Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
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...
Seibels Bruce Reports Profitable Third Quarter
Nov 18 2002 // The Seibels Bruce Group Inc. of Columbia, S.C. announced financial results for the quarter that ended September 30, 2002, reporting a net profit for the quarter of $1.8 million, or $0.21 per share (basic and diluted). This...
Allianz Posts $2.52 Billion Q3 Net Loss, $933 Million 1st Nine Months
Nov 15 2002 // Germany’s Allianz announced that it would report a net loss for the third quarter of 2.5 billion Euros ($2.525 billion) and a net loss of 924 million Euros ($933 million) for the first nine months of 2002 due to a...
CNA WTC Losses Put at $468 Million Pre-Tax
Nov 15 2002 // CNA’s most recent Form10-Q filing with the Securities and Exchange Commission put overall net pre-tax losses from the attacks on the World Trade Center at $468 million net of reinsurance; after tax losses are...
Generali Posts $402.7 Q3 Loss
Nov 15 2002 // While it wasn’t in the same league with Allianz, Italy’s Generali posted a 401 million Euro ($402.7 million) loss in the third quarter, compared to a 171 million Euro ($171.7 million) profit in the same period...
