Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Kentucky DOI Warns Agents About Potential Loss of License
Mar 13 2003 // The Kentucky Department of Insurance issued a warning to agents that due to widespread non-compliance with renewal and address change requirements, many are facing loss of their authority to do business in the...
Swiss Re sigma Study Puts 2002 Cat Losses at $13.5 Billion
Mar 13 2003 // A new Swiss Re sigma report, “Natural catastrophes and man-made disasters in 2002,” estimates the cost to the insurance industry at $13.5 billion, $1.5 billion more than the company’s preliminary...
Argonaut Posts Losses, Agrees to Sell Stock to HCC
Mar 13 2003 // Despite gains in three of its four business segments, San Antonio-based Argonaut Group said it posted a $105.3 million net loss for the fourth quarter 2002 and an $87.0 million net loss for the year. The 2002 net loss was...
The Hartford Names Candy Cope Director of Stop Loss Sales and Marketing
Mar 12 2003 // The Hartford Financial Services Group announced that Candy Cope has been named Director of Sales and Marketing for Integrated Medical Solutions, The Hartford’s business unit that sells and services individual and...
Underwriting Losses Earn Warranty Insurer Lowered Rating
Mar 11 2003 // Nebraska-based auto warranty and service contract insurer National Warranty Insurance Co. has been downgraded to “B++” (Very Good) from “A-” (Excellent) by A.M. Best & Co. The rating action...
Munich Re Issues 2002 Natural Catastrophe Study; L.A., S.F. are High Risk
Mar 11 2003 // Munich Re has issued a new survey report – “topics Natural Catastrophes 2002.” The study found that “storms and floods have an even greater impact on insurers’ claims burdens than in the year...
S&P Indicates No Rating Changes After R&SA Earnings Report
Mar 10 2003 // Standard & Poor’s Ratings Services issued a statement that Royal & Sun Alliance Insurance PLC’s recent earnings announcement, which stated that its operating companies’ statutory surplus has...
P/C INSURERS EXPECTED TO PAY $5.8B FOR INSURED PROPERTY-LOSS CATASTROPHE LOSSES
Mar 10 2003 // U.S. property/casualty insurers are expected to pay an estimated $5.8 billion in insured property-loss claims from catastrophes last year, making 2002 the fourth-lowest year in losses in the last 10, according to...
EPLI Market on the Run
Mar 10 2003 // It is often said that every situation has a light at the end of the tunnel, but the employment practices liability scene may have to squint just a little harder to see those rays of hope while higher prices, more courtroom...
EPLI-Higher Prices, More Claims, Tighter Underwriting
Mar 10 2003 // It is often said that every situation has a light at the end of the tunnel, but the employment practices liability scene may have to squint just a little harder to see those rays of hope while higher prices, more courtroom...
Bancinsurance Corp. Profits Down 71% in 2002
Mar 6 2003 // Bancinsurance Corp., the Columbus, Ohio-based parent of P&C insurer Ohio Indemnity Co., reported a profit of $889.6 million in 2002, down 71 percent from $3.1 billion in 2001, thanks in part to an after-tax charge of...
Vesta Reports Gains in 4th Qtr. 2002
Mar 3 2003 // Vesta Insurance Group Inc. of Birmingham, Ala., reported net operating earnings of $4.5 million, or $0.13 per share in the fourth quarter 2002 compared to a loss of $2.3 million, or $(0.07) per share for the corresponding...
Co-operators General Company Notes 4thQ 2002 Loss of $2,518,000
Mar 3 2003 // Toronto-based Co-operators General Insurance Company announced its financial results for the quarter ended Dec. 31, 2002. For the fourth quarter, the company reported a consolidated after-tax net loss of $2.5 million,...
AXA Reports 10% Gain in 2002 “Underlying Earnings”
Feb 27 2003 // France’s AXA Group posted a 10 percent increase in “underlying earnings” for the year 2002, helped by significant increases in premiums in its P/C business. The results, while generally good, also reflect...
Zurich Confirms $3.4 Billion 2002 Loss; Best Sees No Change in Ratings
Feb 27 2003 // Swiss-based Zurich Financial Services (ZFS) confirmed previous indications that 2002 was a very bad year by posting a $3.4 billion net loss. The losses were mainly due to special writeoffs and the decline in equity values,...
Montpelier Re Reports Q4 Net of $73.7 Million; Full Year $152 Million
Feb 27 2003 // Montpelier Re Holdings Ltd., the Bermuda-based reinsurer formed by the White Mountains insurance group, reported net income of $73.7 million, or $1.11 diluted earnings per share, for the three months to December 31, 2002...
MIIX Group Reports Q4, Full Year Results
Feb 27 2003 // The New Jersey based MIIX Group, Inc., a provider of medical professional liability insurance services, announced a net operating loss for the fourth quarter ended December 31, 2002, of $63.7 million, or $4.77 per share,...
Swiss Re’ Expects $74 Million 2002 Loss; January Renewal Rates up 10%
Feb 26 2003 // Swiss Re indicated that it expects to post a net loss in the CHF 100 million ($73.7 million) range for the year 2002, due primarily to weakness in global equity markets, but the company also announced that the January...
Erie Indemnity Reports Gains in Q4 and Full-Year 2002 Results
Feb 26 2003 // Erie Indemnity Company announced good results for the fourth quarter and full-year 2002 with Q4 net income reaching $33.9 million, up from $5.9 million for the same period in 2001. The announcement also noted that —...
Arch Capital Group Ltd. Unveils 4thQ, 2002 Numbers
Feb 25 2003 // Bermuda-based Arch Capital Group Ltd. reported that net premiums written for the 2002 fourth quarter were $439.2 million, of which the company’s reinsurance and insurance operations contributed net premiums written...
