Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Fitch Notes Potential Unreported Losses from Sept. 11
Oct 9 2001 // Based on preliminary results of its survey of insurance and reinsurance company’s gross and net loss exposures from the events on Sept. 11, Fitch stated it believes that there could be potentially large unreported...
Lloyd’s Wellington Ups Attack Loss Estimates, Plans Capacity Increase
Oct 8 2001 // Wellington Underwriting, a leading operator of a number of Lloyd’s Syndicates, announced that its losses from the September 11 attacks on the U.S. would be around £50 million ($73.5 million), substantially more...
Hartford to Raise Equity Towards Sept. 11 Losses; S&P Removes from Watch, Affirms Hartford Financial
Oct 8 2001 // The Hartford Financial Services Group Inc. plans to raise equity capital to replace its estimated $450 million reduction in shareholders’ equity from the World Trade Center disaster of Sept. 11. The company plans to...
Lloyd’s Estimates U.S. Disaster Losses at$1.91 Billion
Oct 8 2001 // Lloyd’s of London, the world’s oldest and most visible insurer, finally released its projected loss figures from the disastrous events of Sept. 11. According to the calculations from over 100 syndicates, net...
Will Reinsurance Rebound from Terrorist Strikes in the U.S.’
Oct 8 2001 // If the nautical term best applied to the reinsurance industry last year at this time would have been “steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve...
New Focus on Business Interruptions Coverage
Oct 8 2001 // The destruction of the twin towers of New York’s World Trade Center and the sealing off of a large portion of lower Manhattan brought hundreds of business activities to a standstill, from the local newsstand to giant...
Financial, Human Losses Grow from Sept. 11 Tragedies
Oct 8 2001 // The financial and human losses from the events of Sept. 11 continue to haunt insurance companies at home and around world. Insurers have been assessing the impact and are beginning to pay claims with an as yet undetermined...
XL Estimates Attack Losses at $1.8 Billion Gross, $700 Million Net
Oct 5 2001 // Bermuda’s XL Capital expects gross claims stemming from the September 11 attacks on the U.S. to reach $1.8 billion, but it expects to recover $1.1 billion from reinsurance. The resulting net loss of $700 million...
Trenwick Ups Terror Loss Estimates to $100 Million
Oct 5 2001 // Bermuda’s Trenwick Group Ltd. announced that it has revised its overall loss estimates from the September 11 terrorist attacks from $50-$75 million to $100 million net of reinsurance recoveries. “On an after...
Ren Re Estimates $50 Million WTC Loss, But Continued Profitability
Oct 4 2001 // Bermuda’s Renaissance Re reported that its net losses as a result of the September 11 attack on the World Trade Center would be around $50 million and would impact third quarter earnings, but said that it still...
PartnerRe, Max Re See 3Q, Full Year Losses
Oct 4 2001 // Two Bermuda-based reinsurers, PartnerRe and Max Re, have indicated that they expect to show loss results for both the third quarter and probably the full year, caused for the most part by the direct and indirect effects of...
A.M. Best Issues Comment and Rating Implications of Sept. 11 Attacks
Oct 2 2001 // Since the morning of Sept. 11, A.M. Best Co. has been gathering public and private information in order to assess the financial impact as well as the nuances of insurance coverage associated with the tragic attacks. To...
Maryland Tornado Losses Top $30 Million
Oct 1 2001 // The damage to public and private property from the tornado which ravaged Prince George’s and Howard Counties last week has been preliminarily estimated at $31.7 million. No indications have yet been made concerning...
National Insurance Task Force Appoints New Chair, Works to Expand Accessibility in Lower-Income Comm
Oct 1 2001 // The National Insurance Task Force (NITF) appointed Clayton Adams, vice president of Community Development of State Farm Insurance Companies, as its chair. The NITF, which was convened by Neighborhood Reinvestment...
Alleghany Estimates Lloyd’s Losses at $112M
Oct 1 2001 // Alleghany Insurance Holding LLC’s parent company announced that it estimated its subsidiary would have losses of around $112 million net of reinsurance from the Sept. 11 attacks in the U.S. AIH, previously known as...
Latest Loss Estimates on WTC Disaster
Sep 28 2001 // The most recent loss estimates from the attacks on the United States show the scope of the tragedy, as insurers in London, Canada, and Bermuda made estimates of their potential damage exposures. Lloyd’s Cox Insurance...
Chubb Introduces Comprehensive EPL Loss Prevention Program
Sep 28 2001 // The Chubb Group of Insurance Companies is rolling out a comprehensive loss prevention program that will help more than 100,000 customers protect themselves against employment-related lawsuits. The program offers policies...
Erie Indemnity Estimates Exposure from National Tragedy
Sep 28 2001 // Erie Indemnity Company announced that its share of catastrophe losses stemming from the tragic attacks of September 11th is expected to amount to between $5.5 and $6.7 million before federal income taxes. The after-tax...
Rising Loss Estimates Heighten Concern for the Stability of Some Insurance Sectors September 28, 20
Sep 28 2001 // In light of rising estimates of losses from the World Trade Center tragedy, some sectors of the insurance industry could suffer significant damage to their financial stability, according to a new assessment by Weiss...
Christie Pabarue: WTC Losses May Spark High Failure Rate Among Reinsurers; Additional Strain on Insu
Sep 28 2001 // At a time when the economy is looking for significant capital investment, one of the major players, the insurance industry, may be put on the sidelines because of losses relating to the World Trade Center, according to...
