Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Insurers Propose Decrease for Nevada Workers’ Compensation Rates
Jan 22 2009 // Nevada Insurance Commissioner Scott Kipper announced that the industry’s National Council on Compensation Insurance Inc. (NCCI) has submitted a filing for an average decrease of 4.9 percent for Nevada workers’...
Best Affirms PartnerRe’s ‘A+’ Ratings
Jan 21 2009 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings of “aa-” of the Bermuda-based PartnerRe Group and its members. Best also affirmed the ICR...
Texas Led Nation in Catastrophic Losses in 2008
Jan 21 2009 // A combination of hurricanes and severe thunderstorms pushed claims to exceed $10 billion for Texas property and casualty insurers in 2008. The losses in Texas exceeded all of the industry’s catastrophic losses for...
UK launches 2nd Bank Rescue Plan, RBS Losses Near $30 Billion
Jan 20 2009 // The UK launched a second bank rescue plan on Monday. One of the recipients, Royal Bank of Scotland, said it lost over £20 billion ($29.3 billion) last year and Japan said bad loans worldwide had further to climb. The...
Insurance Claims for 2008 U.S. Catastrophes to Top $25 Billion
Jan 20 2009 // U.S. property/casualty insurers are expected to pay homeowners and businesses $25.2 billion for 2008 property losses from 37 catastrophes — the fourth highest cost in a decade and the highest frequency in a decade,...
Munich Re Webinar Provides Insights on Nat Cats, Industry Strength
Jan 16 2009 // Munich Re’s Webinar on Thursday – 2008 Natural Catastrophes – presented a detailed analysis of the increasing number of weather related events that concern both primary carriers and reinsurers. It also...
Mercury General Corp. to Report Q4 Results
Jan 15 2009 // Los Angeles-based Mercury General Corp. announced it will release results for its fourth quarter and twelve month period ended Dec. 31, 2008, at 10 a.m. Pacific Time on February 9. The company will host an investor...
Kentucky Bank Sues Merrill Lynch for $40 Million Over Investment Losses
Jan 12 2009 // Kentucky’s largest state-chartered bank has sued Merrill Lynch for $40 million over failed securities bought through the investment firm. Pikeville-based Community Trust Bank filed the suit in federal court on New...
California Wildfires May Take Longer to Settle
Jan 11 2009 // Industry analysts are predicting insured losses from the Freeway Complex, Sayre and Tea Fires that burned Southern California in mid-November will range from $600 million to $800 million, as of estimates gathered in early...
Estimating Insurance Losses From the Credit Crisis
Jan 11 2009 // On Nov. 5, 2008, the insurance information firm Advisen issued an updated forecast of insurance losses likely to arise from the credit crisis, estimating aggregate directors and officers (D&O), and errors and...
Actual Cash Value Versus Replacement Cost Value
Jan 11 2009 // Navigating the Valuation Quagmire As the saying goes, the devil is in the details. And insurance agents would be wise to explain the differences between actual cash value (ACV) and replacement cost value (RCV) to...
Private, Independent and Free
Jan 11 2009 // Ohio-based The Hylant Group Has 12 Locations But Only One Philosophy — Give Customers and Staff What They Need to Succeed Top 100 Agency Profile RANKING: No. 7 Agency Name: The Hylant Group Headquarters: Toledo,...
2008: Top Stories of the Year
Jan 5 2009 // 2008 can be described as a year like no other in the property/casualty insurance world. This year we saw the near death of the world’s largest and most successful insurance company, AIG. The soft market continued to...
Climate Change Raises 2008 Cat Losses to $200 Billion Says Munich Re
Dec 31 2008 // Munich Re has released its annual report on the natural catastrophes that occurred in 2008, which it describes as “one of the most devastating years on record.” 2008’s major catastrophes included a number...
Catastrophe Losses Up 7% in 2008, Making It One of Costliest Years for Insurers
Dec 30 2008 // The high frequency and severity of Atlantic hurricanes in 2008, coupled with other weather-related and man-made losses, placed the year among the costliest on record for insured catastrophe losses. That’s according...
Munich Re 2008 Catastrophe Report Cites Role of Climate Change
Dec 30 2008 // Munich Re has released its analytical report on the natural catastrophes that occurred in 2008, which the reinsurer describes as, “one of the most devastating years on record.” 2008’s major catastrophes...
Best Removes Hartford from Review; Affirms ‘A+’ Ratings
Dec 29 2008 // A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength ratings of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of the key life/health...
2008: A Year of Financial Storms
Dec 21 2008 // 2008 can be described as a year like no other in the property/casualty insurance world. This year, the industry witnessed the near death of the world’s largest and most successful insurance company, AIG. The soft...
P/C Profits to Plunge 80% in 2009: Fitch
Dec 19 2008 // The U.S. property/casualty insurance industry is enduring tremendous challenges in 2008 as underwriting and investment losses have promoted a sharp decline in earnings and a material reduction in industry capital. Next...
ACE Releases 2009 Earnings Guidance
Dec 19 2008 // ACE Limited announced the following earnings guidance for the ACE Group of Companies for the full year 2009: — Operating Income per Diluted Share is expected to range between $7.25 and $8.25 — Catastrophe...
