Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Max Re Posts 166% Increase in Q4 Net Income
Jan 29 2002 // Bermuda-based Max Re Capital Ltd. reported net income for the three months ended December 31, 2001 of $10.1 million, or $0.26 per share, compared with net income of $3.8 million, or $0.14 per share for the same period last...
XL Takes Q4 Charges on Enron, Air Crash, Other Losses
Jan 29 2002 // XL Capital Ltd announced that its fourth quarter results will include charges for increased prior period casualty reinsurance loss reserves and several large loss events, mainly its exposure to Enron’s bankruptcy,...
CNA Financial Announces Preliminary 4thQ and Year-End Results
Jan 28 2002 // CNA Financial Corporation announced that it expects a 2001 fourth-quarter net loss between $20 million and $35 million, compared with net income of $193 million for the same quarter in 2000. Included in the 2001 fourth...
When Good Employees Go Bad: Crime Insurance for Employee Dishonesty & Fraud
Jan 28 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...
Port Authority Revenues Stable Despite 300% Rise in Premiums
Jan 25 2002 // The Port Authority of New York and New Jersey reported $2.7 billion in gross operating revenues for 2001, slightly more than last year, despite a 300 percent increase in its insurance premiums from around $4 million to $16...
RenRe Reports Solid Gains in Q4 Net Income
Jan 25 2002 // Bermuda’s RenaissanceRe continued its steady earnings growth, despite the Sept. 11 attacks, as it posted “a 29% increase in net operating income available to common shareholders for the fourth quarter of 2001,...
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...
