Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
AIG Reports It Will Add to General Loss Reserves
Feb 4 2003 // American International Group, Inc. (AIG) announced that it will incur a net, after tax charge of $1.8 billion in the fourth quarter of 2002 related to an increase of general insurance net loss and loss adjustment reserves....
Max Re Capital Posts Q4 Net Income of $0.29 per Diluted Share
Feb 4 2003 // Bermuda-based Max Re Capital Ltd. reported net income for the three months ended December 31, 2002 of $11.0 million, or income of $0.29 per diluted share, compared to net income of $10.1 million, or income of $0.26 per...
Transatlantic Holdings Adds $100 Million to Loss Reserves
Feb 4 2003 // Transatlantic Holdings, Inc. announced that it will add $100 million to net loss reserves in the fourth quarter of 2002, “related principally to losses occurring between 1998 and 2000 in certain casualty...
RMS Reconstructs Losses from U.K.’s 1953 Floods
Jan 31 2003 // California-based Risk Management Solutions, Inc., one of the world’s leading providers of products and services for catastrophe risk management, announced that it has released an in-depth study, “revealing the...
Endurance Specialty Posts $102 Million Net Income for 2002
Jan 31 2003 // Bermuda-based Endurance Specialty Holdings Ltd. announced that its net income for 2002 was $102 million, with gross premiums written and acquired of $799 million and net premiums written and acquired of $765...
Gallagher Earnings Up 29% in Fourth Quarter
Jan 30 2003 // Insurance brokerage giant Arthur J. Gallagher & Co. rode the hard market wave to a 29 percent increase in fourth-quarter net operating earnings of $40.8 million, or 44 cents per share, and the companys says the tide...
Harleysville Group Comments on Q4, Full-Year 2002 Earnings
Jan 30 2003 // Pennsylvania’s Harleysville Group Inc. announced that it expects full-year 2002 diluted operating earnings of between $1.90 and $1.94 per share, compared to $1.54 per share in 2001, and fourth-quarter 2002 diluted...
InsWeb Reports Fourth Quarter Financial Results
Jan 30 2003 // Sacramento-based InsWeb Corp. announced results for the fourth quarter and year ended Dec. 31, 2002. Revenues for the fourth quarter totaled $6.4 million, compared to $6.3 million in the fourth quarter of 2001. InsWeb took...
FM Global Unveils 2003 Property Loss Prevention Resource Catalog
Jan 29 2003 // Commercial and industrial property insurer FM Global recently released its free 2003 Property Loss Prevention Resource Catalog that contains a number of loss prevention products to aid risk managers, facility and plant...
The St. Paul Companies Point to 4thQ Numbers to Show Progress
Jan 28 2003 // Minnesota-based The St. Paul Companies announced fourth-quarter 2002 net income of $244.2 million, or $1.02 per share, compared to a fourth-quarter 2001 net loss of $736 million, or $3.57 per share. Fourth-quarter 2002...
SAFECO Reports Turnaround Year
Jan 28 2003 // Seattle-based SAFECO reported its best annual performance in four years, posting net income of $301.1 million – or $2.33 per diluted share – for the full year 2002. This compares favorably with 2001’s net...
Crawford Reports Lowered Revenues for 4Q 2002
Jan 28 2003 // Atlanta’s Crawford & Company announced that fourth quarter 2002 revenues before reimbursements totaled $173.7 million, down from $178.1 million in the comparable 2001 period. Operating earnings (earnings before...
New AIR Estimation Model Helps Insurers Price Terrorism Risk
Jan 27 2003 // In an effort to help property/casualty carriers racing to price and offer terrorism coverage after the passage of the Terrorism Risk Insurance Act, AIR Worldwide Corporation has introduced a new estimation model, the...
Risk Retention Groups Owning Up to Success
Jan 27 2003 // Due to the restricted coverages available in the market today, risk retention groups (RRGs) have experienced a significant amount of rapid growth over the past year. At a time when the industry is facing what is perhaps...
ACE Increases Asbestos Reserves; $354 Million Net After-tax Charge to Q4 Earnings
Jan 27 2003 // ACE Limited announced that it will incur a net after-tax charge to earnings of $354 million ($1.32 per share) in the fourth quarter of 2002, as a result of the need to strengthen reserves due to increased asbestos and...
New AIR Estimation Model Helps Insurers Price Terrorism Risk
Jan 27 2003 // In an effort to help property/casualty carriers racing to price and offer terrorism coverage after the passage of the Terrorism Risk Insurance Act, AIR Worldwide Corporation has introduced a new estimation model, the...
GAINS DOWN FOR P/C INSURERS
Jan 27 2003 // Property and casualty insurers suffered a staggering $6.6 billion decline in investment gains during the first six months of 2002, to $18.1 billion from $24.7 billion during the same period in 2001, according to Weiss...
Travelers P/C Notes 4thQ Net Loss of $793.4M as a Result of Prior Asbestos Reserve Charge of $1.3B
Jan 24 2003 // Travelers Property Casualty Corp. reported a net loss for the fourth quarter of $793.4 million or $0.79 per share, basic and diluted, compared to net income of $303.3 million or $0.39 per share in the prior year quarter....
WCIRB Releases Summary of Terrorism Loss Cost Estimates for 11 States & D.C.
Jan 23 2003 // The California Workers’ Compensation Insurance Rating Bureau (WCIRB) has prepared and released a summary of loss cost estimates for 11 states and the District of Columbia that were published by the NCCI based on the...
Penn-America Posts 2002 Income Gains; Q4 Operating Income up 41.7%
Jan 23 2003 // Penn-America Group, Inc. reported that its fourth quarter operating income increased 41.7 percent to $2.9 million or $0.24 per share (basic and diluted), compared with operating income of $2.1 million or $0.18 per share...
