Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Brown & Brown Notes Record Levels in 2003 Results
Jan 20 2004 // Florida-based Brown & Brown, Inc. announced record earnings for 2003, the 11th consecutive year the company has hit record highs in both revenues and income. Net income for 2003 rose to $110,322,000, or $1.60 per...
N.J. Auto Profits’ IIANJ Disputes Findings
Jan 19 2004 // Statistics released by the National Association of Insurance Commissioners last week, have received widespread coverage in New Jersey. They seem to show that, contrary to industry statements, the state’s auto...
IRC Study Reports Skyrocketing Auto Injury Losses Despite Drop in Serious Injuries
Jan 19 2004 // A new study by the Insurance Research Council (IRC) reportedly finds that reported losses in auto injury claims are escalating in spite of the fact that the rate of serious auto injuries has decreased. In the past five...
Insurers’ 2003 Cat Losses Total $12.8 Billion
Jan 16 2004 // U.S. property/casualty insurers paid $12.8 billion to homeowners and businesses for insured property losses from 21 catastrophic events last year, according to current estimates by Insurance Services Office, Inc.’s...
RMS Risk Analysis for European Windstorm Losses Covers Electricity Transmission and Distribution
Jan 14 2004 // California-based Risk Management Solutions (RMS), a leading provider of products and services for the management of catastrophe risk, announced that it has performed the risk analysis for the Pylon Ltd. securitization...
ACE Tempest Reinsurance Ltd. First to Integrate AIR’s Catastrophe Loss Modeling Technology for its Underwriting Software
Jan 13 2004 // ACE Tempest Reinsurance Ltd. (ACE Tempest Re) and AIR Worldwide Corporation (AIR) announced the first implementation of an innovative toolset, CATools, which reportedly significantly increases the efficiency of the...
ALA. WAREHOUSE DEEMED TOTAL LOSS IN FIRE:
Jan 12 2004 // An early morning fire recently in Oxford, Ala., resulted in injuries to five people — three firefighters and two employees of Southern Tool Inc. Oxford Fire Department responded to the fire that began between 3:30 and...
Munich Re 2003 Catastrophe Study – Fatalities up 450 Percent; $15 Billion Insured Losses
Dec 30 2003 // Munich Re has released its analysis of natural catastrophes in 2003 and concluded that economic and insured losses continue to increase at a high level. Preliminary portions of the study had been presented at the recent...
Quake Insured Losses Pegged at $40 Million to $60 Million
Dec 30 2003 // The earthquake that struck California’s central coast on Dec. 22 could generate insurance claims of between $40 million and $60 million. The initial shockwave, registering 6.5 on the Richter scale, was followed by...
W.R. Berkley Corp., Operating Companies Ratings Affirmed; Outlook Negative
Dec 29 2003 // Standard & Poor’s affirmed its ‘BBB+’ counterparty credit rating on W. R. Berkley Corp. At the same time, Standard & Poor’s affirmed its ‘A+’ counterparty credit and financial...
Wm. Kramer & Assoc. New Mass. Turnpike Loss Adjuster
Dec 29 2003 // Underwriters at Lloyd’s of London have appointed Connecticut-based William Kramer & Associates (WKA) as the sole claim loss insurance adjuster for the Massachusetts Turnpike Authority (MTA). WKA has extensive...
RLI Expects Few Losses from San Simeon Quake
Dec 24 2003 // Peoria, Ill.-based RLI Corp. reported that it expects minimal losses from the Dec. 22 earthquake along the central California coast. RLI specializes in the writing of earthquake coverages, but has limited commercial...
P/C Industry’s Net Income Surges, But Slowing Premium Growth May Hamper Further Progress, Report Says
Dec 23 2003 // According to a report released by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers, the U.S. property/casualty industry’s net income after taxes increased to $21.1 billion...
S&P Lowers Medical Protective’s Ratings to ‘A;’ Off CreditWatch
Dec 22 2003 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on Medical Protective Co. (MedPro), a subsidiary of GE Global Insurance Holdings that it...
Conning Study Says P/C Insurers’ Loss Reserves Hit Turning Point as Deficiencies Decrease
Dec 17 2003 // Three years of rising property/casualty rates have finally had a favorable impact on loss reserves, substantially reducing estimated deficiency, according to the latest annual study on the subject by Conning Research...
Employers Insurance Company of Nevada Report 3Q 2003 Financial Results
Dec 16 2003 // Employers Insurance Company of Nevada, A Mutual Company (“EICN”) and its wholly-owned subsidiary Employers Compensation Insurance Company (“ECIC”) formerly known as Fremont Employers Insurance...
Quotesmith.com’s 2003 Loss Estimate Doubles
Dec 15 2003 // Darien, Ill.-based online broker Quotesmith.com Inc. revised the financial targets for 2003 that were announced Oct. 2, 2003. In October, the company anticipated 2003 revenues of $9.5 to $10 million with a projected net...
A.M. Best: P/C Industry Notes Strong Q3 Results, But Reserve Development, Rate Deceleration Emerge
Dec 15 2003 // The property/casualty industry reported strong premium growth and vastly improved underwriting results during the first nine months of 2003, compared with the same period of 2002, according to A.M. Best Co. Driving these...
Top 10 2003 Newsmakers
Dec 15 2003 // While less turbulent than 2001-2002, this year hasn’t exactly been a walk in the park. The industry continues to face intractable problems—a lack of capital strength, accompanied by accusations that it’s...
Canada’s P/C Insurers Report Weaker Q3 Results from Auto Losses
Dec 15 2003 // According to a bulletin from the Insurance Bureau of Canada, the country’s P/C insurers posted generally weaker financial results in the third quarter of 2003, due largely to a downward trend in the auto insurance...
