Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
As Insured Acres Increase, Are Farmers Subsidizing High-Risk States?
Oct 17 2005 // The hurricane [Katrina] produced catastrophic Broward and Miami- Dade counties in Florida. As a direct result of the Agricultural Risk Protection Act of 2000 (ARPA), more farmers are insuring their cropland. Nationwide,...
WCIRB Survey Indicates California Workers’ Comp Reform is Working
Oct 17 2005 // State workers’ compensation claims and disability costs have dropped significantly since California’s workers’ compensation system was overhauled in 2003 and 2004, according to the Workers’...
Hurricane Katrina to Cost $40-$55 Billion for Privately Insured Losses
Oct 17 2005 // Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Hurricane...
News Briefs
Oct 17 2005 // New Reports Issued on Climate Change: Hurricanes Katrina and Rita have focused more attention on global warming. The debate continues to rage over whether the higher temperatures and rising sea levels are a wholly natural...
Types of employee fraud
Oct 17 2005 // The operations manager for a $56 million bank controlled the suspense accounts entirely on her own. She reviewed the unposted report on a daily basis, clearing out items in the bank’s accounts. She manipulated...
Cincinnati Financial Lost $3 Mil on Rita
Oct 14 2005 // Cincinnati Financial Corporation today announced an estimate of $3 million for pretax catastrophe losses resulting from Hurricane Rita and updated its estimates of previously announced catastrophe losses. Total...
Ohio Casualty Unveils Q3 CAT Losses
Oct 13 2005 // Ohio Casualty Corporation announced that it estimates total net catastrophe losses for third quarter 2005 to be approximately $11.6 million after-tax. Approximately $9.8 million of the estimated catastrophe losses are...
Loss Reserves, Risk Transfer, Reg Capital Models Among Topics at CAS Meeting in November
Oct 13 2005 // Facts and perceptions regarding loss reserves, adequate risk transfer for reinsurance accounting, and developments in regulatory capital models around the world will be featured topics during the Annual Meeting of the...
Horace Mann Estimates Hurricane Loss
Oct 13 2005 // Illinois-based Horace Mann Educators Corporation estimates its financial impact from Hurricanes Katrina and Rita will total approximately $29 million to $33 million pretax, net of anticipated reinsurance...
Specialty Underwriters’ Alliance: No Expected Losses from Hurricanes
Oct 13 2005 // Chicago-based Specialty Underwriters’ Alliance Inc. reported that it does not expect any losses related to the recent hurricane activity. SUA President and Chief Executive Officer Courtney Smith stated, “Our...
Allied World Katrina Losses Between $200-$250 Million
Oct 12 2005 // Bermuda-based Allied World Assurance Holdings, Ltd. said it expects net losses arising from Hurricane Katrina to be in the $200 to $250 million range. “Our preliminary estimate is based on a combination of factors,...
State Auto Estimates Q2 Cat Losses
Oct 12 2005 // State Auto Financial Corporation today announced it estimates that catastrophic storms during the third quarter of 2005 will produce between $42 and $46 million in pre-tax losses for STFC. This is expected to add between...
Arch Gives Q3 Loss Estimates
Oct 11 2005 // The Bermuda-based Arch Capital Group Ltd. announced that it expects 2005 third quarter operating earnings to be negatively impacted by the effects of recent catastrophic events as follows: Hurricane Katrina – $173...
Fitch Maintains PXRE’s Watch Negative After Capital Raising
Oct 11 2005 // Fitch Ratings indicated that its ratings for the bermuda-based PXRE Group Ltd. and its operating subsidiaries would “remain on Rating Watch Negative following PXRE’s successful capital raising in the form of...
Safeco: Rita Losses at $27 Million
Oct 11 2005 // Seattle-based Safeco announced estimated after-tax catastrophe losses from Hurricane Rita of $27 million, or $0.21 per diluted share. Pretax catastrophe losses from the storm are estimated at $42 million. These figures...
HCC Estimates Rita Loss at $70 Million
Oct 11 2005 // HCC Insurance Holdings Inc. announced that the Houston-based property/casualty insurer estimates a gross loss of $70 million from Hurricane Rita arising primarily from onshore and offshore energy, property, marine and...
State Auto Unveils Q3 CAT Losses
Oct 11 2005 // Ohio-based State Auto Financial Corporation estimates that catastrophic storms during the third quarter of 2005 will produce between $42 and $46 million in pre-tax losses for STFC. This is expected to add between 15 and 17...
For N.H. Agent, a Helpless Feeling Amid the Suffering and Loss
Oct 11 2005 // New Hampshire independent insurance agent Tom Minkler got his first call Sunday morning at 5 a.m. Since then, the phones haven’t stopped ringing. Minkler isn’t bothered by the calls. What bothers him is having...
New Tax Law Eases Loss Limitations for Katrina Victims
Oct 11 2005 // The Internal Revenue Service is advising taxpayers who suffered casualty or theft losses as a result of Hurricane Katrina about a recent change to the tax law. A new provision lifts certain loss limitations for Hurricane...
Max Re Sees 9-Month Profit
Oct 10 2005 // Bermuda-based Max Re Capital Ltd. has issued a preliminary statement indicating that, despite the natural catastrophes of the third quarter of 2005, it still foresees overall net income for the first nine months of the...
