Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Tsunami Losses Less Than $4B Reports RMS
Jan 31 2005 // Risk Management Solutions (RMS) has announced estimates that insured losses from the 2004 Southeast Asia earthquake and tsunami will be less than $4 billion, based on the information available within the first three weeks...
AXA Notes 1% Gain in Full Year Revenues
Jan 28 2005 // France’s AXA Group reported from Paris that its consolidated revenues were 72.2 billion euros ($94.4 billion) for full year 2004. “On a comparable basis, revenues grew by 2 percent compared to full year...
The Hartford Sees 37% Gain in Q4 Net Income to $620M
Jan 28 2005 // The Hartford Financial Services Group Inc. reported a 37-percent increase in fourth quarter 2004 net income to $620 million, or $2.08 per diluted share, hitting an all-time quarterly record. Net income in the current...
Best Comments on Munich Re’s Revised Earnings
Jan 26 2005 // A.M. Best Co. has commented that the financial strength rating of A+ (Superior) (with a stable outlook) and the issuer credit rating of “aa” (with a negative outlook) of Muenchener Rueckversicherungs (Munich...
Everest Re Lowers Q4 Earnings Estimate
Jan 25 2005 // The Bermuda-based Everest Re Group has issued a bulletin indicating that it now expects fourth quarter 2004 net income and after-tax operating earnings of approximately $1.65 per diluted share. The company had earlier...
Arthur J. Gallagher Blames Softening Rates, Spitzer for Q4 Profit Decline
Jan 25 2005 // Itasca, Ill.-based brokerage Arthur J. Gallagher & Co. reported fourth-quarter net income of $49.1 million, down from $49.2 million a year ago, though revenue was up 6 percent to $386.9 million. The results fell short...
Is it Time to Sell the Agency’ Three Factors to Help You Decide …
Jan 24 2005 // Many owners have at one time or another thought about selling their insurance agency or brokerage. Many were tempted but never quite took the plunge. Those who didn’t sell most likely were making too much money at...
Munich Re 2004 Profit Forecast $2.22- $2.48 Billion Despite HVB Writedowns
Jan 24 2005 // In a brief announcement the Munich Re Group said its consolidated profit for the year 2004 would be between 1.7 and 1.9 billion euros ($2.22-$2.48 billion) despite special writedowns by the HVB Group. “The HVB Group...
Back to the Basics
Jan 24 2005 // E&S Industry Returns to Familiar Ground Neither wind, nor rain nor the dark cloud of standard carriers returning to the marketplace will keep excess and surplus insurance writers from maintaining profitability. From...
S&P Sees No Rating Change for Alea after Lower Earnings Forecast
Jan 20 2005 // Standard & Poor’s Ratings Services has issued a bulletin indicating that its ratings and outlook on the operating subsidiaries that comprise the Alea group – currently rated “A-” with a stable...
XL Capital Notes Estimate of Revised Losses from Tsunami, 2004 Hurricanes
Jan 20 2005 // Bermuda-based XL Capital Ltd. announced that, based on initial loss reports and preliminary estimates, it expects pre-tax net losses arising from the tsunami that struck South Asia on Dec. 26, 2004, of approximately $75...
Fla. Hurricane Property Losses Now Top $21.6 Billion
Jan 19 2005 // Total property losses from the four major hurricanes that struck Florida in 2004 now top $21.6 billion according to data presented to members of a Select Joint Committee on Hurricane Insurance. The latest estimate,...
Crawford & Co., GAB Robins Adjusters See Tsunami Destruction Up Close
Jan 17 2005 // While the official death toll may never be known, the reaction to last month’s killer earthquake and tsunamis in Southeast Asia continues. Insurance Journal recently spoke with several individuals whose companies...
Everest Re Posts $133 Million Q4 Cat Losses
Jan 17 2005 // Bermuda-based Everest Re Group, Ltd. announced that its fourth quarter results would be adversely impacted by catastrophe losses, which it estimates will be around $133 million, or $2.32 per diluted share, after...
Safety Insurance Estimates Positive Impact of Mass. Residual Market Plan Changes on Its Operations
Jan 17 2005 // Safety Insurance Group, Inc. in Boston has updated its estimate of the financial impact of the reform approved on Dec. 31, 2004 of the residual market system for personal automobile insurance in Massachusetts. The company...
PCS to Provide CAT Designations, Loss Estimates for Terrorist Acts and Outsized Workers’ Comp Events
Jan 14 2005 // ISO’s Property Claim Services (PCS) unit has expanded its services to include loss estimates for potential catastrophic terrorism losses. PCS this week announced it will assign catastrophe serial numbers to potential...
S&P: OIL’s $1.2 Billion Loss Will Not Affect Ratings
Jan 11 2005 // Standard & Poor’s Ratings Services has issued a bulletin indicating that the recently announced $1.2 billion of incurred losses in 2004 for Oil Insurance Ltd. – currently rated “A+”/Negative;...
R.I. Approves 20% Cut in Workers’ Comp Loss Costs
Jan 9 2005 // Average loss costs for workers’ compensation insurers adopting figures from the National Council on Compensation Insurance in Rhode Island are going down 20.2 percent following an order by the Department of Business...
IUA Offers Condolences to Tsunami Victims; Estimates Insured Losses to Members at $5 to $10 Billion
Jan 5 2005 // The London-based International Underwriting Association has issued a statement offering its condolences to the relatives of victims of the Asian tsunami disaster. IUA Chief Executive Marie-Louise Rossi, stated: “The...
Commercial Property Market Survives Extraordinary and Ordinary Catastrophes
Jan 3 2005 // The commercial property market took a huge hit from four major hurricanes that struck the U.S. mainland this past year. The full effects may have yet to be felt, however, it looks like commercial property insurers came...
