Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
New Report Warns of Rising Threat to US Insurers from Climate Change
Oct 3 2005 // Higher premiums, coverage restrictions already hitting many parts of country. Hurricane Katrina is a poignant reminder that U.S. insurers, government and consumers are at enormous risk from escalating losses from...
How Did Catastrophe Models Weather Katrina?
Oct 3 2005 // While it’s too early to tell if the highly touted computer catastrophe models met expectations for Hurricane Katrina, there are indications the models didn’t work as well as some insurers had hoped. Several...
Fitch: Katrina Causes Unprecedented Challenges, Risks for P/C Insurers
Oct 3 2005 // The circumstances surrounding Hurricane Katrina are unprecedented in many ways, reports Fitch Ratings. So much so that the rating agency may need to reassess the core risk profile of the property/casualty insurance...
News Briefs
Oct 3 2005 // Roundup of Katrina Loss Estimates: As the scope of the devastation wrought by Hurricane Katrina became increasingly evident, European and Bermuda-based insurers and reinsurers continued to calculate their potential...
S&P Lowers PXRE Ratings
Sep 30 2005 // Standard & Poor’s Rating Services announced that it has lowered its counterparty credit and financial strength ratings on Bermuda-based PXRE Reinsurance Ltd. and U.S.-based PXRE Reinsurance Co. to...
Endurance Estimates Rita Net Losses at Around $85 Million
Sep 30 2005 // Bermuda-based Endurance Specialty Holdings Ltd. announced that its initial estimates of losses, net of reinsurance, reinstatement premiums, and tax benefits related to Hurricane Rita would be approximately $85 million. The...
Converium Ups Katrina Loss Estimates to $20-$40 Million
Sep 29 2005 // Zurich-based reinsurer Converium has issued a statement indicating that increased industry loss estimates from Katrina have resulted in a new estimate of its potential exposure to between $20 and $40 million. It had...
PXRE Estimates Rita Impact at $30-$40 Million; Sees Q3, Full Year Loss
Sep 29 2005 // The Bermuda-based PXRE Group Ltd. has announced that its preliminary estimate of the net impact from Hurricane Rita is between $30 and $40 million, “after tax, reinsurance recoveries on its outwards reinsurance...
Munich Re Analyzes Katrina/Rita Impact; Insured Loss Around $40 Billion
Sep 28 2005 // Munich Re has issued a report on the impact of Hurricanes Katrina and Rita on the insurance industry. The world’s largest reinsurer said it “estimates total insured market losses at up to US$ 40 billion,”...
Guy Carpenter Unveils CAT Mapping Tool to Assess Katrina Losses
Sep 28 2005 // Guy Carpenter & Company, Inc. has introduced i-aXs catastrophe mapping, an online tool that enables clients to assess specific properties at a potential risk of loss in areas impacted by catastrophes, specifically...
Safeco Estimates Katrina After-Tax Losses at $78M
Sep 27 2005 // Seattle-based Safeco announced estimated after-tax catastrophe losses from Hurricane Katrina of $78 million, or $0.61 per diluted share. Safeco’s gross pretax losses before reinsurance are estimated to be $170...
Fitch: Hurricane Rita Won’t Cause Widespread U.S. Insurance Company Rating Changes
Sep 26 2005 // Fitch Ratings said Monday it expects Hurricane Rita will represent a material loss to the insurance industry and will create further strain on insurers’ claims-adjusting resources. However, Fitch does not expect any...
Fitch Takes Fairfax Off Credit Watch; Affirms Ratings
Sep 26 2005 // Fitch Ratings announced that it has affirmed the ratings of Canada’s Fairfax Financial Holdings, Ltd. with a stable out look, and has removed the ratings from its negative credit watch. “The rating action...
St. Paul Travelers Issues Hurricane Katrina Loss Estimates
Sep 26 2005 // The St. Paul Travelers Companies Inc. announced that its preliminary estimate for losses relating to Hurricane Katrina is approximately $800 million, after tax and after the impact of reinsurance, and including the cost of...
RMS: Hurricane Rita’s Insured On-Shore, Off-Shore Losses Expected to be $4-$7 Billion
Sep 25 2005 // Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, has estimated that insured losses from Hurricane Rita are likely to range from $4 to $7 billion, based on current...
RMS Model Shows Increased Risk of Extreme U.S. Terrorism Losses
Sep 22 2005 // According to Risk Management Solutions’ fourth annual U.S. Terrorism Risk Model, the risk of extreme terrorism-related events over the next five years, including terrorist attacks using chemical, biological,...
RLI Estimates Katrina Losses
Sep 22 2005 // RLI Corp. announced an estimated range of pretax losses from Hurricane Katrina of $15 million to $19 million, net of reinsurance ($0.37 to $0.47 per diluted share, after tax). This is based on projections by the...
IPC Holdings Unveils Early Estimate of Katrina Losses
Sep 22 2005 // Bermuda-based IPC Holdings, Ltd. announced that it expects third quarter 2005 earnings to be significantly impacted by Hurricane Katrina. According to a company release, “Based upon a preliminary analysis of the...
AXIS Capital Provides Estimates of Katrina Losses
Sep 21 2005 // Bermuda-based AXIS Capital Holdings Ltd. announced its initial estimates of net losses related to Hurricane Katrina to be between $500 million and $650 million. The company also reiterated its earlier guidance that these...
N.C. Agriculture Losses $19.6M From Hurricane Ophelia
Sep 21 2005 // Hurricane Ophelia resulted in damages to North Carolina’s agricultural industry amounting to $19.6 million, based on reports tabulated from 13 counties. According to the North Carolina Department of Agriculture and...
