Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Lloyd’s Hurricane Losses Top $ 5 Billion
Dec 19 2005 // In an updated statement, Lloyd’s acknowledged that it now estimates the London market’s combined losses from the three hurricanes that struck the U.S. will exceed $5 billion. The new figures are based on the...
Converium Posts Delayed Results – $6.9 Million Q3 Loss
Dec 19 2005 // Swiss reinsurer Converium announced that it has completed the first stages of an internal investigation into its accounts, “launched against the backdrop of ongoing investigations by regulators and governmental...
Mississippi’s Insured Losses From Hurricane Katrina Pegged At $12B
Dec 13 2005 // Insurers in Mississippi are expected to pay out $12 billion in insured losses stemming from Hurricane Katrina. According to Property Claims Services, the New Jersey-based subsidiary of the Insurance Service Office, which...
American National Reports After-Tax Katrina Loss of Nearly $80M
Dec 13 2005 // Texas-based American National Insurance Company reported that its subsidiary property and casualty companies, including American National Property and Casualty (ANPAC) and ANPAC Louisiana Insurance Company and their...
Tenn. Adjuster Awaits Sentencing in Faked Crop-Loss Scam
Dec 9 2005 // An East Tennessee insurance claims adjuster is awaiting sentencing in a crop loss insurance scam. The agent who sold multimillion-dollar crop insurance policies to tomato farmers who faked a hailstorm has been sentenced to...
Aspen Updates Losses from Hurricanes Katrina, Rita and Wilma
Dec 6 2005 // Bermuda-based Aspen Insurance Holdings Limited has updated its assessment of estimated losses from Hurricanes Katrina, Rita and Wilma. Based on the information available and evaluations to date, Aspen estimates that its...
Healthy Competition, Safety Technology Drive Commercial Auto Market
Dec 5 2005 // According to conventional wisdom, 2004 was the first year in the past 16 where insurers finally broke through and made an underwriting profit on commercial lines auto. The breakthrough came after a year, 2003, which saw...
Major Insurers, Non-Profits Launch Community-based Healthcare Initiative Impact
Dec 5 2005 // Impact Community Capital LLC, a consortium of major insurance companies, and NCB Development Corp. (NCBDC) have teamed up to offer as much as $50 million in low-interest loans to community health clinics that serve...
Issues in Current Return Premium Accounting
Dec 5 2005 // California Insurance Code requires property and casualty insurance agencies to receive premiums and return premiums in a fiduciary capacity. Return premium funds must be maintained in a separate trust bank account and...
EMPLOYERS, EMPLOYEES COULD BE HURT BY DISABILITY INCOME INSURANCE CHANGES
Dec 5 2005 // Proposed changes in the regulation of disability income insurance in California could significantly increase the cost of coverage and discourage some injured employees from returning to work, according to a study released...
SAFECO SEES AFTER-TAX LOSSES FROM WILMA AT $29 MILLION
Dec 5 2005 // Seattle-based Safeco has announced estimated after-tax catastrophe losses from Hurricane Wilma of $29 million, or $0.23 per diluted share. Pretax catastrophe losses from the storm are estimated at $45 million. Those...
Agency Consolidation Dynamics are Ripe for the Picking
Dec 4 2005 // The consolidation of insurance agencies has played a prominent role within the industry over the last 30 years. Now more than ever, however, such activity increasingly influences the average size of distributors, the scope...
Major Insurers, Non-Profits Launch Community-based Healthcare Initiative Impact
Dec 4 2005 // Impact Community Capital LLC, a consortium of major insurance companies, and NCB Development Corp. (NCBDC) have teamed up to offer as much as $50 million in low-interest loans to community health clinics that serve...
News Briefs
Dec 4 2005 // New Online License Service Available for Wash. Agents and Brokers Insurance agents, brokers and other insurance professionals licensed to transact business in Washington can now print copies of their licenses from their...
Healthy Competition, Safety Technology Drive Commercial Auto Market
Dec 4 2005 // According to conventional wisdom, 2004 was the first year in the past 16 where insurers finally broke through and made an underwriting profit on commercial lines auto. The breakthrough came after a year, 2003, which saw...
Catlin Group Estimates Wilma Claims at $45 Million; Ups Katrina Loss
Dec 2 2005 // The U.K.’s Catlin Group Limited announced that its Bermuda operating subsidiary has completed its initial estimate of losses arising from Hurricane Wilma and has also reviewed its loss estimates for Hurricanes...
XL to Raise App. $2.8 Billion; Wilma Losses Estimated at $210 Net
Dec 2 2005 // Bermuda’s storm battered XL Capital Ltd. is taking a big step in its efforts to restore its somewhat diminished capitalization. According to A.M. Best, the insurer recorded $1.5 billion loss in the third quarter, and...
Everest Re Estimates Hurricane Wilma Losses at $230 Million
Nov 30 2005 // The Bermuda-based Everest Re Group, Ltd. announced that it estimates losses arising from Hurricane Wilma at $230 million on an after-tax basis. “This event, which impacted the Yucatan peninsula of Mexico and South...
Lloyd’s Ups Hurricane Losses to $3.27 Billion; Increases 2006 Capacity
Nov 30 2005 // Lloyd’s has issued an updated statement on the estimated financial impact on the market of Hurricanes Katrina, Rita and Wilma, based on the results gathered from “a Major Loss Return from each Managing...
Allmerica Financial Reports Pre-Tax Wilma Losses at About $5M
Nov 30 2005 // Massachusetts-based Allmerica Financial Corp., whose name and NYSE ticker symbol will change to “The Hanover Insurance Group Inc.” and “THG,” respectively, effective Dec. 1, 2005, announced...
