Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Judge Hands Toyota Owners Setback in U.S. Lawsuit Over Losses
Jun 10 2011 // A federal judge said Toyota owners outside California who seek to recover losses in their vehicles’ value resulting from unintended acceleration cannot pursue their claims under that state’s...
Travelers to Post Q2 Loss, Limit Share Buybacks Due to Storm Losses
Jun 10 2011 // Travelers Companies Inc. is slowing down its share buybacks and will post a second-quarter operating loss because of more than $1 billion in catastrophe losses, the property insurer said Friday. The company also warned of...
Lloyd’s Highlights Potential Impact from Cyber Crime, Data Loss
Jun 10 2011 // Cyber crime has become a high profile problem for risk managers, heightened as a result of the recent attacks by hackers on Sony. In an article on its web site Lloyd’s notes that risk manager are increasingly...
Best Upgrades State Farm General Insurance Co.’s Ratings
Jun 9 2011 // A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A’ (Excellent) from ‘A-‘ (Excellent) and issuer credit rating (ICR) to “a” from “a-” of State Farm General...
From Trash to Treasure: Salvor Can Help to Manage Losses
Jun 6 2011 // When crises occur, one person the claims adjuster, insurer and insured should consider calling is a salvor – he or she can be a valuable partner in helping to clean up the trash, and broker the sale of any...
What’s In Florida’s Property Insurance Cost Control Bill?
Jun 6 2011 // Florida Gov. Rick Scott signed into law legislation that promises to lower costs for the state’s property insurers, including what they pay on sinkhole claims. Scott said the bill (SB 408) “strengthens...
P/C Insurers Facing Record Losses from Weather
Jun 6 2011 // Devastating tornadoes, floods, earthquakes overseas and a busier-than-usual hurricane season have U.S. insurance companies bracing for record losses in 2011. Insurers could suffer as much as $10 billion from...
Is $8 Billion Material? A Look at Year-End 2010 Reporting of Loss and Loss Adjustment Expense Reserve Adequacy
Jun 6 2011 // Loss and loss adjustment expense reserve development has traditionally been the focus of actuaries, auditors and financial analysts. Statutory insurance accounting financial reporting contains several measures that can be...
As Arkansas Floods Recede, Counties Cope With Damage
Jun 3 2011 // As the rivers running through eastern Arkansas start to recede, residents and farmers are beginning to cope with the aftermath of devastating floods — ruined homes, ravaged farmland and major holes in local...
Florida Reinsurance Renewals Reflect Unsettled Market: Guy Carpenter
Jun 2 2011 // The Florida reinsurance renewals on June 1, 2011, experienced a wide range of outcomes, as substantial catastrophe losses combined with two major catastrophe model revisions over the past 16 months led to a volatile...
S&P Affirms Platinum Underwriters and Operating Subs Ratings
Jun 2 2011 // Standard & Poor’s has affirmed its ‘A’ counterparty credit and financial strength ratings on Platinum Underwriters Reinsurance Inc. and Platinum Underwriters Bermuda Ltd. (collectively referred to as...
United Fire Anticipates Up to $35M in Q2 Losses from Spring Storms
Jun 1 2011 // Cedar Rapids, Iowa-based United Fire & Casualty Co. announced that it expects its second quarter results through May to include pre-tax catastrophe losses, net of reinsurance, of approximately $30 million to 35...
Wood Gutmann & Bogart Insurance Names Focardi Loss Control Manager
May 27 2011 // Tustin, Calif.-based Wood Gutmann & Bogart Insurance Brokers has named Theresa Focardi loss control manager. She will service customers in loss reduction and safety implementation. Focardi has 14 years of loss control...
Treasury Sells AIG Shares at Slight Profit
May 25 2011 // The U.S. Treasury is barely breaking even on its investment in beleaguered insurance giant American International Group Inc., according to an early litmus test of market interest in the firm’s stock. The Treasury...
Joplin, Missouri Tornado Insured Loss Estimate: $3 Billion
May 24 2011 // The tornado that devastated Joplin, Missouri could cost the insurance industry between $1 billion and $3 billion, according to catastrophe modeling firm Eqecat. The tornado is the deadliest to hit the U.S. since 1947 and...
P/C Insurers Facing Record Losses from Weather
May 24 2011 // Devastating tornadoes, floods, earthquakes overseas and a busier-than-usual hurricane season have U.S. insurance companies bracing for record losses in 2011. Insurers could suffer as much as $10 billion from...
Late April Tornadoes Likely to Affect P/C Insurers’ Earnings, Not Capital
May 23 2011 // The deadly outbreak of tornadoes in late April, which generated insured losses estimated at as much as $6 billion, is unlikely to have an immediate impact on property/casualty insurers’ Best’s ratings. The...
Cincinnati Financial Estimates April Storm Losses of $150M – $200M
May 19 2011 // Cincinnati Financial Corp. expects its property casualty group to see pre-tax catastrophe losses, net of reinsurance, of $150 million to $200 million due to severe weather during April. Catastrophe losses affect property...
Lexington to Insure Alternative Energy Tax Credits
May 18 2011 // Lexington Insurance Co., a Chartis company, has introduced ITC Energy – 48SM, its energy investment tax credit insurance program, which consists of ITC Energy-48SM Mobile Property Insurance and ITC Energy-48 SM...
Unitrin Estimates April Catastrophe Losses at $65M to $75M
May 18 2011 // Unitrin Inc., headquartered in Chicago, announced that pret-tax catastrophe losses due to several, severe tornados and other storms during April would likely come in at an estimated $65 million and $75 million. The company...
