Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Selective Insurance Reports $37M Q1 Net Income
May 6 2016 // Selective Insurance Group in Branchville, New Jersey, posted $37.0 million net income for the 2016 first quarter, down 7 percent from $39.7 million net income in the first quarter of 2015. Selective’s net income was...
Loeb’s Third Point Re Reports Q1 Loss of $51.1M – 4th Loss in 7 Quarters
May 6 2016 // Third Point Reinsurance Ltd., the company that counts on hedge fund manager Dan Loeb to oversee investments, posted its fourth loss in seven quarters as the portfolio slumped and underwriting was unprofitable. The...
Alberta Wildfire Insured Losses Could Total $7.3B, Covering Area Bigger Than NYC
May 6 2016 // The wildfires ravaging Canada’s oil hub in northern Alberta have rapidly spread to an area bigger than New York city, prompting the air lift of more than 8,000 evacuees as firefighters seek to salvage critical...
FEMA Extends Deadline for Mississippi Flood Victims to File Proof of Loss Form
May 6 2016 // Mississippi victims of March flooding now have more time to file their required Proof of Loss form, according to a statement from the Mississippi Insurance Department. Mississippi’s Commissioner of Insurance Mike...
The Hanover’s Q1 Net Income Jumps 42% to $78M
May 5 2016 // The Hanover Insurance Group Inc. reported net income of $78.2 million for the 2016 first quarter, a 42 percent increase from net income of $54.9 million in the first quarter of 2015. The latest earnings benefited from...
Natural Disaster Losses Hit Five-Year High in April: Aon Catastrophe Report
May 5 2016 // The global economy suffered the worst April natural disaster losses for five years, according to Impact Forecasting, Aon Benfield’s catastrophe model development team. Earthquakes, convective storms and flooding...
U.S. Insured Catastrophe Losses from 13 Events in Q1 Add Up to Worst in Decade
May 5 2016 // Catastrophe activity in the U.S. led to $3.8 billion in insured losses in 29 states during the 2016 first quarter, with much of the damage hitting Texas. Those events were the worst in a decade in terms of frequency and...
London Company Market Concerned About Loss of Single Passport if UK Exits EU
May 5 2016 // Membership of the European Union provides insurers with substantial benefits and London Market companies would be significantly damaged if they were lost, according to the International Underwriting Association...
Oklahoma Workers’ Comp Overhaul Takes Another Hit
May 5 2016 // The Oklahoma Supreme Court dealt another blow to the state’s 2013 workers’ comp overhaul by finding unconstitutional a provision of the Oklahoma Administrative Workers’ Compensation Act pertaining to the...
Vermont Issues Bulletin on ‘Non-Cumulation’ Policy Provisions
May 4 2016 // The Vermont Department of Financial Regulation (DFR) has issued a bulletin reminding carriers that “non-cumulation” policy provisions and endorsements in occurrence-based liability policies are not permissible...
AXA’s Q1 Revenue Rises 1% on Higher P&C Premiums
May 4 2016 // AXA SA, France’s largest insurer, said first-quarter revenue gained 1 percent, helped by higher prices and volumes from property & casualty operations especially in Germany, the U.K. and faster-developing nations...
CNA Reports Mixed Bag in Q1 Results; Profit Falls But Combined Ratios Improve
May 4 2016 // CNA Financial Corp.’s first three months of 2016 produced a mixed bag of results. Fallout from a 2010 agreement to cede asbestos and environmental pollution liabilities to National Indemnity Co. also caused some...
AIG Pursues $4.1B from Hedge Funds After Q1 Loss
May 3 2016 // American International Group Inc., the insurer burned by losses on hedge funds, has submitted notices of redemption for $4.1 billion of those holdings through the end of the first quarter. “As of today, we have...
AIG Q1 Net Loss of $183M Tied to Hedge Funds, Energy Investments
May 3 2016 // American International Group Inc., the insurer that’s shrinking under pressure from activist shareholders, posted a third-straight unprofitable quarter on losses from hedge funds and declines in the value of other...
Commercial Auto Insurance Remains a Loser on the Whole: Fitch
May 3 2016 // While the property/casualty industry has reported three consecutive years of significant underwriting profits, the commercial auto market as a whole reported an underwriting loss for the fifth consecutive year in 2015. In...
Allianz Q1 Profit Rises 21% to $2.5B, Helped by Gains from Selling Investments
May 3 2016 // Allianz SE said first-quarter profit surged 21 percent, beating analysts’ estimates, as Europe’s biggest insurer was helped by gains from selling investments. The shares rose. Net income climbed to 2.2 billion...
Greenlight Re Reports Q1 Net Income of $28.7M in 1st Profit Since 2014
May 3 2016 // Greenlight Capital Re Ltd. posted a quarterly profit for the first time since 2014 on a rebound in the reinsurer’s investment portfolio, which is overseen by hedge fund manager David Einhorn. Net income of $28.7...
Special Report: Execs Warn of Impending Florida Market Crisis Over Water Loss Claims
May 3 2016 // Abuse of assignment of benefits (AOB) from water loss claims has become a full-blown Florida insurance crisis that will mean higher insurance rates next year and for the foreseeable future for every Florida policyholder,...
State Auto Financial Q1 2016 Results Fall, Combined Ratio Rises
May 2 2016 // Ohio-based State Auto Financial Corp. announced first quarter 2016 net income of $3.0 million, or $0.07 per diluted share, versus net income of $24.7 million, or $0.60 per diluted share, for the first quarter of 2015. Net...
Supreme Court Denies BP Investors’ Class Action Over Losses Tied to Gulf Oil Spill
May 2 2016 // The U.S. Supreme Court on Monday declined a request from shareholders seeking to revive their class action lawsuit against BP claiming the British oil company misrepresented its safety procedures prior to the 2010 Gulf of...
