Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Insurer Group Urges Lawmakers to Block Trial Lawyers Windfall Profit Bill
Mar 30 2006 // The Property Casualty Insurers Association of America is urging the Illinois House to reject an attempt by the trial bar to enable plaintiffs to receive compensatory damage awards based on the amount of medical expenses...
Lloyd’s Pleased with Firms 2005 Results Despite Hurricanes
Mar 29 2006 // Ewan Gilmour, Chief Executive of the U.K.’s Chaucer insurance group and Lloyd’s Deputy Chairman, issued a statement praising the market’s underwriters for delivering a series of good results, following...
Safeco To Host First-Quarter Earnings Conference Call
Mar 29 2006 // Seattle-based Safeco will be announcing its first quarter financial results on a conference call to be held 11 a.m. EST on May 2, 2006. The call also will be archived later in the day for replay on the Internet at...
Cincinnati Financial to Host Internet Conference Call on 2006 Earnings
Mar 29 2006 // Cincinnati Financial Corporation will host a live Internet broadcast of its conference call to discuss first-quarter 2006 earnings results on Wednesday, May 3, 2006, at 11:00 a.m. (eastern time). Results will be released...
Fitch: Deterioration in Profits For U.S. P/C Sector At YE2005
Mar 28 2006 // The U.S. property/casualty insurance industry will report deterioration in profitability in 2005 because insured catastrophe losses reached record levels in 2005, Fitch Ratings said. The decrease in profitability is...
Generali Profits up 15.2% to $2.3 Billion
Mar 27 2006 // Italy’s Generali Group posted strong 2005 results with consolidated profits rising to €1.9186 billion ($2.3096 billion) up 15.2 percent from the €1.6658 billion ($2.005 billion) it earned ion 2004. Other...
Hannover Re 2005 Pretax Net Income Down 89.8% to $57.78 Million
Mar 27 2006 // Germany’s Hannover Re managed to eke out a small profit in 2005, despite over a billion dollars in hurricane losses, due to investment income. The company posted pretax profits of €48 million ($57.78 million) an...
Insurers Report Progress on Asbestos Liabilities Funding, Says A.M. Best
Mar 27 2006 // During 2004, U.S. property/casualty insurers narrowed the funding gap in their asbestos and environmental loss reserves, principally for asbestos liabilities, as a result of 2004’s pretax charge of nearly $6 billion,...
Most Texas Insurers Profited Despite Hurricane Rita
Mar 24 2006 // Texas home insurers turned substantial profits last year despite Hurricane Rita’s destruction, prompting state regulators to question whether some companies’ rates are too high, the Associated Press...
Lloyd’s Urges Rethinking on Cat Losses
Mar 24 2006 // In a speech at the “Forces of Nature” conference in London Julian James, Lloyd’s Director of Worldwide Markets, said that the time has come for the insurance industry to rethink how it handles...
Fitch Downgrades Avalon Re; On Rating Watch Negative
Mar 23 2006 // Fitch Ratings announced that it has downgraded the class B and C variable-rate notes of Avalon Re Ltd. and placed all of the notes in classes A, B and C on Rating Watch Negative. “The class B variable-rate notes were...
Risk Management Solutions Predicts Hurricane Activity to Increase Losses by 40 Percent in Florida and Gulf Coast
Mar 23 2006 // Risk Management Solutions, Newark, Calif., expects increases in hurricane landfall frequencies will increase modeled annualized insurance losses by 40 percent on average across the Gulf Coast, Florida and the Southeast,...
Tropical Cyclone Larry Insured Loss Estimates $65 Million
Mar 22 2006 // Preliminary reports of claims following the passage of Tropical Cyclone Larry through Northern Australia (See IJ Website March 21) have put insured losses at around A$90 million (US$65.6 million). According to reports...
Allianz German Group Total Earnings up 30% to $2.14 Billion
Mar 22 2006 // Allianz Sachgruppe Deutschland, which incorporates all of the global insurer’s German P/C business, announced that total earnings after tax for 2005 were €1.79 billion ($2.14 billion), compared to the €1.25...
S&P Lowers American Steamship Mutual Ratings to ‘B+’
Mar 22 2006 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on American Steamship Owners Mutual P&I Assn. Inc. (American Club) to “B+”...
Consumer Group Accuses Geico of Unfair Underwriting Practices
Mar 21 2006 // A U.S. consumer group has made claims that Geico Corp. uses rate-making methods that directly base eligibility and premiums solely upon the educational background and occupation of consumers. The Consumer Federation of...
Hub, Citizens Bank on ‘Not Your Typical’ Insurance Agency Deal
Mar 21 2006 // “Not Your Typical Bank,” the slogan used by Citizens Financial Group in its popular consumer-friendly ads, seems to apply to the bank’s latest move, the selling off of its respected insurance agencies. It...
For O & G operators, contracts and coverages go hand in hand
Mar 20 2006 // (Editor’s note: This is the third article in a series addressing risk management for the Oil and Gas operator. The first appeared in the Aug. 22, 2005, issue of Insurance Journal-Texas/South Central, the second ran...
RMS CEO sees bigger catastrophe losses
Mar 19 2006 // Speaking at the World Insurance Forum in Bermuda, Hemant Shah, Risk Management Solutions CEO, warned that insurers should be preparing to increase their reserves for catastrophe losses, not only due to the unprecedented...
News Currents
Mar 19 2006 // Berkshire’s Buffett still high on insurance despite catastrophe risk Gen Re misfortunes overcome by Geico’s stellar performance, Buffett says Warren E. Buffett, the billionaire chairman of giant Berkshire...
