Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
R.I. Blues Receives Initial Green Light for For-Profit Wellness Subsidiary
Nov 29 2005 // Despite a petition from the state attorney general, the state’s top insurance regulator has conditionally approved Blue Cross & Blue Shield of Rhode Island’s plan to create a for-profit subsidiary. Health...
Wilma’s $6 Billion Cost to Insurers Raises Industry’s Catastrophe Loss Total to Record $50 Billion
Nov 29 2005 // U.S. property/casualty insurers are expected to pay an estimated $6.1 billion to Florida policyholders for insured property losses from Hurricane Wilma, pushing year-to-date catastrophe losses to $50.3 billion, an all-time...
Philadelphia Consolidated Sees After-Tax Wilma Net Losses of $5.5M
Nov 29 2005 // Philadelphia Consolidated Holding Corp. reported its initial estimate of losses attributable to Hurricane Wilma. Although claims information is preliminary, the company estimates its after-tax net losses to be...
Wellington Increases Loss Estimates from Fall Hurricanes
Nov 28 2005 // The U.K.’s Wellington Underwriting plc, whose wholly owned subsidiary Wellington Underwriting Agencies Ltd. manages Syndicate 2020 at Lloyd’s, has released a further update about the extent of losses sustained...
From Snowfall to Tornadoes, Storms Cause Deaths and Property Loss
Nov 28 2005 // Piles of snow and icy roads definitely were not what most Thanksgiving travelers wanted to deal with on their way home from the long holiday weekend. Meantime, tornadoes tore through several states damaging...
Endurance Estimates Hurricane Wilma Net Losses at $115 Million
Nov 24 2005 // Bermuda-based Endurance Specialty Holdings Ltd. announced its initial estimate of losses, net of reinsurance, reinstatement premiums, and tax benefits related to Hurricane Wilma to be approximately $115 million. Endurance...
Katrina Losses Cost Miss. Farm Bureau Mutual Insurance $450M; Policies Being Transferred to S. Farm Bureau Casualty
Nov 23 2005 // Jackson-based Mississippi Farm Bureau Mutual Insurance has announced that the strain of paying $450 million in claims after Hurricane Katrina has caused the company to cease writing policies in the state and transfer...
Insurers, Nonprofits Offer Low-Income Loans to Health Clinics
Nov 22 2005 // Impact Community Capital, a consortium of major insurance companies, and NCB Development Corp. (NCBDC) have teamed to offer as much as $50 million in low-interest loans to community health clinics that have difficulty...
National Newsbriefs
Nov 21 2005 // Q3 Insured Losses an All-Time Record: Pummeled by Hurricane Katrina and six other natural catastrophes in the third quarter, U.S. property/casualty insurers paid an all-time record $40.8 billion to homeowners and...
Taste for Success: Writing Today’s Wineries Requires Attention to Detail
Nov 20 2005 // Insuring wineries is a lucrative and growing business. All 50 states now produce wine and the business has a total economic impact of $33 billion, according to the Wine Institute. Insuring this tasty market, however,...
Torts Drive Commercial Auto in Heartland, Elsewhere
Nov 20 2005 // Insurers like writing commercial auto business, and most lines of business, in the Midwestern states because of market stability and a favorable legislative and regulatory climate. But even in this typically stable line of...
News Briefs
Nov 20 2005 // Q3 Insured Losses an All-Time Record: Pummeled by Hurricane Katrina and six other natural catastrophes in the third quarter, U.S. property/casualty insurers paid an all-time record $40.8 billion to homeowners and...
CORRECTION: Brit Estimates Wilma Claims at $65 Million; Total Hurricane Losses at $316.5 Million
Nov 16 2005 // The original article contained a significant mathematical error. U.K.-based international insurer and reinsurer, Brit Insurance Holdings PLC, announced that claims arising from Hurricane Wilma, net of reinsurance...
St. Paul Travelers: Initial Wilma Losses About $220M After Tax
Nov 16 2005 // The St. Paul Travelers Companies Inc. announced that its preliminary estimate for catastrophe losses relating to Hurricane Wilma is approximately $220 million, after tax, net of reinsurance. This amount is based upon an...
Employers, Employees Could Be Hurt by Disability Income Insurance Changes, Study Says
Nov 15 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...
Allianz Posts $934 Million Q3 Profit Despite Hurricane, Flood Losses
Nov 14 2005 // Germany’s Allianz had a very successful third quarter with net income up 70 percent to €794 million ($934 million) and €1.7 billion (2 billion) operating profit,” despite,” said the company’s...
PAULA Financial Unveils Q3 Numbers; Declares Quarterly Cash Dividend
Nov 14 2005 // California-based PAULA Financial has reported net income for the third quarter of 2005 of $218,000 or $0.03 per share compared to $142,000 or $0.02 per share for the 2004 period. For the nine months ended Sept. 30, 2005,...
AIG Sees Q3 Net of $1.72 Billion
Nov 14 2005 // American International Group Inc. (AIG) has filed its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2005 with the Securities and Exchange Commission. Third quarter 2005 net income was $1.72 billion or $0.65...
Specialty Underwriters Report Q3 Loss
Nov 11 2005 // Specialty Underwriters’ Alliance, Inc. today reported a net loss of $4.8 million for the quarter ended Sept. 30, 2005. Total revenues were $9.1 million, comprised of earned insurance premiums of $8.2 million and...
Arch Capital Sees Wilma Losses in the Range of $40-$60 Million
Nov 11 2005 // Bermuda-based Arch Capital Group Ltd. announced that it expects after-tax earnings for the 2005 fourth quarter to be negatively impacted by the effects of Hurricane Wilma in the range of $40 million to $60 million based on...
