Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
The St. Paul Cos. Expects Net Pretax Losses of $700M from Attacks
Sep 24 2001 // The St. Paul Companies announced that the terrorist attacks of Sept. 11 will likely result in estimated net pretax losses of approximately $700 million to the company from its U.S. primary insurance, reinsurance and...
A.M. Best Expects Industry Losses to Exceed
Sep 24 2001 // Billion Although it is still too early to predict the financial impact of Sept. 11’s tragic events, A.M. Best Company stated last week that insurance industry losses are likely to exceed $30 billion, making this the...
The Role of Reinsurance in the World TradeCenter Attacks
Sep 24 2001 // The business of reinsurance is a comparatively small but integral part of the overall insurance industry. Simply defined, reinsurance is transacted on the basis of one insurance company, the “reinsurer,”...
Cost of Business Interruption Claims from Terrorist Attacks May Take Months to Determine September
Sep 24 2001 // The large number of businesses affected by the terrorist attacks combined with the length of time it will take to repair the damages means that it may take several months before an accurate estimate on business...
CNA Sees Pre-Tax Losses of Up to $350 Million
Sep 24 2001 // Chicago-based CNA Financial Corp., the No. 2 U.S. business insurer, said its losses from the Sept. 11 attacks on the World Trade Center and the Pentagon could reach $350 million on a pre-tax basis. CNA said the projected...
Trade Center Attack, Acquisitions, Economy to Test AIG
Sep 24 2001 // The events of Sept. 11 shook the foundations of the entire American financial community, and American International Group was no exception. Ironically, AIG had already had a very busy month. In Korea, it looked set to...
SAFECO Notes Losses of $25M Due to Tragedy
Sep 24 2001 // SAFECO stated on Sept. 20 that its primary insurance lines will likely incur losses of $25 million due to the Sept. 11 attacks that destroyed the World Trade Center and part of the Pentagon. The Seattle-based company,...
True Loss from Sept. 11 Terrorist Attacks on U.S. is Immeasurable, As Estimates of Potential Insured
Sep 24 2001 // “The World Trade Center is a living symbol of man’s dedication to world peace, his belief in cooperation of men and, through cooperation, his ability to find greatness.” —Minoru Yamasaki (1912-1987),...
Philadelphia Consolidated Sees Minimal Losses from Sept. 11 Attacks
Sep 24 2001 // Philadelphia Consolidated Holding Corp.(PCHC) of Bala Cynwyd Penna. announced that the it expected net pretax losses resulting from the terrorist attacks on the World Trade Center to be between $1.5 and $2...
AXA, Allianz Raise U.S. Attack Loss Estimates, New Disaster in France
Sep 24 2001 // Both France’s AXA Group and Germany’s Allianz AG, the world’s two largest insurance groups, raised their original estimates of potential losses from the terrorist attacks of Sept. 11 in the U.S. (See IJ...
Chubb Estimates $500-$600 Million in Losses from Terrorist Attacks
Sep 21 2001 // Warren, N.J.-based Chubb Corp. announced that it anticipated losses from the terrorist attacks of September would amount to between $500 and $600 million pre-tax, net of reinsurance. The figures, which include the...
More Lloyd’s Insurers Estimate U.S. Losses
Sep 21 2001 // Several more Lloyd’s insurers have recently announced the potential impact their underwriting syndiactes face following the terrorist attacks in the U.S. Chaucer Holdings, Plc announced that it expected to incur...
Swiss Re, Munich Re Raise Catastrophe Loss Estimates
Sep 21 2001 // The world’s two largest reinsurance companies, Swiss Re and Munich Re, have practically doubled their estimates of potential losses and have lowered their earnings forecasts as a result of the terrorist attacks in...
Kemper Estimates Net Losses from Sept. 11 Terrorist Attacks to be $60M-$80M
Sep 21 2001 // The Kemper Insurance Companies announced that it expects its pre-tax losses from the Tuesday, Sept. 11 terrorist attack to be $60 million to $80 million, net of reinsurance arrangements. David B. Mathis, Kemper chairman...
Harleysville, NYMAGIC Estimate Terrorist Attack Losses – Chubb , Fitch Opinions
Sep 20 2001 // Pennsylvania-based Harleysville Group Inc. and New York’s NYMAGIC, INC. indicated that they anticipated minimal exposure following last Tuesday’s terrorist attacks, while officials of Chubb and Fitch gave...
AEGON Sees Attack Losses Below $50 Million, Less Impact on Earnings
Sep 20 2001 // The Dutch insurer and financial services group AEGON NV, the parent company of Transamerica, said that it expected losses from the September 11th attacks in the U.S. to be under $50 million, and to have an impact on its...
The Hartford Estimates Losses from Terrorist Attack Could Approach $450M
Sep 20 2001 // The Hartford Financial Services Group Inc. announced that expected losses from the Sept. 11 terrorist attack could approach $450 million after taxes and net of reinsurance, reflecting the company’s best current...
The Midland Company to Cease Offering Commercial Liability Coverage
Sep 20 2001 // The Midland Company, a provider of specialty insurance products and services, announced that American Modern Insurance Group, its insurance subsidiary, will cease offering the commercial liability coverages associated with...
Liberty Mutual Group Expects $200M-$300M Loss from Terrorist Attacks
Sep 20 2001 // Liberty Mutual Group announced it expects net after-tax loss for the company’s U.S. and global operations will be in the range of $200 to $300 million from the Sept. 11 terrorist attacks. The company is prepared to...
Liberty Mutual, Hartford Confirm Estimates of Terrorist Attack Losses
Sep 19 2001 // Two of New England’s largest insurers, Boston’s Liberty Mutual, and The Hartford confirmed pervious announcements concerning their potential loss exposures from the terrorist attacks on the World Trade Center...
