Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Mulshine Named Chief Revenue Officer at Ryan Specialty Group in Chicago
May 7 2020 // Ryan Specialty Group (RSG), headquartered in Chicago, has appointed Brendan M. Mulshine as chief revenue officer. In his expanded position, Mulshine has the responsibility for working closely with RSG’s business...
Viewpoint: Insurance Denials, Proposed Legislation Raise Concerns
May 6 2020 // The arrival and spread of COVID-19 has had significant and far-reaching social and economic impacts upon individuals and businesses throughout the United States. In an effort to curtail the spread of the virus, local and...
Allstate Credits Risk Management During Q1; Eyes Second Coronavirus Driver Refund
May 6 2020 // Allstate Corp. reported that its adjusted net income rose 47% in the first quarter to $1.14 billion, a jump of 47%, thanks to higher underwriting income and lower catastrophe costs, compared with the quarter one year ago....
Business Income, COVID-19, and Plaintiff Attorneys: They Keep Trying
May 6 2020 // “I think there was an attempt to dissuade the public from filing these claims and to shape the public opinion that this was not property damage,” said Steven C. Marks, managing partner at Miami-based Podhurst...
I’m From the Government and I’m Here to Help – Part 1
May 6 2020 // This is the first in a series where I intend to respond to pending legislation intended to force insurance companies to make loss related to virus or pandemic a covered cause of loss. There is a great temptation in the...
Legal Sea Foods Restaurant Sues Over Business Losses Under Policy Issued March 1
May 6 2020 // A popular seafood restaurant chain that has been shuttered by the coronavirus and restrictions on dining has gone to court to get its insurer to pay for its business interruption losses. It believes its insurer is...
Texas’ Goosehead Insurance Reports $156K Loss for Q1 2020
May 5 2020 // Publicly traded independent personal lines insurance agency, Goosehead Insurance Inc., headquartered in Westlake, Texas, has reported a loss of $156,000 for the first quarter of 2020, with revenues of $20.4 million. The...
CNA Records Q1 Loss Tied to Market Volatility from Coronavirus
May 5 2020 // CNA Financial Corp. recorded a first quarter 2020 net loss of $61 million, and core income of $108 million. The insurer said results for the quarter reflected financial market volatility amid the events of COVID-19. The...
Mercury General in California Reports 1Q Loss of $139M
May 5 2020 // Mercury General Corp. this week reported a first-quarter loss of $139.2 million, after reporting a profit in the same period a year earlier. The Los Angeles-based company said it had a loss of $2.51 per share. Earnings,...
Marsh & McLennan Revenue Grew 14% in Q1
May 5 2020 // Marsh & McLennan Companies (MMC) marked the one-year anniversary of its acquisition of Jardine Lloyd Thompson (JLT) by reporting consolidated revenue in the first quarter of $4.7 billion, a 14% increase over the same...
AIG Takes Hit from Coronavirus in Q1; Sees Industry’s ‘Biggest CAT Loss Ever’ Ahead
May 5 2020 // Insurer American International Group Inc. on Monday posted a 93% drop in quarterly adjusted profit, as it set aside money to cover claims related to the COVID-19 outbreak, which it called the single largest catastrophe...
Insurers’ Loss Estimates Linked to Coronavirus Range Widely: Analysis
May 5 2020 // Insurers are normally great with numbers. But the coronavirus pandemic has them struggling to estimate how many billions of dollars in losses they face, and what the fallout will be for their massive investment...
Berkshire Discloses Q1 Insurance Results; Buffett Talks Coronavirus Impact
May 4 2020 // Berkshire Hathaway’s property/casualty insurance and reinsurance businesses reported a first quarter underwriting profit of $747 million before taxes, nearly double the pretax underwriting profit of $377 million...
The Hartford Reports Q1 Net Income Drop; Minor Coronavirus Impact Thus Far
May 4 2020 // The Hartford’s 2020 first-quarter numbers are yet another example of the coronavirus pandemic not yet affecting underwriting results in a major way. But net income took a big hit. First-quarter net income came in at...
Louisiana Workers’ Comp Insurer, Amerisafe, Reports Profitable Quarter
May 1 2020 // DeRidder, Louisiana-based workers’ compensation insurance company, Amerisafe Inc., has reported a first quarter profit of $10.8 million. The company posted revenue of $79.2 million in the period; adjusted revenue was...
Willis Towers Watson Withdraws 2020 Target on COVID-19 Crisis; Q1 Revenues Up 7%
May 1 2020 // Willis Towers Watson is withdrawing its 2020 guidance due to the uncertainties caused by the COVID-19 pandemic. The broker said it will re-assess the guidance once it has a clearer understanding of the depth, duration, and...
Penn. High Court Deals Potential Blow To Carriers’ Denial Of Business Income Claims
May 1 2020 // In a case where no insurance company or insurance claim was involved, the Pennsylvania Supreme Court issued a ruling that could potentially negate one of the insurance industry’s standard bases for denial of coverage...
Allianz Withdraws 2020 Profit Target on Pandemic Uncertainties
May 1 2020 // Allianz SE withdrew its forecast for the year as Europe’s biggest insurer struggles with the fallout from the Covid-19 pandemic. Given the economic uncertainty, the board “does not assume that Allianz can...
Markel Estimates COVID-19 Losses of $325 Million
Apr 30 2020 // Diverging from strategies of some competitors, Markel Corp. established a big reserve for a chunk of its potential COVID-19 exposure for the entire yearāputting up $325 million for direct potential losses. The holding...
Swiss Re Reports Q1 Loss of $225M as Impact of COVID-19 Crisis Begins to Hit
Apr 30 2020 // Reinsurer Swiss Re swung into a net loss in the first quarter of 2020 as the impact of the coronavirus outbreak began to bite, it said on Thursday. The Zurich-based company booked a hit of $476 million for anticipated and...
