Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
ACE Reports $891 Million Q2 Net Income; $1.844 Billion 1st Six Months
Jul 24 2013 // ACE Limited reported net income for the quarter ended June 30, 2013, of $2.59 per share, compared with $0.96 per share for the same quarter last year. Operating income was $2.29 per share, compared with $2.17 per share for...
Florida Supreme Court Rules Replacement Cost Includes Contractor’s Profit
Jul 24 2013 // Florida’s high court has ruled that insurers under a 2008 law must pay a contractor’s overhead and profit as part of the expense of repairing a homeowner’s property despite the fact the repairs may not...
West Virginia Workers’ Compensation Loss Cost Rate Falls for 9th Straight Year
Jul 23 2013 // Workers’ compensation loss costs are going down in West Virginia for the ninth consecutive year since the market was privatized. The National Council on Compensation Insurance (NCC), which files rates on behalf of...
W.R. Berkley Q2 Profit Up 6%; Rates Up 6.5%; CEO Comments on Berkshire
Jul 23 2013 // W.R. Berkley Corp. reported $116 million net income for its 2013 second quarter, up more than 6 percent from $109 million net income posted one year ago. The net income for the first six months of 2013 came in at $233...
Travelers’ Q2 Profit Climbs 85% to $925M; Auto Unit Layoffs Planned
Jul 23 2013 // The Travelers Companies today reported net income of $925 million for its 2013 second quarter, an 85 percent jump from $499 million net income posted a year ago. The insurer credited lower catastrophe losses and continued...
Canada’s Intact Financial Sees $454 Mn Flood Losses; $24.2 Mn Train Crash
Jul 23 2013 // Canadian P&C insurer Intact Financial said it expected quarterly results would be hurt by losses from a train derailment and fiery explosion in a Quebec town and storm and flood damage in Canada’s oil capital,...
Texas AG: State Not on Hook for TWIA Unfunded Losses
Jul 22 2013 // Texas’ attorney general says the state is under no obligation to pay outstanding claims for the insurer of last resort for coastal properties should that organization not have sufficient funds to pay its bills. In a...
Florida Agents Challenged to Profit on Homeowners Business: FAIA
Jul 22 2013 // Many Florida independent insurance agencies are challenged to make money on the initial placement of the homeowners insurance policies. That’s a finding from The Agent Compensation Study commissioned by the Florida...
Wildfires, Hail Take Toll on Colorado Homeowners Insurance
Jul 22 2013 // It’s safe to say there’s a lot going on in the homeowners insurance scene in Colorado, where homeowners insurance rates are likely to be on the rise for some time. Insured losses from the recent Black Forest...
Insurer Loss Ratios High in Oklahoma After Years of Extreme Storms
Jul 18 2013 // The May storms in Oklahoma that produced two EF-5 tornadoes, destroyed thousands of houses, resulted in 46 deaths and sent damage estimates above the $5 billion mark, were extreme examples of a years-long pattern of storms...
Louisiana Clarifies Insured Loss Estimate from Hurricane Katrina
Jul 18 2013 // A recent report by financial website Kiplinger rated Louisiana as the most disaster prone state in the nation. News reports on this story have cited loss estimates of $3 billion for Hurricane Katrina and $2 billion for...
SCOR Estimates Net Pre-tax Losses from Alberta Floods at $52 Million
Jul 18 2013 // French reinsurer SCOR Group announced that “the June flood event in Alberta, which resulted in mass evacuations of people from their homes and major disruption to the Central Business District of Calgary, may...
Estimated $13 Million Loss In Washington Apartment Fire
Jul 17 2013 // The three-alarm fire in Pullman, Wash. destroyed four apartment buildings and a club house that would have been worth about $13 million when completed this summer. The Moscow-Pullman Daily News reported the fire early...
N.Y. Approves NYCIRB’s Revised Workers’ Comp Loss Cost Filing
Jul 16 2013 // The New York Department of Financial Services on Monday approved a revised loss cost filing from the New York Compensation Insurance Rating Board (NYCIRB) with an effective date of Oct. 1, 2013. As a result, policyholders...
Wildfires, Hail Take Toll on Colorado Homeowners Insurance
Jul 11 2013 // It’s safe to say there’s a lot going on in the homeowners insurance scene in Colorado, where homeowners insurance rates are likely to be on the rise for some time. Insured losses from the recently doused Black...
Progressive Premium Revenue Climbs, Profit More Than Doubles
Jul 11 2013 // Progressive Corp., the fourth- largest U.S. auto insurer, said profit more than doubled as premium revenue climbed after the company raised rates for coverage. But the insurer declined in New York trading as the results...
Europe’s Floods Top Aon Benfield’s List of June’s Catastrophes
Jul 11 2013 // The latest report from Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, which reviews the natural disasters that occurred worldwide during June 2013, highlights the $22 billion in...
XL Estimates Q2 Losses at $135 Million
Jul 11 2013 // XL Group plc announced its preliminary net loss estimate in the second quarter of 2013 of approximately $135 million relating to natural catastrophes. XL said the estimate is “pretax and net of reinsurance and...
Rhode Island Approves 7.4% Workers’ Comp Loss Cost Increase
Jul 10 2013 // The Rhode Island Department of Business Regulation approved this month a 7.4 percent overall voluntary loss cost increase for new and renewal workers’ compensation policies. The change will take effect in August. The...
Chubb Estimates Q2 Catastrophe Losses at $240M
Jul 10 2013 // The Chubb Corp. estimates that catastrophe losses in the second quarter will be approximately $240 million before tax, or $156 million after tax ($0.60 per share after tax). The company said that about $175 million of the...
