Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
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,...
Lloyd’s Confirms S&P WTC Gross Loss Figure
Oct 24 2001 // Lloyd’s confirmed an earlier report from Standard & Poor’s that gross losses from the events of September 11 will be around £5.4 billion ($7.7 billion). The net loss estimate of £1.3 billion...
XL Reports 3Q Net Loss of $840 Million
Oct 24 2001 // Bermuda’s XL Capital Ltd. announced that it was posting a net loss for the 3rd quarter ended Sept. 30 of $840 million, or a loss of $6.57 per share, compared with net income of $139.5 million, or income of $1.10 per...
The Midland Company Reports Third Quarter Results
Oct 24 2001 // Cincinnati, Ohio-based The Midland Company, a highly focused provider of specialty insurance products and services, reported third quarter 2001 results ahead of its previous announcement. For the quarter ended Sept. 30,...
The St. Paul Companies Reports Third-Quarter Results
Oct 24 2001 // The St. Paul Companies announced a 2001 third-quarter after-tax operating loss from continuing operations of $545 million, or $2.62 per share. In the year earlier period, the company reported after-tax operating earnings...
SAFECO Reports 3Q Results, Strengthens Reserves by $240M
Oct 23 2001 // SAFECO reported third-quarter income, before charges, of $7.8 million or $0.06 per diluted share. Including $240 million in reserve strengthening and previously announced restructuring charges, SAFECO posted a net...
Hiscox Increases WTC Loss Estimates to
Oct 22 2001 // U.K. insurer Hiscox plc, which operates in the Lloyd’s market and independently, announced that it now expects net losses from the September 11 attacks on the U.S. to total around £30 ($43.5 million) rather...
Property Insurers to Exclude Acts of Terrorism, and to Price Premiums for Larger Maximum Losses Oct
Oct 22 2001 // Property and Casualty insurers, already wary of terrorism before the September 11 attack, are very likely to begin pricing “terrorist attack risk” separately from other coverages, according to a new forecast...
HCC CONFIRMS WTC LOSSES
Oct 22 2001 // Houston-based HCC Insurance Holdings Inc. confirmed its net loss from the World Trade Center disaster would be approximately $30 million before tax. Losses are expected to arise primarily from the property, A&H and WC...
Fitch Outlines Plans to Resolve Sept. 11-Related Insurer Rating Watches
Oct 19 2001 // On Oct. 16, Fitch outlined the timing, process and determining factors that will affect the resolution of those ratings that were placed on Rating Watch as a result of Fitch’s review of insurance and reinsurance...
Hartford Financial Services Group Expects $440 Million 3Q Loss
Oct 18 2001 // Hartford Financial Services Group Inc. said it will take a loss of $440 million in the third quarter for paying claims arising from the destruction of the World Trade Center Sept. 11 and said it envisions an operating loss...
Hartford WTC Losses Slightly Less Than Estimated
Oct 17 2001 // The Hartford estimates that its overall losses from the World Trade Center disaster will be around $440 million for the third quarter of the year, slightly down from its initial figure of $450 million. Net losses related...
S&P Puts Le Mans Re on CreditWatch Developing Due to WTC Loss Estimates
Oct 17 2001 // Standard & Poor’s announced that it now considered its CreditWatch already in place on Le Mans Re to be “developing” rather than “positive” primarily due to its loss estimates from the...
Cincinnati Financial Corporation Estimates Sept. 11 Losses at $8.7 Million
Oct 16 2001 // Cincinnati Financial Corporation, which offers property and casualty insurance through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company, reported that Sept. 11 pre-tax...
IPC Holdings Increases Terror Loss Estimates to $95 Million
Oct 15 2001 // Bermuda-based IPC Holdings, Ltd., which is controlled by American International Group, increased its estimated impact of losses from the attacks of September 11 from $75 million to $95 million, “based on updated...
