Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
ESG Re Reports 2002 Third Quarter and Year End Results; 2001 Restatement
Apr 2 2003 // Bermuda’s ESG Re Limited has released the anticipated restatement of its 2001 results and its third quarter results in 2002. The company also posted its full year 2002 results. A dispute with its former auditors over...
Lloyd’s Announces Financial Results – $1.32 Billion Profit for 2002
Apr 2 2003 // After weathering asbestos claims, various disasters and the Sept. 11 attacks, Lloyd’s announced today that 2002 was a spectacularly profitable year. The 315-year old insurance market posted net profits on an annual...
Calif. Workers’ Comp Community Mourns Loss of Alan Tebb
Apr 2 2003 // Alan Tebb, former general manager of the California Workers’ Compensation Institute, the research and education arm of the California workers’ compensation industry, passed away March 31 following a brief...
SCOR Posts $496 Million* Loss for 2002
Apr 1 2003 // France’s Scor Group, the world’s seventh largest reinsurer, registered a net loss of 455 million Euros ($496 million) for the year 2002; 55 million Euros ($60 million) more than it had said it expected in...
Allcity Insurance Reports $3.748 Million 2002 Net Loss
Mar 31 2003 // Allcity Insurance Company, an operating subsidiary of New York’s Empire Group, which is currently in runoff, reported a net loss of $3,748,000 or $0.53 per share for the year ended December 31, 2002 compared to a net...
NAII: Ohio Industry Critic’s Report on Credit Scoring Misleading
Mar 31 2003 // A report released this month regarding Ohio insurers’ use of credit-based insurance scores incorrectly asserts that such scores intentionally and unfairly create a disproportionate impact on minority and low-income...
The Seibels Bruce Group Reports Lower Profit in 4Q 2002
Mar 31 2003 // South Carolina’s The Seibels Bruce Group Inc., announced financial results for the fourth quarter and year that ended December 31, 2002, reporting it posted a net profit of $805 thousand, or $0.09 per share (basic...
Swiss Re Reports $66 Million Net Loss for 2002; to Reduce Dividend Payment
Mar 27 2003 // Swiss Re, the world’s second largest reinsurer, didn’t manage to dodge the bullet as successfully as its German rival (see previous article). The Group announced that it expects to post a net loss of SwF 91...
Munich Re Posts $1.7 Billion 2002 Net Profit; Premiums Up 10.8%
Mar 27 2003 // Munich Re, the world’s biggest reinsurer, managed to avoid the falling equity values and rising reserve costs that bedeviled many insurers last year. On Thursday the company reported provisional figures showing Group...
Munich Re Issues 2002 Natural Catastrophe Study; L.A., S.F. are High Risk
Mar 24 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...
Med Mal Fever: When Doctors Walk Out, Politicians Notice
Mar 24 2003 // They’re baaack. High-flying medical malpractice liability claims losses, that is. The availability crisis of the 1970s and the affordability crisis of the 1980s may be nothing compared to the crisis insurers and...
Does the economy drive sub-standard automobile insurance in California’
Mar 24 2003 // Have we finally arrived at the point where the economy is a critical factor in personal automobile insurance? Not quite but it is my opinion that we are closing in. Although insurance company annual statements do not...
Study Says Lower Scores Mean Higher Loss Claims
Mar 24 2003 // The lower a named insured’s credit score, the higher the probability that the insured will incur losses on an automobile insurance policy, and the higher the expected loss on the policy.” That’s the...
Is the Economy Driving the Sub-Standard Auto Market in Texas’
Mar 24 2003 // Have we finally arrived at the point where the economy is a critical factor in personal automobile insurance? Not quite, but it is my opinion that we are closing in. Although insurance company annual statements do not...
Near North Posts Increased Revenue for 2002
Mar 21 2003 // Chicago-based brokerage Near North National Group announced today that 2002 revenue increased 11 percent to over $120 million. In addition to the excellent performance of the brokerage operations, several other Near North...
Allianz Posts $1.28 Billion 2002 Loss; Cites Write-downs, Dresdner, Flood Losses
Mar 20 2003 // Germany’s Allianz AG joined the parade of big insurance companies that had a very bad year in 2002. For the first time since the end of the Second World War Europe’s largest insurer posted an annual loss, and...
Infinity P&C Happy with 4th Quarter, Year 2002 Results
Mar 20 2003 // Infinity Property and Casualty Corporation of Birmingham, Ala. today reported earnings of its operations for the 2002 fourth quarter and full year as well as pro forma earnings as though Infinity had been a public company...
Generali Posts $800 Million 2002 Loss
Mar 19 2003 // Italy’s Generali joined the growing list of big insurance companies – it’s Europe’s 4th largest in terms of net premiums written – posting big losses with yesterday’s announcement that...
CNA Lowers Earnings $32 Million After SEC Complaints
Mar 19 2003 // Chicago-based CNA Financial Corp. has revised its net 2002 profit $32 million lower in response to complaints from the SEC about the timing and accounting of investment losses, according to a statement released by the...
AIA: Industry Investment Losses Not Driving Med Mal Premiums
Mar 19 2003 // Rising claims costs, not stock market losses, are the real culprit behind increasing medical malpractice premiums for Illinois physicians, a policy analyst for the American Insurance Association (AIA) told legislators at a...
