Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Everest Re Estimates Enron Losses at $25 Million
Dec 10 2001 // Barbados-based Everest Re Group, Ltd. announced that a preliminary estimate of its loss exposure following the collapse of Enron would amount to around $25 million net after reinsurance and tax recoveries. The estimate...
I.I.I. Sees Little Impact Sept. 11 Losses on 2002 Auto, Homeowners
Dec 7 2001 // Insurance losses from the Sept. 11 terrorist attacks, the largest loss in insurance history, will have little impact on the cost of auto and homeowners insurance next year, according to the Insurance Information Institute...
Experts Differ on Loss Figures for Queens Air Tragedy
Dec 3 2001 // The crash on Nov. 12 of American Airlines (AA) Flight 587, an Airbus A-300-600, with the loss of all 260 people on board and 5 on the ground, shocked New Yorkers and the rest of the nation. Coming almost two months to the...
Basics of Business Interruption Insurance
Dec 3 2001 // In the wake of the terrorist attacks on the World Trade Center and the weekly reports of new anthrax scares, businesses are evaluating what coverage would be available to them if their own business is interrupted....
Munich Re Posts $1 Billion 3Q Loss, Comments on Terrorism Coverage
Nov 30 2001 // Munich Re, the world’s largest reinsurer, suffered a commensurately large loss in the 3rd quarter of €1.2 billion ($1.05 billion) after tax. In addition to the estimated €2.1 billion ($1.85 billion) losses...
Lloyd’s Raises Sept. 11 Net Loss Estimates 45%
Nov 28 2001 // Lloyd’s revised estimates of the net losses suffered by its syndicates as a result of the destruction of the World Trade Center and related events to £1.9 billion ($2.7 billion), £600 million ($849...
Old Republic International Corp. Reports Improved Earnings
Nov 21 2001 // Chicago-based insurance holding company, Old Republic International Corporation, reported improved earnings for this year’s third quarter and first nine months. All of this growth was due to higher profits in each of...
Silverstein Claims Pair of Losses in WTC Disaster
Nov 19 2001 // The man who held the master lease on the World Trade Center is standing by his claim that the loss of the Twin Towers on Sept. 11 was two losses, not one, despite the call by insurer Swiss Re that there was only one loss...
Allcity Reports Further Losses
Nov 16 2001 // Brooklyn-based Allcity Insurance Company, a member of the Empire Group, announced third quarter net losses of $3.856 million, and a nine month loss of $18.913 million, but stated that the ongoing reorganization of the...
Preserver Posts 3Q, Nine Month Loss; Notes Improvement in NJ Auto
Nov 15 2001 // New Jersey-based Preserver Group announced a third quarter net after tax loss of $199,860, and a nine month net after tax loss of $306,247, even as it noted that its operations in the State’s private passenger...
Allianz Posts $1.17 Billion Net Profit for 1st Nine Months, Increases WTC Loss Estimates
Nov 15 2001 // Germany’s Allianz Group announced a profitable first nine-months, despite increased estimates of claims from the terrorist attacks on the World Trade Center, and costs relative to the acquisition of Dresdner...
Warren Buffett Explains $679M Loss, Gives Shareholders Update
Nov 15 2001 // In a letter to shareholders posted on Nov. 9, Warren Buffett did his best to explain to shareholders the recent unprecedented loss at Berkshire Hathaway Inc., calling the results of the third quarter “anything but...
AXA Reports 2.5% Revenue Growth to $49.4 Billion for 1st Nine Months, Despite U.S. Slowdown
Nov 14 2001 // France’s AXA reported that global consolidated revenues for the first nine months of the year totaled €55.539 billion ($49.429 billion), a 2.5 percent increase over last year’s comparable figures, despite...
Arch Capital Reports 3Q Net Operating Income of $465,000
Nov 14 2001 // Arch Capital, which has extensively restructured its operations over the past year, announced that its after tax operating income for the 3rd quarter, excluding net realized investment gains and losses and equity in net...
NYC Plane Crash Tragedy Preliminary Loss Estimates $600 to $800 Million
Nov 13 2001 // Yesterday’s crash of an American Airlines A-300-600 into a residential neighborhood in Queens is likely to result in claims totaling between $600 and $800 million according to preliminary estimates. While it’s...
Amerisure Insurance Sees Significant Earnings Growth
Nov 13 2001 // Michigan-based Amerisure Insurance, a regional property and casualty insurance group, experienced significant earnings growth through the third quarter 2001, reporting direct written premiums of $326.7 million, and net...
A.M. Best Foresees Asbestos, Environmental Losses
Nov 12 2001 // A.M. Best Co. expects the property/casualty industry to incur upwards of $121 billion in net asbestos and environmental losses, according to the company’s special report, “Final Data Support A.M. Best’s...
Driversshield.com Corp Revenue Expected to Exceed $50 Million
Nov 12 2001 // Driversshield.com Corp. announced that the three long-term exclusive contracts with auto insurance companies that it has secured within the past 90 days should yield anticipated annualized revenue well in excess of $50...
HCC Files 3Q Loss, Prepares to Exit Workers’ Comp
Nov 12 2001 // HCC Insurance Holdings Inc. posted a third-quarter net loss, citing claims from Sept. 11 and reserve charges for discontinued businesses. The company also announced it will also exit the workers’ compensation...
PAULA Financial Nets Profit, Names New CEO
Nov 12 2001 // California-based PAULA Financial announced net income of $0.20 per share for the third quarter of 2001 compared to a net loss of ($0.26) per share for the 2000 period. Year to date the Company reported net income of $0.27...
