Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Silverstein Claims Pair of Losses in WTC Disaster
Nov 12 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...
RSA Reports 9 Month Results Down 36 %, Seeks to Raise Capital
Nov 9 2001 // The U.K.’s Royal & Sun Alliance reported that group operating results were $472 million for the first nine months of the year, compared with $738 million for the same period last year, a 36 percent drop. Most of...
Aon Reports Third-Quarter Profits Fall 48 Percent
Nov 8 2001 // Chicago-based Aon Corp. said Nov. 7 third-quarter profits dropped 48 percent, as it paid out life insurance benefits for staff who died in the destruction of the World Trade Center, according to a Reuters report. The firm...
PartnerRe, Max Re Report 3Q Losses
Nov 7 2001 // Two Bermuda-based reinsurers, PartnerRe and Max Re, have posted third quarter net losses of $338.5 million and $8.7 million respectively, primarily due to claims related to the attacks of Sept.11. PartnerRe confirmed...
American Financial Group Notes Quarterly Loss
Nov 6 2001 // Insurer American Financial Group Inc. said Nov. 2 its quarterly loss widened because of losses from asbestos and the Sept. 11 attacks, and that it plans to cut its annual dividend in half. It also forecast 2002 earnings...
Prudential U.K. Confirms $1.2 Billion Deal with Winterthur, 2,100 Job Losses Expected
Nov 5 2001 // Prudential U.K. confirmed reports which first appeared last week that it has reached an agreement to sell its general insurance business to Switzerland’s Winterthur, the insurance arm of Credit Suisse/First Boston,...
The Hartford Reports Third Quarter Operating Loss of 22 Cents Per Share
Nov 2 2001 // The Hartford Financial Services Group Inc. reported an operating loss of $52 million for the third quarter of 2001, reflecting a $440 million loss related to the Sept. 11 terrorist attack. The results also reflect a $130...
Acceptance Insurance Companies Reports Losses
Nov 2 2001 // Iowa-based Acceptance Insurance Companies Inc. reported an after-tax net loss of $9.5 million, or $0.66 per share, for the third quarter of 2001. The company’s continuing crop insurance operations generated an...
Trenwick Group Posts $96.1 Million 3Q Net Loss
Nov 1 2001 // Bermuda-based Trenwick Group reported a third quarter net loss of $96.1 million, and an overall loss for the first nine months of the year of $128 million, due in large part to Sept. 11 catastrophe losses in the period of...
Industry Weathering World Trade Center Losses, Uncertainties Remain
Nov 1 2001 // Despite the record losses terrorism wreaked on the insurance industry since the Sept. 11 attacks on the World Trade Center, the global insurance business not only remains on solid footing with the powerful backing of...
CNA Surety Corp. Third Quarter Net Income Down From 2000
Oct 31 2001 // Chicago-based CNA Surety Corporation reported net income for the third quarter of $12.0 million, or 28 cents per share, compared to $13.3 million, or 31 cents per share, for the comparable quarter in 2000. Operating...
ACE Posts 3Q Net Loss of $390.1 Million
Oct 30 2001 // Bermuda’s ACE Limited became the latest insurer to report a third quarter loss due to the impact of the Sept. 11 attacks. ACE said that its net loss during the period, excluding net realized gains (losses),...
Berkley Corp. Reports Sept. 11 After-Tax Losses At $23M; Eliminates 2 Business Lines October 30, 20
Oct 30 2001 // W. R. Berkley Corporation reported that operating income, excluding losses related to the Sept. 11 event, was $11 million, or 36 cents per diluted share, for the third quarter ended Sept. 30, compared with $9 million, or...
Mercury General Corp. Reports Third-Quarter Operating Profit
Oct 30 2001 // California auto insurer Mercury General Corp. reported its third-quarter net operating profit rose as the number of premiums written increased by 16 percent. The company said net operating earnings were $30.2 million, or...
PartnerRe See 3Q Loss, Will Raise $350 Million
Oct 29 2001 // Bermuda’s PartnerRe, which already announced estimated net losses from the Sept.11 attacks of around $400 million, announced additional losses of around $25 million, and said it would report a third quarter operating...
Time-Tested Lloyd’s Turns to Address U.S. Disaster Losses
Oct 29 2001 // Lloyd’s of London, the world’s oldest and most visible insurer, has set about dealing with the aftermath of the terrorist attacks of Sept. 11. Two weeks after the event, it released its projected net loss...
Will Reinsurance Rebound from Terrorist Strikes in the U.S.’
Oct 29 2001 // If the nautical term best applied to the reinsurance industry last year this time would have been “Steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve qui...
Silverstein Stands Firm on Two WTC Losses
Oct 26 2001 // Larry Silverstein isn’t about to back down on his claim that the loss of the twin towers of the World Trade Center constituted two separate loss events, and has reportedly called the claim by Swiss Re that there was...
Attacks Cause W.R. Berkley to Post 3Q Loss, Will Discontinue Some Lines
Oct 26 2001 // W.R. Berkley Corp. announced that the effects of after tax losses of $23 million related to the attacks of Sept. 11 had caused it to post a net loss for the 3rd quarter of $47.2 million. The Greenwich Conn.-based company...
ACE Posts Net 3Q Loss of $442 Million; Announces $1 Billion Share Offering
Oct 25 2001 // Bermuda’s ACE Ltd. reported a net loss for the quarter ended Sept. 30 of $442.6 million compared with net income of $140.8 million in 2000 and said that “the loss per share, after deducting preferred dividends,...
