Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Penn-America Reports 51.9 Percent Increase in Q4 Operating Income
Jan 29 2004 // Penn-America Group, Inc. reported record operating income of $4.5 million or $0.30 per share (basic and diluted) for the fourth quarter of 2003, compared with operating income of $2.9 million or $0.24 per share (basic and...
Aon: Hospital Pro Liability, Physician Benchmark Study Forecasts Continued Loss Cost Increase for the Year
Jan 28 2004 // The high trend of insurance rates experienced by hospital professionals and physicians over the past three years show no sign of slowing in 2004 as claims costs are increasing at a steady rate of 9.7 percent according to...
Progressive’s Q4 Profit 135% Higher Than Year Ago
Jan 28 2004 // Mayfield Village, Ohio-based vehicle insurer Progressive Corp. reported fourth-quarter 2003 net income of $357.8 million, or $1.63 per share, 135 percent higher than last year’s $152.2 million, or 69 cents per share,...
Marsh & McLennan Cos. Notes Strong Q4 and Year-End Numbers
Jan 28 2004 // Marsh & McLennan Companies, Inc. (MMC) reported financial results for the quarter and year ended Dec. 31, 2003. Consolidated revenues in the fourth quarter increased 15 percent to $3 billion. Net income grew 21...
Natural Disasters More Severe and More Costly
Jan 26 2004 // According to a recently released report from Munich Re, fatalities caused by natural catastrophes were up 450 percent in 2003, while insured losses reached $15 billion. More ominous was the reinsurer’s conclusion...
I.I.I. Survey Reports Industry Leaders Expect Improved Profits in 2004
Jan 26 2004 // Leaders of the property/casualty insurance industry expect an improvement in profitability for 2004 compared with last year, according to a survey conducted by the Insurance Information Institute (I.I.I.) at its eighth...
Natural Disasters More Severe and More Costly
Jan 26 2004 // According to a recently released report from Munich Re, fatalities caused by natural catastrophes were up 450 percent in 2003, while insured losses reached $15 billion. More ominous was the reinsurer’s conclusion...
RMS Terrorism Risk Management Tools Aiding Insurers in Responding to New Best Questionnaire
Jan 23 2004 // Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, affirmed that its products can assist insurers in responding to the newly issued Supplemental Rating...
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...
