Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Insurer Aspen Completes $3.12B Loss Portfolio Transfer With Run-Off Specialist Enstar
May 23 2022 // Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, has completed a previously announced loss portfolio transfer agreement (LPT) with Aspen Insurance Holdings Ltd. and its subsidiaries for their 2019 and...
YES and No: New York’s Yankees Network Sues Insurer to Recover COVID Losses
May 23 2022 // Yankees Entertainment and Sports Network (YES), the broadcasting company for the New York Yankees, New York Nets and other area sports teams, is suing its insurer, Hartford Fire Insurance Co., for denying its claims for...
Texas Division of Workers’ Comp Adopts Income Benefits Form
May 19 2022 // The Texas Department of Insurance, Division of Workers’ Compensation (DWC) said it has adopted a new form: DWC Form-033, Request to Reduce Income Benefits Due to Contribution (DWC Form-033), effective immediately....
Generali Q1 Net Profit Beats Forecasts, Despite Russia Impairments
May 19 2022 // Assicurazioni Generali beat expectations in the first quarter even as impairments on Russia drove net profit lower, a boost for CEO Philippe Donnet who last month won a shareholder battle to keep his job for another three...
Natural Disasters, Ukraine War Weigh on Q1 Results of Europe’s Major Reinsurers
May 16 2022 // Three out of four of the major European reinsurers reported their profits were negatively affected as a result of elevated natural catastrophe claims and a first round of claims reserves from the Russia-Ukraine war,...
D&O Market Has Most Profitable Year Since 2014 but Results May Be an Anomaly
May 11 2022 // The directors and officers insurance marketplace in 2021 enjoyed its most profitable year since 2014 but results have to be “viewed as a possible aberration rather than a the start of a trend,” according to a...
Another Florida Insurer Adds Binding Arbitration Endorsement Amid Losses
May 9 2022 // Heritage Property & Casualty Insurance Co. reported more losses for the first quarter of 2022 and a spike in its combined ratio. But company officials said Friday they are taking aggressive steps, including rate...
Safety Insurance Net Income Plummets as Auto Claims, Inflation Take Toll
May 5 2022 // Boston-based Safety Insurance Group, Inc. reported first quarter 2022 results showing net income of $7.8 million, compared to $36.2 million for the comparable 2021 period, as auto insurance claim frequency returned to...
Swiss Re Reports Q1 Loss as Ukraine War, Natural Disasters and COVID Take Their Toll
May 5 2022 // Swiss Re reported a group net loss of $248 million during the first quarter, as a result of headwinds such as the war in Ukraine, higher-than-expected natural catastrophes and the ongoing COVID-19 pandemic. This loss...
Financial Services Firms Face Losses of $225B From Variety of Water Risks: Report
May 5 2022 // Financial institutions face losses of at least $225 billion from risks related to water, with a third of them doing nothing to assess the potential impact, a report by leading environmental disclosure platform CDP and...
Allstate Q1 Net Income Returns to Black Despite Adverse Auto Results
May 4 2022 // First quarter 2022 insurance premiums earned grew 6.5% to about $11 billion at Allstate Corp., as net income was $630 million compared with a loss of about $1.4 billion during the first three months of 2021. Tom Wilson CEO...
Weight-Loss Surgery Covered by Workers’ Comp, Carolina Appeals Court Finds
May 4 2022 // Workers’ compensation insurer Erie Insurance Group must pay for weight-loss surgery for an obese woman who was injured at her child-care center, the North Carolina Court of Appeals decided this week. The appeals...
AIG Q1 Net Income Up as Underwriting Profit Soars
May 3 2022 // First quarter underwriting profit soared as AIG reported net income of $4.25 billion compared with $3.87 billion during the 2021 first quarter. Underwriting income in AIG’s General Insurance unit was $446 million...
China’s Ping An Profit Drops 24% as Pandemic Deals Blow to Business
May 3 2022 // Ping An Insurance (Group) Co., China’s largest insurer by market value, said profit fell 24% and warned that outbreaks of COVID in the world’s second-biggest economy pose a threat to near-term growth. Net...
Lloyd’s Insurer Lancashire Sees Manageable Russia-Ukraine Losses
Apr 28 2022 // Shares in Lloyd’s of London insurer Lancashire jumped nearly 10% on Thursday as it estimated net losses in Ukraine at around $20-30 million and said further potential losses in the region were within its risk...
Chubb Posts Record Q1 P/C Underwriting Income
Apr 26 2022 // Chubb said first quarter 2022 net income fell to $1.97 billion compared with $2.3 billion during the same time a year ago but property/casualty underwriting income during the period shot up 106% to a record $1.3...
Louisiana Houses Passes Bill Broadening Loss of Use Coverage Scenarios
Apr 26 2022 // The Louisiana House passed a bill Monday that would broaden the requirements of when insurers have to pay loss of use coverage in response to a storm evacuation warning. House Bill 83 says any loss of use coverage would be...
Iowa Court Finds No Coverage for COVID Income Loss in 2 Decisions
Apr 26 2022 // The Iowa Supreme Court last week ruled in two separate decisions that COVID-19 did not cause a physical loss or damage that would allow a private golf club or a restaurant and bar to recoup income lost during COVID-19...
Texas Division of Workers’ Comp Seeks Comments on Income Benefits Form
Apr 25 2022 // The Texas Department of Insurance, Division of Workers’ Compensation (DWC) is accepting public comments on a proposed new form: DWC Form-033, Request to Reduce Income Benefits Due to Contribution. Adopting this form...
ESG, Invasion of Ukraine Focus of Marsh McLennan Earnings Call
Apr 22 2022 // Much attention was paid to ESG (environmental, social, and governance) issues and the Russian invasion of Ukraine as Marsh McLennan reported the highest first-quarter underlying growth in more than 20 years. First quarter...
