Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
The St. Paul Companies Reports 4thQ 2001 Results
Jan 25 2002 // On Jan. 23, The St. Paul Companies announced a 2001 fourth-quarter after-tax operating loss of $646.7 million, or $3.14 per diluted share, reflecting previously disclosed charges and other actions related to its decision...
Penn-America Posts $5.7 Million Net Operating Income for 2001
Jan 24 2002 // Penn-America Group, Inc. (PAG) reported operating income of $2.1 million or $0.27 per share (basic and diluted) for the fourth quarter of 2001, the fifth consecutive quarter with positive results, giving it a total net...
U.K.’s Cox Increases WTC Loss Estimates
Jan 24 2002 // Cox Insurance, a leading Lloyd’s underwriter and retail insurer, announced that additional claims from the WTC disaster have raised its loss estimates from £67 million ($96.5 million) to between £85...
Aon Announces Derivative Deal to Cut Investment Losses
Jan 21 2002 // Chicago-based Aon Corporation warned earlier this week that quarterly earnings would be trimmed by losses from its limited partnership investments, but said it had sold off that portfolio in a complex deal to halt future...
Serio Claims Much Lower WTC Losses
Jan 18 2002 // According to The New York Post, New York Insurance Superintendent Greg Serio met before the Senate Insurance Committee recently to discuss the scope of the insurance losses resulting form the Sept. 11 attacks. According to...
SCOR Hit By Late Claims, Estimates $223 Million Loss for 2001
Jan 16 2002 // France’s SCOR announced that a late surge in claims that emerged at the end of the year has led to a downward revision of its earnings estimate for 2001. The company stated that, “In view of the combined impact...
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...
