Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
WTC Leaseholder Seeks Losses for Two Occurrences from 9/11
Jan 14 2002 // According to a Reuters report, World Trade Center leaseholder Larry Silverstein is expected to file a motion in a Manhattan Court on Jan. 17, to seek a ruling that the Sept. 11 attacks were two separate strikes. The ruling...
When Good Employees Go Bad: Crime Insurance for Employee Dishonesty & Fraud
Jan 14 2002 // A California man pled guilty to knowingly receiving, possessing and without authorization appropriating stolen trade secret information belonging to his former employer—specifically, customer and order information in...
S&P Reports Insurers to Cut Coverage for Losses
Jan 10 2002 // Several commercial insurers will cut coverage for losses caused by acts of terror, allowing 2001 policies to go unrenewed for 2002, Standard & Poor’s reported. It added that the withdrawal from the market will...
ACE Issues Q4 Earnings Advisory
Jan 9 2002 // Bermuda’s ACE Ltd. became one of the first insurers, but certainly not the last, to issue a profit warning on fourth quarter earnings in 2001. Yesterday’s announcement indicated that it expected fourth quarter...
Transatlantic Holdings Sets Enron Losses at
Jan 8 2002 // Transatlantic Holdings, Inc., the parent company of Tranasatlantic Re, announced that its preliminary estimate of reinsurance exposure related to Enron Corp.,”if it results in a claim,” is expected to amount to...
Australian Brush Fire Loss Estimates Rise
Jan 3 2002 // As more than a 100 individual fires continued to rage unchecked around Sydney and other parts of the Australian State of New South Wales, more homes and buildings have been destroyed, Australian insurers estimate that...
P/C Industry Registers Nine-Month Net Loss in Wake of 9/11
Jan 1 2002 // The U.S. property/casualty industry registered a $3.1 billion net loss following taxes through nine-months 2001– its first-ever net loss following taxes through nine months. Reflecting the net loss and unrealized...
Australian Fires Still Unchecked, Losses Rise
Dec 31 2001 // The brush fires raging near Sydney, Australia’s largest city, (See IJ Website, Dec. 27) continued to burn out of control over the weekend, as milder weather, which was helping the 15,000 firefighters control the...
Welcome to the 3rd Annual “Top Ten Stories of the Year”
Dec 24 2001 // In what became one of the most significant, traumatic and challenging years in U.S. history, the insurance industry, along with the rest of the nation, has had to come to terms with the terrorist attacks perpetrated...
SAFECO EXPECTS ENRON LOSSES
Dec 24 2001 // Insurer SAFECO Corp. stated that it expects fourth-quarter profits to be cut by insurance policies sold to Enron Corp., investments it held in the bankrupt energy trader, and worse-than-expected losses in its homeowner...
XL Puts Enron Loss Exposure at $75 Million; S&P Affirms ‘A+ Ratings
Dec 21 2001 // Bermuda’s XL Capital Ltd. announced that its estimated net aggregate insurance and reinsurance underwriting exposures in connection with the bankruptcy of Enron could total approximately $75 million before taxes....
Swiss Re Estimates Enron Losses at $173 Million; Reports on Financial Intermediaries
Dec 21 2001 // Swiss Re announced that its exposure to Enron related losses is $173 million before tax, around $118 million after tax. It also announced the release of its latest sigma study, “World financial centres: New horizons...
New York Attack Caused Record Losses for Property Insurers
Dec 21 2001 // Initial Swiss Re estimates say that 2001 was a very costly year for property insurers. In a PRNewswire report, man-made and natural catastrophes claimed more than 33,000 lives worldwide in 2001, with the direct financial...
AXA Lowers Earnings Expectations for 2001
Dec 18 2001 // France’s AXA Group estimated that, after assessing the consequences of the WTC attacks, the impact of potential permanent impairments on assets and difficult market conditions, it expected cash earnings for 2001 to...
Top 10 Stories of 2001
Dec 17 2001 // Recollections and Renewal: Looking Back at 2001 with an Eye to the Future This is the year that was. It is one that many people will be glad to see come to an end because the new year always brings hope—for a rebirth,...
PartnerRe Estimates Net Loss Exposure to Enron at $34 Million
Dec 14 2001 // Bermuda’s PartnerRe Ltd. announced that its aggregate loss exposure following the collapse of Enron Corp. was approximately $49 million on a pre-tax basis, and $34 million after tax. “The bulk of...
Chubb Foresees 2002 Earnings to be At Low End of Estimates
Dec 14 2001 // Insurer Chubb Corp. announced it foresees its 2002 earnings will be at the low end of Wall Street estimates as the insurance industry tangles with high losses and costs. According to a Reuters report, New Jersey-based...
Erie Ups Dividend, Takes Q4 Capital Losses
Dec 13 2001 // The Board of Directors of the Erie Indemnity Company voted an 11.5 percent dividend increase on its common stock from 15.25 cents a share to 17 cents, while at the same time it recognized charges for capital losses in the...
SAFECO Sees Losses Due to Enron Collapse
Dec 12 2001 // Insurer SAFECO Corp. commented on Tuesday it expects fourth-quarter profits to be cut by insurance policies sold to Enron Corp., investments it held in the bankrupt energy trader, and worse-than-expected losses in its...
Seminar Discusses Reducing Losses and Lowering Workers’ Comp Costs
Dec 11 2001 // In a seminar attended by leading Las Vegas construction company executives, Jack Schreiner of S & C Claims Services outlined how aggressive claims handling can reduce their losses and lower worker’s compensation...
