Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Conning Says Automating Commercial Underwriting Not Automatically Profitable
Jun 12 2003 // The commercial property/casualty industry is on the threshold of an “adapt or perish” decision when it comes to underwriting automation, according to a study from Conning Research & Consulting, Inc. The...
Dearth Amidst Plenty – Reinsurers Send Mixed Signals
Jun 9 2003 // Is the glass half-full, or half-empty? The classic example of identical facts dictating opposite conclusions, depending on whether you’re an optimist or a pessimist, defines the current picture in the reinsurance...
Execs Talk Future of Industry at 9th Annual ITC Forum
Jun 9 2003 // “Amateur hour is over.” Those were the words of the Sullivan Group president Gerald J. Sullivan, addressing a roomful of industry executives recently at the 9th Annual Insuring the Children Forum....
Worst Ever Tornado Losses Won’t Affect Property Rates Yet
Jun 9 2003 // A series of severe thunderstorms and tornadoes that ravaged the country’s mid-section in early May is not likely to send property insurance rates soaring again, but the surprising weather pattern has caused insurers...
eAutoclaims Announces Profitable Quarter
Jun 4 2003 // Oldsmar, Fla.-based insurance claims management services provider, eAutoclaims, reported that income before non-cash expense for the three-months ended April 30, 2003 totaled approximately $309,000 compared to a loss...
Ergo Posts $271 Million Q1 Net Loss on Investment Writedowns
Jun 3 2003 // Germany’s Ergo Group, the primary insurance division of Munich Re, followed its parent in announcing a first quarter net loss of 231 million euros ($271 million), compared to a profit of 106 million euros ($124.5...
CNA Takes $49 Million Charge On 1995 Property Loss
Jun 2 2003 // Chicago-based CNA Financial Corp. announced that its specialty lines segment expects to record an after-tax charge of approximately $49 million in the second quarter of 2003 in connection with a recent adverse arbitration...
Penna. Commissioner Urges Policyholders to Review Policies on Weather Related Losses
May 30 2003 // Pennsylvania Insurance Commissioner Diane Koken has issued an announcement urging the state’s consumers to review their insurance policies for information on coverage of property damage from weather-related...
Hannover Re Q1 Net Hit by Writedowns
May 28 2003 // Germany’s Hannover Re, the world’s fifth largest reinsurer, reported an operating profit of 109 million euros ($129 million) in the first quarter of 2003, compared to 174.4 million euros ($206.5 million) in the...
Canadian April Storm Losses Reach $14.3 Million
May 27 2003 // The Insurance Bureau of Canada has released estimates that the rain storms that swept across the country’s Atlantic region on April 1st caused $14.3 million in insured damage to cars, homes and other...
R&SA Posts $156 Million Q1 Group Operating Profit
May 22 2003 // The U.K.’s Royal and Sun Alliance announced a first quarter group operating profit of £95 million ($156 million), calculated on the basis of revised investment assumptions introduced at the beginning of this year....
Allmerica Financial Corp. Notes $19 Million Drop for 2Q Pre-Tax Catastrophe Losses
May 22 2003 // Massachusetts-based Allmerica Financial Corporation has incurred approximately $19 million in pre-tax catastrophe losses to date in the second quarter. The losses are primarily the result of hail, high winds, and...
White Mountains Reports Results of Members Meeting
May 21 2003 // Bermuda-based White Mountains Insurance Group has reported the results of its Annual General Meeting of Members, held on May 19, 2003. At least 98% of the shares voted on each proposal said the company. The Members took...
State Auto Expects About $23 Million in May Storm Losses
May 21 2003 // State Auto Financial Corp. announced that it estimates that May storms would contribute about $23 million to $26 million pre-tax to losses in the second quarter, adding 10 to 11 direct-loss ratio points to second quarter...
Safeco Estimates Storm Losses
May 20 2003 // Seattle-based Safeco announced that claims stemming from the recent string of Midwest and Southern tornadoes, added to losses from violent hailstorms in Texas earlier in the quarter, are estimated at nearly $90 million in...
Insurance Losses From Tornadoes Could Be Most Costly Event Ever, Says I.I.I.
May 20 2003 // U.S. insurers have taken another hit these past few weeks as tornado season continues to wreak havoc on the nation. The tornadoes, which swept across parts of the U.S. from May 2-11, have the potential to be the costliest...
Allcity Reports Q1 Net Loss
May 19 2003 // Brooklyn-based Allcity Insurance Company announced its operating results for the three month period ended March 31, 2003, reporting a net loss of $878,000 or $0.12 per share for the period, compared to a net loss of...
Workers’ Comp Market Analysis Shows Remarkable Improvement for Combined Ratio; Fall in Investment Income
May 16 2003 // The National Council on Compensation Insurance (NCCI) released its annual “State of the Line” preliminary workers’ compensation market analysis this week, with this year’s report indicating that the...
GAINSCO Reduces Losses in Q1
May 16 2003 // Dallas-based GAINSCO INC. reported net income for the first quarter 2003 of $0.1 million. After including effect for the accretion of the discount on the redeemable preferred stock of $0.7 million and the accrual of...
Allianz Shows Improvements, But Posts $593 Million Q1 Net Loss
May 16 2003 // Germany’s Allianz reported a first quarter net loss of 520 million euros ($593.06 million), mostly due to another series of writedowns in the value of its investments, but from an operating point of view...
