Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Legacy Specialist Enstar and Aspen Insurance Agree to $3.12B Loss Portfolio Transfer
Jan 11 2022 // Enstar Group Ltd. announced that one of its wholly owned subsidiaries has reached an agreement for a ground-up loss portfolio transfer (LPT) with Aspen Insurance Holdings Ltd. for its 2019 and prior business. In the LPT...
Insurance Companies Sue Texas Power Grid Operator Over 2021 Winter Storm Losses
Jan 7 2022 // More than 100 insurance companies are suing the Texas power grid operator and several power-generating companies (PGCs) over losses suffered from 2021 Winter Storm Uri, which resulted in more than 500,000 insurance claims...
Modeler Estimates Insured Losses From Colorado Wildfire at $1B
Jan 6 2022 // The Colorado wildfire that destroyed nearly 1,000 homes in late December will result in roughly $1 billion in losses, according to a report from catastrophe modeler Karen Clark & Co. On Dec. 30, a devastating...
COVID-19 Claims of $44B Are 3rd Largest Catastrophe Loss: Howden
Jan 4 2022 // Insured losses of $44 billion from COVID-19 so far represent the third largest cost to insurers of any catastrophe, behind Hurricane Katrina and the 9/11 attacks, insurance broker Howden said on Tuesday. However, initial...
January Renewals ‘Orderly’ but Loss-Affected Programs Saw More Challenges: Carpenter
Jan 3 2022 // The January 1 renewals saw “ample capacity” for many lines, although reinsurers adjusted their risk appetite and pricing “for certain sectors in response to ongoing and emerging challenges,”...
Canopius Completes Loss Portfolio Transfer Agreement With Legacy Acquirer Riverstone
Dec 27 2021 // Canopius Group, the London-based global specialty re/insurer, announced it has completed a loss portfolio transfer (LPT) agreement with RiverStone International. The agreement covers discontinued classes of business...
Amid COVID, Insurance Regulation Remains Profitable
Dec 19 2021 // This post is part of an Insurance Journal blog presenting the work and viewpoints of The International Center for Law & Economics. The COVID-19 pandemic hit state budgets particularly hard in 2020, with a $24.11...
Three Years From Loss, Not Denial, Appeals Court Holds in Carolina AOB Case
Dec 17 2021 // In a property insurance claims dispute, the statute of limitations’ clock starts ticking on the date of the loss, not the date the insurance company allegedly breached the contract, a federal court has decided in a...
Update: Generali’s CEO Bets on Buyback, Dividend Hike, Bold Profit Goals to Keep Job
Dec 15 2021 // Italy’s biggest insurer Generali said it would stick to bold earnings goals for 2024, hike dividends and launch its first buyback in 15 years as Chief Executive Philippe Donnet’s bid to stay on faces opposition...
AM Best Sees Tornado Losses as Manageable for Insurers
Dec 14 2021 // Analysts at ratings firm AM Best said they expect the insured losses from the tornadoes that devastated central and southern U.S. last weekend will dampen underwriting results for insurers but that insurers will be able to...
Insured Loss From Tornado Outbreak Estimated at $3 Billion by KCC
Dec 14 2021 // The insured loss from the December 9-12 tornado outbreak that devastated parts of central U.S. has been estimated to be about $3 billion. Catastrophe modeling firm Karen Clark & Company said its estimate includes...
Insurance Losses for October Storms in Southern Australia Estimated at A$1.03B
Dec 13 2021 // The initial industry loss estimates for Southern Australia’s severe storms, which occurred during the period of Oct. 28-30, 2021, are A$1.03 billion (US$739 million), according to PERILS, the independent Zurich-based...
IICF Northeast Benefit Event Raises Nearly $1.3M to Support Non-Profits
Dec 13 2021 // The Insurance Industry Charitable Foundation (IICF) raised nearly $1.3 million at its 15th Anniversary Northeast Division Benefit Event on December 7 at the Ziegfeld Ballroom in New York City. IICF is a nonprofit...
Wrapping up Hurricane Season: Ida, Katrina, and the Importance of Adequate Loss Modeling
Dec 9 2021 // This post is part of a series sponsored by CoreLogic. With the 2021 hurricane season coming to an end, insurers and government agencies are beginning to take stock of what occurred and how damages stacked up compared to...
Florida Growth Will Mean More Cat Losses; Premiums Must Rise ā Summit
Dec 6 2021 // With good news comes bad, and vice-versa in Florida’s growing but rapidly deteriorating property insurance market, industry analysts said at a two-day Florida Chamber of Commerce Insurance Summit last week. First,...
Inflation, Loss Severity May Curb Nonstandard Auto Market’s Positive Momentum
Dec 6 2021 // Players in the U.S. nonstandard auto insurance segment may find that return to pre-pandemic norms, with greater loss-cost pressures along with elevated inflation and supply chain issues, may counteract recent positive...
Tennessee Approves 5.6% Cut in Workers’ Comp Loss Costs; COVID Impact Uncertain
Nov 30 2021 // The Tennessee commissioner of commerce and insurance has ratified a 5.6% decrease in workers’ compensation loss costs for voluntary market in 2022, which will result in the ninth straight year of rate decreases for...
Inflation, Loss Severity May Curb Nonstandard Auto Market’s Positive Momentum
Nov 24 2021 // Players in the U.S. nonstandard auto insurance segment may find that return to pre-pandemic norms, with greater loss-cost pressures along with elevated inflation and supply chain issues, may counteract recent positive...
Brit Completes $380M Loss Portfolio Transfer With Legacy Specialist RiverStone
Nov 19 2021 // Brit Ltd. announced it has completed a loss portfolio transfer (LPT) agreement with RiverStone International. The agreement is for predominantly legacy years of account on certain classes and certain discontinued classes...
Insurers Cut Their Appetite for Cyber Cover as Ransomware Losses Mount
Nov 19 2021 // LONDON ā Insurers have halved the amount of cyber cover they provide to customers after the pandemic and home-working drove a surge in ransomware attacks that left them smarting from hefty payouts. Faced with increased...
