Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Why Not Renewing TRIA Could Cost Government More Than Renewing It
Apr 24 2014 // Ending the federal terrorism risk insurance program could end up costing the federal government more than if the program, TRIA, is allowed to continue, according to a RAND Corp. study. The analysis finds that in a...
California Water District Seeking Alternatives in Face of Insurance Loss
Apr 23 2014 // The Central Basin Municipal Water District said Wednesday it is looking at “alternatives” in the face of being tossed out of the state’s largest insurance pool for water districts. Central Baisn also said...
Travelers Reports 17% Profit Hike in 1Q
Apr 23 2014 // Travelers Companies Inc. reported a 17 percent rise in first-quarter profit, helped by higher underwriting gains and an increase in net investment income. Net income rose to $1.05 billion for the quarter ended March 31,...
Maryland AG Sues BP Over Pension Losses Tied to Gulf Oil Spil
Apr 22 2014 // Maryland Attorney General Douglas F. Gansler has sued BP plc. for allegedly making false and misleading statements regarding its commitment to safety reforms and oil spill prevention and response capabilities. Ganlser...
California Water Authority Mum Over Possible Loss of Insurance
Apr 21 2014 // The battle over a California water district’s insurance coverage has been a bit chilly the last few days. The Central Basin Municipal Water District hasn’t done much to head off threats by the Association of...
2013 P/C Insurers’ Results Show Net Gain on Underwriting– First Since 2007
Apr 21 2014 // U.S. property/casualty insurers’ net income after taxes grew to $63.8 billion in 2013 from $35.1 billion in 2012, with insurers’ overall profitability as measured by their rate of return on average...
Bermuda Re/Insurers Post Strong Results on Favorable Cat Loss Experience
Apr 21 2014 // The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2013 global underwriting results for its member (re)insurers. 18 of its 21 member (re)insurers participated in the 2013 report. The companies write...
Updated: Federal Insurance Office Seeks Comments on Auto Insurance Affordability
Apr 17 2014 // The insurance office within the U.S. Treasury is looking into whether minorities and low and moderate income Americans have access to affordable auto insurance. On April 10, the Federal Insurance Office, citing its...
Willis Highlights Coverage Gap of $100 Million in Uninsured Cargo Losses
Apr 14 2014 // “In recent years cargo losses worth more than one hundred million dollars have not been recovered under traditional cargo insurance policies due to critical exposures being excluded,” warned Willis Group...
Chile Quake, Tsunami Losses Unlikely to Affect Local Insurers’ Ratings: Fitch
Apr 11 2014 // A bulletin from Fitch Ratings indicates that, based on preliminary analysis, Chile’s insurance industry solvency “will not be affected by the recent Iquique earthquake and tsunami. Chilean property/casualty...
Estimate of Insured Losses in North Texas Storms Reaches $300M
Apr 9 2014 // The storms that rolled across the Denton area in north Texas in early April are estimated to have caused $300 million in insured losses. The area was hit by softball size hail and three tornadoes. The thunderstorms erupted...
Arthur J. Gallagher: Q1 Revenues Up 20%; 10 Mergers in Pipeline
Apr 7 2014 // Illinois-based global insurance broker Arthur J. Gallagher & Co. reported 20 percent growth in total revenues for its brokerage and risk management units combined along with four percent growth in organic commissions...
Hilltop Holdings Inc. to Acquire SWS Group
Apr 2 2014 // Hilltop Holdings Inc., a Dallas-based financial holding company with interests in financial services and insurance operations, announced an agreement to acquire SWS Group Inc., a holding company that provides investment...
Reinsurers Spared from Large Cat Losses in 1Q: Fitch
Apr 1 2014 // Reinsurers will report solid underwriting profitability for the first quarter of 2014 as catastrophe loss events were limited. According to Fitch Ratings, global reinsurers’ results are expected to be in line with...
2013 Floods Prove Positive Results from Defense Measures: Munich Re
Apr 1 2014 // A study from Munich Re notes that although natural catastrophe losses in 2013 were dominated by floods, “detailed analyses have shown that protective measures can drastically reduce losses. For example, the June 2013...
R.I. Regulators: Insurers Must Pay ‘Fair Market Value’ for Total Loss Vehicles
Mar 27 2014 // Rhode Island’s Department of Business Regulation, Insurance Division, issued a bulletin Monday stating that pursuant to the state law, auto insurers must pay the “fair market value” for a vehicle that is...
Complex Situation Occludes Details on Loss of Malaysia Airlines Flight MH370
Mar 27 2014 // Very few details have been released by the re/insurance industry related to the missing Malaysia Airlines Flight MH370, which has caused some minor confusion as to the re/insurers providing coverage for claims. The...
308 Disaster Events; $140 Billion Economic Losses in 2013: Swiss Re Report
Mar 26 2014 // Swiss Re’s latest sigma report highlights the 308 disaster events in 2013, of which 150 were natural catastrophes and 158 man-made. Almost 26 000 people lost their lives or went missing in the disasters. The biggest...
PERILS Latest Loss Estimates: Windstorm Tini $338 Million; Dirk $486 Million
Mar 26 2014 // PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, announced that its initial loss estimate for Windstorm Tini, also known as Darwin, which affected Ireland and the United...
Lloyd’s Profits for 2013 Near $5.3 Billion
Mar 26 2014 // Lloyd’s announced a profit of £3.2 billion [$5.2894 billion] for 2013, compared to a profit of £2.8 billion [$4.628 billion] in 2012. Gross written premium income increased to £26.1 billion [$43.14 billion]....
