Latest Profit Loss Headlines

Fitch: Katrina May be Most Costly U.S. Insured Loss Ever

Sep 2 2005 // Fitch Ratings on Friday updated its analysis of Hurricane Katrina. The range of estimated insured losses continues to be very wide and Fitch believes it will be a long time before these estimates are refined. Nonetheless,...

S&P Puts OIL’s ‘A+’ Ratings on Credit/Watch-Negative

Sep 1 2005 // Standard & Poor’s Ratings Services has registered a quick reaction to the ravages of Hurricane Katrina on the petroleum industry. S&P announced that it has placed its “A+” counterparty credit...

Alea Group 1st Half Profit Off 47% to $25.9 Million

Sep 1 2005 // The Bermuda-based Alea Group announced that its first half profits suffered a 47 percent decline to $25.9 million, compared to $48.8 million in the same period of 2004, due mainly to total reserve increases of $34.7...

Vesta Insurance Forecasts $500k to $1.2M Katrina Losses

Sep 1 2005 // Preliminary gross income losses of from $500,000 to $1.2 million have been predicted by the Vesta Insurance Group of Birmingham, Ala. for damages caused by Hurricane Katrina. Vesta’s Florida Select unit has about...

Property Claim Services and I.I.I. Rank Fire Losses

Sep 1 2005 // The Property Claim Services of ISO and the Insurance Information Institute (I.I.I.) have ranked the nation’s five most expensive wildland fires in insured losses. As reported in AP, the most expensive fires from 1970...

Best: Most Insurers Will Meet Hurricane Katrina’s Financial Commitments

Sep 1 2005 // In response to Hurricane Katrina, A.M. Best Co. has begun to aggregate public and private information in order to assess the financial impact it will have on the global property/casualty insurance and reinsurance...

The Midland Co. Assessing Hurricane Katrina Losses

Sep 1 2005 // Ohio-based The Midland Company is currently assessing the anticipated losses from Hurricane Katrina, which made landfall along the borders of Louisiana and Mississippi earlier this week. “Access to some of the most...

Casualty Loss Reserve Seminar Set for Boston Sept. 11-13

Aug 30 2005 // A general session focused on effective actuarial communications and the professional responsibility of the corporate reserving actuary headlines the program of the 2005 Casualty Loss Reserve Seminar, to be held Sept. 11-13...

Fitch: Katrina Likely to be Largest Insured Loss Since 9/11, 1992’s Hurricane Andrew

Aug 29 2005 // Hurricane Katrina likely will be the largest insured loss from a single event since the terrorist attacks of Sept. 11, 2001 and the largest U.S. hurricane loss since Hurricane Andrew in 1992, Fitch Ratings said...

RMS: Katrina Could be Even More Devastating than Hurricanes Camille and Betsy

Aug 28 2005 // Based on the current track and forecast intensity (as of Sunday afternoon), insured losses from Hurricane Katrina’s second landfall on the Gulf Coast of the U.S. could be even more devastating than previous...

RMS: Katrina Losses Initially Estimated at $1B-$2B

Aug 26 2005 // Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, said that insured losses from Hurricane Katrina’s first landfall in the U.S. are likely to range from $1 to...

Republic Companies Notes Increase in Q2 Net Income

Aug 24 2005 // Dallas-based Republic Companies Group Inc. has reported revenues of $66.2 million and net income of $2.9 million for the quarter ended June 30, 2005. Shareholders’ equity increased to $159.7 million, and the...

International Newsbriefs

Aug 22 2005 // Second Quarter Profit Figures on the Rise: April, May and June are usually good months for the insurance industry, and 2005 has been no exception. While AIG led the U.S. contingent with a second quarter net figure of $3.99...

Insurance Industry’s Share of Weather-Related Losses Rising, Researcher Says

Aug 22 2005 // Also, Majority of Weather Losses Tied to Smaller Events, Not Larger Catastrophes The insurance industry’s share of the world’s total economic losses from weather-related catastrophes is rising and 60 percent of...

Catastrophe Models No Substitute for Experienced Underwriters

Aug 22 2005 // Managing Editor, Insurance Insider Computer programs designed to predict losses from possible cataclysmic events have been a boon to the insurance industry-the programs have reinforced reinsurers’ loss expectations,...

Liberty Mutual Affirmed

Aug 22 2005 // Fitch Ratings affirmed the “A-” insurer financial strength ratings on the members of the Liberty Mutual inter-company pool and revised the rating outlook on pool members to stable from negative. Additionally,...

Aug 22 2005 // Second Quarter Profit Figures on the Rise: April, May and June are usually good months for the insurance industry, and 2005 has been no exception. While AIG led the U.S. contingent with a second quarter net figure of $3.99...

Insurance Industry’s Share of Weather-Related Losses Rising, Researcher Says

Aug 22 2005 // The insurance industry’s share of the world’s total economic losses from weather-related catastrophes is rising and 60 percent of these weather-related losses are attributable to small events as distinct from...

Appeals Court Rules in Favor of Times-Picayune in Excess Insurance Case

Aug 19 2005 // Reversing a summary judgment by a district court, the U.S. Court of Appeals for the Fifth Circuit recently decided that The Times-Picayune Publishing Corporation, based in New Orleans, is entitled to recover the entire...

Zurich 1st Half Net up 21% to $1.799 Billion; Farmers Profit Up

Aug 18 2005 // Zurich Financial Services Group joined the parade of insurers reporting strong first half results. The Swiss-based Company, which also manages the Farmers Exchanges in the U.S., posted a net income of $1.799 billion, an...