating Changes After R&SA Earnings Report
Mar 10 2003 // Standard & Poor’s Ratings Services issued a statement that Royal & Sun Alliance Insurance PLC’s recent earnings announcement, which stated that its operating companies’ statutory surplus has...
P/C INSURERS EXPECTED TO PAY $5.8B FOR INSURED PROPERTY-LOSS CATASTROPHE LOSSES
Mar 10 2003 // U.S. property/casualty insurers are expected to pay an estimated $5.8 billion in insured property-loss claims from catastrophes last year, making 2002 the fourth-lowest year in losses in the last 10, according to...
EPLI Market on the Run
Mar 10 2003 // It is often said that every situation has a light at the end of the tunnel, but the employment practices liability scene may have to squint just a little harder to see those rays of hope while higher prices, more courtroom...
EPLI-Higher Prices, More Claims, Tighter Underwriting
Mar 10 2003 // It is often said that every situation has a light at the end of the tunnel, but the employment practices liability scene may have to squint just a little harder to see those rays of hope while higher prices, more courtroom...
Bancinsurance Corp. Profits Down 71% in 2002
Mar 6 2003 // Bancinsurance Corp., the Columbus, Ohio-based parent of P&C insurer Ohio Indemnity Co., reported a profit of $889.6 million in 2002, down 71 percent from $3.1 billion in 2001, thanks in part to an after-tax charge of...
Vesta Reports Gains in 4th Qtr. 2002
Mar 3 2003 // Vesta Insurance Group Inc. of Birmingham, Ala., reported net operating earnings of $4.5 million, or $0.13 per share in the fourth quarter 2002 compared to a loss of $2.3 million, or $(0.07) per share for the corresponding...
Co-operators General Company Notes 4thQ 2002 Loss of $2,518,000
Mar 3 2003 // Toronto-based Co-operators General Insurance Company announced its financial results for the quarter ended Dec. 31, 2002. For the fourth quarter, the company reported a consolidated after-tax net loss of $2.5 million,...
AXA Reports 10% Gain in 2002 “Underlying Earnings”
Feb 27 2003 // France’s AXA Group posted a 10 percent increase in “underlying earnings” for the year 2002, helped by significant increases in premiums in its P/C business. The results, while generally good, also reflect...
