Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Converium Posts Narrow Q3 Loss on Reserve Strengthening
Oct 28 2002 // The Swiss-based Converium Group, the world’s 8th largest reinsurer, reported a pre-tax operating loss of $71.2 million for the three months ended September 30, compared to a pre-tax operating loss of $344.7 million...
AON STUDY REPORTS HOMEOWNERS MARKETPLACE STILL NOT EARNING ITS COST OF CAPITAL
Oct 28 2002 // Aon Corporation announced the results of Aon Re Worldwide’s comprehensive study of the U.S. homeowners marketplace. The results of the study reveal that the homeowners insurance industry, despite recent rate and...
Reinsurance Market Tries to Reel In Profits
Oct 28 2002 // A year ago the reinsurance industry faced the biggest loss event in its history – the attacks on the WTC and the Pentagon. Nevertheless, commentators were almost unanimous in predicting that the market would harden,...
Reinsurance and the Reaction to September 11
Oct 28 2002 // As I am writing this, President Bush is pushing Congress to consider the insurance terrorism bill that has been floating around Congress for months. When asked recently to describe what measures should be taken in order to...
Reinsurance Market Tries to Reel In Profits
Oct 28 2002 // A year ago the reinsurance industry faced the biggest loss event in its history – the attacks on the WTC and the Pentagon. Nevertheless commentators were almost unanimous in predicting that the market would harden,...
Federal Government, Insurers Tout Importance of Cyber Coverage
Oct 28 2002 // Recently, the White House unveiled the National Plan to Secure Cyberspace, an initiative urging insurers and companies to assess and manage exposures to cyber risk. Among other things, the plan calls for developing new...
High Medical Costs, Big Losses Hinder Workers’ Comp Market
Oct 28 2002 // Workers’ compensation, affected both by the capacity shortage across commercial lines after Sept. 11 and ever-increasing health insurance costs, remains an extremely difficult cover to place, and is likely to stay...
AXIS Specialty Announces Strong Q3 Results
Oct 25 2002 // AXIS Specialty Limited, one of the largest of Bermuda’s new insurers, announced that it produced $92.1 million in net income for the third quarter and $153.8 million for the nine months ended September 30. The...
State Auto Financial Q3 Net Falls, Despite 57.6% Rise in Operating Revenue
Oct 25 2002 // Ohio’s State Auto Financial Corporation (STFC) reported third quarter net earnings of $5,885,000, a decrease of between 3 and 5 cents per share. “Net reported earnings per share were $0.15, basic and diluted,...
Cincinnati Financial Posts Strong Q3 Gains
Oct 25 2002 // Cincinnati Financial Corporation reported that its net operating income, which excludes realized capital gains and losses, was $83 million, or 51 cents per diluted share, for this year’s third quarter versus $38...
Crawford Reports Drop in Income, Revenues
Oct 24 2002 // Atlanta-based Crawford & Company reported lower revenues and income for both the third quarter and nine months ended September 30, 2002, compared with the same periods the previous year. Third quarter 2002 revenues...
ISO Estimates Insurers’ 3rdQ Catastrophe Losses Reach $675M
Oct 24 2002 // Insurers are expected to pay $675 million to homeowners and businesses for insured-property losses from six catastrophic events in the third quarter of this year, according to preliminary estimates by the Insurance...
Gallagher Announces Increase in Operating Revenues, Decline in Net Earnings in 3Q
Oct 24 2002 // Illinois-based Arthur J. Gallagher & Co. reported that total operating revenues grew 29% to $297.0 million in the third quarter of 2002 from $229.6 million in the same period of 2001. For the nine-month period ended...
IPC Holdings Reports Strong 3Q, 9 Month Gains
Oct 23 2002 // Bermuda-based IPC Holdings, Ltd. joined the growing number of reinsurers celebrating a good third quarter, as the company announced that its net operating income, which excludes net realized gains and losses, was $46.6...
Earnings Report: RenRe, Everest Re Post Strong 3Q Gains
Oct 22 2002 // Increases in premiums and higher demand for reinsurance seems to be offsetting falls in equity values, as two of Bermuda’s leading reinsurers, RenaissanceRe and Everest Re, posted strong third quarter...
The Midland Company Reports 3Q Net loss of $2.6 Million
Oct 18 2002 // The Cincinnati-based Midland Company, a provider of specialty insurance products and services, reported an overall loss for the third quarter of $2.6 million, due mainly to increased loss figures in July and August, and...
WCIRB’s Mid-Year Summary Reveals Continued Growth; Declining Frequency
Oct 17 2002 // The Workers’ Compensation Insurance Rating Bureau’s recently released summary of June 30, 2002 statewide experience shows continued premium growth and declining claim frequency. Written premium for the first...
InsWeb Reports 3Q Financial Results
Oct 17 2002 // Calif.-based InsWeb Corp. announced results for the third quarter ended Sept. 30, 2002. Revenues for the third quarter totaled $6.0 million, compared to $5.8 million in the third quarter of 2001. InsWeb recorded a net loss...
Progressive Post Steep 3Q Profit Rise
Oct 17 2002 // Ohio’s Progressive Corporation, the U.S. fourth largest automobile insurer, reported third quarter 2002 net income per share of $.80, compared to $.43 per share earned in the same period last year. “Net income...
RenRe Estimates 3Q Earnings, Will Expense Stock Options
Oct 15 2002 // Bermuda’s RenaissanceRe Holdings Ltd. announced that it expects to report operating earnings for the three months ended September 30, 2002 of between $1.10 to $1.15 per share. It also announced that it will account...
