Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
States Going After Employers Who Misclassify Workers as Independent Contractors
Oct 18 2013 // When construction slowed during the recession, some companies hired workers and wrongly designated them as independent contractors to avoid paying insurance, taxes, fair wages and overtime. Danny Odom, chief operating...
BrokersLink Changes Status to ‘For Profit’ to Enhance Growth
Oct 17 2013 // BrokersLink, one of the world’s largest independent insurance broker networks, announced that it is “changing its constitution from a not-for-profit association to a for-profit global broking company to...
Aon Benfield 1st Half 2013 Lloyd’s Report: Premiums up; Profits Down
Oct 17 2013 // Aon Benfield’s Analytics’ Market Analysis team has updated its report on Lloyd’s to reflect the latest financial figures for the first half of 2013 and business position going into 2014. Key figures in...
A.M. Best, Fitch Explain Recent Downgrades of Tower Group
Oct 16 2013 // Rating agencies have downgraded Tower Group following the insurer’s announcement of loss reserve and goodwill charges in excess of what was expected. Tower has said that the company’s board of directors is...
South Dakota Ranchers Reeling From Cattle Losses
Oct 15 2013 // Western South Dakota ranchers are reeling from the loss of tens of thousands of cattle in the recent early blizzard, and many will be disposing of carcasses in pits that were set to open Oct. 14. Rancher Heath Ferguson...
For-Profit College Company Sued By California
Oct 15 2013 // California’s attorney general has filed a lawsuit accusing a for-profit college company of misrepresenting job placement rates, false advertising and other deceptive practices to lure low-income residents to take out...
North Dakota Ranchers Urged to Record Livestock Losses
Oct 10 2013 // The North Dakota Stockmen’s Association is urging ranchers who lost cattle in last weekend’s snowstorm to keep detailed records of their losses. Ranchers and industry officials in the Dakotas have said the...
Progressive: Investment Income Slips; Premiums and Auto Policies Up
Oct 10 2013 // Progressive Corp., the fourth-largest U.S. auto insurer, said profit dropped 16 percent as investment income declined for a 12th straight quarter. Third-quarter net income decreased to $232.4 million, or 39 cents a share,...
September Economic Loss from Nat Cats $15 Billion: Aon Benfield Report
Oct 9 2013 // Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has released its latest monthly Global Catastrophe Recap report for September, which tallied the economic costs for the month at...
Oklahoma Expects Double Digit Decrease in Workers’ Comp Loss Costs
Oct 7 2013 // Oklahoma businesses can expect an overall workers’ compensation loss cost decrease of 14.6 percent, effective Jan. 1. The National Council on Compensation Insurance Inc. (NCCI) has credited most of the decrease to...
I.I.I. on Business Insurance Lessons Learned From Sandy
Oct 4 2013 // The difficulty many businesses had reopening after Superstorm Sandy is a reminder of the importance of having a disaster recovery plan and the right type and amount of insurance, according to the Insurance Information...
Is There Coverage for Losses Stemming From Government Shutdown or Default?
Oct 4 2013 // At the time of this writing, the federal government is in a partial shutdown. Essential functions are operating, but certain areas such as national parks are completely closed. While this partial shutdown does not threaten...
Underwriting, Investment Gains Boosted P/C Insurers’ Bottom Line in First Half 2013
Oct 3 2013 // Private U.S. property/casualty insurers’ net income after taxes rose to $24.5 billion in first-half 2013 from $17.2 billion in first-half of last year. Insurers’ overall profitability as measured by their...
Court Grants BP Review of Disputed Claims Paid to Gulf Oil Spill Victims
Oct 3 2013 // BP Plc persuaded an appeals court to order a re-examination of key terms of the 2010 Gulf of Mexico oil-spill settlement that the company said could have cost it billions of dollars in improper payouts. BP said the...
Profits Steady, GWP Up, But Investments Still Low: Lloyd’s CFO Luke Savage
Sep 27 2013 // Lloyd’s first six months results, released yesterday, were generally good. Profits were down slightly at £1.38 billion [[$2.222 billion] from £1.53 billion [$2.463 billion] for the first half of 2012, while gross...
XL Puts Preliminary Losses at $60 Million from Germany, France Hail Storms
Sep 27 2013 // XL Group plc announced its preliminary net loss estimate related to the series of hailstorms in Germany and France in late July 2013 of $60 million, pretax and net of reinsurance and reinstatement premiums. The majority of...
Lloyd’s Posts $2.215 Billion 1st 6 Months Profit; Investment Returns Down
Sep 26 2013 // Lloyd’s announced a profit of £1.38 billion [$2.215 billion] for the six-month period ending 30 June 2013. “The market continued to grow with gross written premium increasing 4.9 percent to £15.5 billion...
NCCI Files Overall Average WC Loss Cost Level Change of +3.2% in Connecticut
Sep 24 2013 // The National Council on Compensation Insurance (NCCI) last week delivered a workers compensation loss cost filing to the Connecticut Insurance Department. Based upon its review of the most recently available data, NCCI has...
Confie Seguros Taps Chief Revenue Officer in California
Sep 24 2013 // California-based Confie Seguros named Darrin Silveria chief revenue officer. The national insurance broker focused on non-standard auto insurance and the Hispanic consumer created the new role to support the...
Maryland’s IWIF to Convert to Private, Not-for-Profit Insurer on Oct. 1
Sep 24 2013 // On Oct. 1, IWIF, Maryland’s largest provider of workers’ compensation insurance, will launch a new name and corporate structure as a private, not-for-profit company. As a result of legislation passed by the...
