Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Issuer Credit Rating Outlook for Wisconsin County Mutual Group Downgraded
Jun 14 2017 // A.M. Best says it has revised the outlook to negative from stable for the long-term issuer credit ratings (Long-Term ICR) and affirmed the financial strength rating (FSR) of B++ (Good) and the long-term ICRs of...
Shipping Losses Fall to Lowest in 10 Years as Technology Drives Safety
Jun 13 2017 // Large shipping losses have declined by 50 percent over the past decade and last year saw the lowest number of losses in the past 10 years. The favorable loss trend has been largely driven by improved safety, according to...
Workers’ Compensation Income Benefits Fall Short for Injured Workers: WCRI
Jun 12 2017 // Adequacy of income benefits is one of the long-standing concerns about the performance of workers’ compensation systems. However, there is little known about whether income benefits (also called wage-loss or...
P/C Industry Posts $4.7B Net Underwriting Loss in 2016
Jun 5 2017 // Private U.S. property/casualty insurers lost big in 2016, reporting a $4.7 billion net underwriting loss driven, in part, by higher catastrophe-related property losses, according to ISO and the Property Casualty Insurers...
California Department of Insurance and FAIR Plan Square off in Public Statements
Jun 1 2017 // The California Department of Insurance and the California FAIR Plan Association squared off in conflicting press releases on Thursday over a court decision that awarded a homeowner higher repair costs following a...
Woman Suffers Severe Blood Loss in Connecticut Razor Factory Accident
May 30 2017 // A worker at a Schick razor factory in Connecticut has been hospitalized after her hand got caught in a machine. A production manager at the Milford, Conn., factory told WTNH-TV the worker was doing a routine job Thursday...
Here’s What the House Has in Mind for Revamping Flood Insurance Program
May 26 2017 // A much-anticipated House subcommittee proposal on flood insurance promises to reauthorize the National Flood Insurance Program (NFIP) for five years beyond its September 30 expiration date. The proposal would introduce...
Report: Climate Change to Increase Insured Losses from Windstorms in the U.K.
May 25 2017 // Climate change will drive up wind losses in the U.K. in coming years, according to a recent report from the Association of British Insurers, the Met Office, and Boston, Mass.-based catastrophe modeler AIR Worldwide. The...
P/C Insurance Industry Again Reports Underwriting Loss in Q1
May 25 2017 // The U.S. property/casualty industry posted a first-quarter 2017 net underwriting loss of $841.5 million, according to preliminary financial results, continuing the industry’s underwriting loss trend seen in 2016. The...
Insured Losses for Europe’s Windstorm Thomas Rise to $279.2M: PERILS
May 23 2017 // The latest property insured loss estimate for Windstorm Thomas, which on Feb. 23-24 hit the British Isles, the Netherlands, Belgium and Germany, is €249 million (US$279.2 million), according to PERILS, the independent...
Private Equity Firm Carlyle Sues Insurers Over Oil Losses
May 22 2017 // Julia Payne U.S. private equity firm Carlyle Group is suing a group of its insurers over $400 million worth of oil it claims it lost when Morocco’s sole refinery went bankrupt two years ago, court documents...
Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses
May 19 2017 // Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,”...
Toyota, BMW, Mazda, Subaru Settle Takata Airbag Economic Loss Claims
May 19 2017 // Four automakers agreed to a $553 million settlement to address class-action economic loss claims covering owners of nearly 16 million recalled vehicles with potentially defective Takata airbag inflators, court documents...
Eastern Wisconsin Farmers Experience Significant Alfalfa Losses
May 16 2017 // Unusual seasonal weather variations have made it tough on alfalfa crops in some parts of Wisconsin. A warmer-than-usual winter and a cold wet spring have caused a significant portion of the alfalfa crop to fail in...
Minding Your Business: Preparing for the Loss of a Producer
May 15 2017 // Recently, a client of ours had two producers leave to start their own agency. The impact on the agency was significant. These two producers generated about half the agency commissions. The owner was scrambling to adjust to...
Storm-Related Arkansas Crop Losses Estimated at $64.5M
May 15 2017 // Flooding and severe weather this year have caused an estimated $64.5 million in damage to Arkansas croplands, according to the University of Arkansas System Division of Agriculture. Some 937,000 acres of cropland have been...
Allianz Q1 Profit Boosted by Strongest PIMCO Inflows in 4 Years
May 12 2017 // Pacific Investment Management Co., the bond manager owned by German insurer Allianz SE, saw its biggest third-party inflows in four years in the first quarter as clients flocked to Chief Investment Officer Dan...
Bermuda Re/Insurers Hit by Ogden Rate Change, Higher Nat Cats: S&P
May 12 2017 // A big change in the Ogden rate in the UK and higher natural catastrophe losses are dampening a wide range of Bermuda-based insurer and reinsurer results in the 2017 first quarter, Standard & Poor’s said in a new...
Texas’ State National Companies: Revenues Up in Q1 2017
May 11 2017 // State National Companies Inc., a Bedford, Texas-based specialty provider of property/casualty insurance services, reported an 18 percent increase in total revenues for the first quarter ended March 31, 2017. The company...
Generali Plans Expansion in Asset Management to Boost Profits
May 11 2017 // Generali is looking to buy portfolio management teams to expand its asset management operations and beef up its fee-based business, the Italian group said after reporting a 9 percent fall in first-quarter profits on...
