Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Increased Revenues for eAutoclaims
Dec 13 2002 // eAutoclaims Inc., a provider of online claims management for the auto insurance industry, announced higher revenues for the three month period ended October 31, 2002. The company, which is based in Oldsmar, Fla., had total...
Equitas Reports Six-month Results
Dec 5 2002 // Equitas, the run-off vehicle set up by Lloyd’s to handle pre-1993 claims, reported its results for the six months ending Sept. 30. Overall claims paid dropped to £451 million ($704 million), compared to £798...
ISO Says Insurers’ Losses from Seven-State Tornado Damage Stand at $460M
Dec 4 2002 // Insurers are expected to pay homeowners and businesses $460 million for insured-property losses from the rash of tornadoes, strong thunderstorm winds and hail that struck seven states on Nov. 9-10, according to preliminary...
Report Swiss Flood Losses Estimated at $27 Million
Nov 29 2002 // The Swiss Insurance Association has estimated that the recent flooding in the country’s alpine valleys has caused at least SwF 40 million ($27 million) in damages. According to a report from Dow Jones Newswire, the...
Munich Re Optimistic Despite $847 Million Q3 Net Loss
Nov 28 2002 // Munich Re reported that its net profit for the first nine months of 2002 reached 3.24 billion Euros ($3.2 billion) despite a net loss of 859 million Euros ($847 million) in the third quarter. The company noted that the...
Moody’s Lowers Converium’s Ratings
Nov 26 2002 // Moody’s Investors Service announced that it has downgraded to A2, from A1, the insurance financial strength rating (IFSR) of Converium AG and its U.S. and German subsidiaries-Converium Reinsurance (North America)...
Costs From Isidore and Lili Higher Than Expected
Nov 25 2002 // Damage from Tropical Storm Isidore and Hurricane Lili will cost insurers in Louisiana nearly $600 million, an amount much higher than originally estimated, according to Acting Insurance Commissioner Robert Wooley. Industry...
MOODY’S EXPECTING MODEST LOSSES FOR P/C INSURERS’ INVESTMENT PORTFOLIOS
Nov 25 2002 // Moody’s reports that further decline is likely for many U.S. P/C insurers’ investment portfolios because of credit losses resulting from exposure to troubled companies. However, in the newly released report,...
Brother, Could You Spare Some Coverage’ Some Nonprofits Face Shrinking D&O, EPL
Nov 25 2002 // Since the book-cooking scandals that undid Enron, Worldcom and other concerns surfaced in recent months, insurers have ratcheted up their already growing scrutiny of corporate clients, resulting in higher premiums and...
Three Strikes to Lower Agency Value
Nov 25 2002 // In the past year or so there have been some notable acquisitions of agencies that were pushing the agency value envelope. For some cases, banks were making their platform acquisition and thus willing to pay top dollar to...
Brother, Could You Spare Some Coverage’ Some Nonprofits Face Shrinking D&O, EPL Capacity
Nov 25 2002 // Since the book-cooking scandals that undid Enron, Worldcom and other concerns surfaced in recent months, insurers have ratcheted up their already growing scrutiny of corporate clients, resulting in higher premiums and...
New Report Says Hazard Planning Reduces Insured Losses from Disasters
Nov 21 2002 // Communities that incorporate natural disasters in their land use planning experience fewer insured losses than those that do not, according to a new report presented at the Institute for Business & Home Safety’s...
London Market Braces for Oil Spill Losses
Nov 21 2002 // The London market faces the majority of claims related to the sinking of the “Prestige” off Spain’s Galician coast and the related oil spill, which threatens the livelihood of many in the region. The...
Hartville Group Reports Nine-Month Reinsurance Profit
Nov 21 2002 // Ohio-based Hartville Group, Inc., a leader in the pet health, equine and farm and ranch market, announced that the financial results for its nine months ended September 30, produced gross underwriting revenues of $662,183...
Conseco Posts $1.77 Billion Q3 Loss
Nov 20 2002 // Indiana-based Conseco, Inc. announced a consolidated net loss for the third quarter ended September 30, 2002 totaling $1.7692 billion, compared to a net loss for the same period in 2001 of $410.6 million. “The third...
PAULA Financial Reports Net Income for 3Q of 2002
Nov 19 2002 // PAULA Financial announced net income for the third quarter of 2002 of $0.02 per share compared to $0.20 per share for the 2001 period. For the nine months ended Sept. 30, 2002, the Company had net income of $0.06 per share...
Hartford Study Says Producer Compensation Tied to Agency Size, Profitability
Nov 19 2002 // Revenues and profitability largely determine the total compensation levels for insurance agency owners, executives and producers, according to the new Business Management Group (BMG) 2002 Owner, Executive & Producer...
Acceptance Posts $131 Million Q3 Loss, Plans to Exit Crop Insurance
Nov 19 2002 // Acceptance Insurance Companies Inc. reported an estimated after-tax net loss of $131 million, or $9.23 per share, for the third quarter of 2002. The figure includes the previously reported loss from crop insurance...
Still in the Black, 3rd Qtr Results Slip for Atlantic American
Nov 18 2002 // Atlantic American Corporation, based in Atlanta, reported a net income of $1.0 million, or $0.03 per diluted share, for the third quarter ended September 30, 2002 compared to net income of $2.1 million, or $0.08 per...
Scor Expects $404 Million 2002 Loss, Recovery Plan Under Way
Nov 18 2002 // In a bulletin released today France’s Scor SA, the world’s 7th largest reinsurer, announced that it expects to post a 400 million Euro ($404 million) loss for the full year, following a net loss of 425 million...
