Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Welcome to the 3rd Annual “Top Ten Stories of the Year”
Dec 24 2001 // In what became one of the most significant, traumatic and challenging years in U.S. history, the insurance industry, along with the rest of the nation, has had to come to terms with the terrorist attacks perpetrated...
SAFECO EXPECTS ENRON LOSSES
Dec 24 2001 // Insurer SAFECO Corp. stated that it expects fourth-quarter profits to be cut by insurance policies sold to Enron Corp., investments it held in the bankrupt energy trader, and worse-than-expected losses in its homeowner...
XL Puts Enron Loss Exposure at $75 Million; S&P Affirms ‘A+ Ratings
Dec 21 2001 // Bermuda’s XL Capital Ltd. announced that its estimated net aggregate insurance and reinsurance underwriting exposures in connection with the bankruptcy of Enron could total approximately $75 million before taxes....
Swiss Re Estimates Enron Losses at $173 Million; Reports on Financial Intermediaries
Dec 21 2001 // Swiss Re announced that its exposure to Enron related losses is $173 million before tax, around $118 million after tax. It also announced the release of its latest sigma study, “World financial centres: New horizons...
New York Attack Caused Record Losses for Property Insurers
Dec 21 2001 // Initial Swiss Re estimates say that 2001 was a very costly year for property insurers. In a PRNewswire report, man-made and natural catastrophes claimed more than 33,000 lives worldwide in 2001, with the direct financial...
AXA Lowers Earnings Expectations for 2001
Dec 18 2001 // France’s AXA Group estimated that, after assessing the consequences of the WTC attacks, the impact of potential permanent impairments on assets and difficult market conditions, it expected cash earnings for 2001 to...
Top 10 Stories of 2001
Dec 17 2001 // Recollections and Renewal: Looking Back at 2001 with an Eye to the Future This is the year that was. It is one that many people will be glad to see come to an end because the new year always brings hope—for a rebirth,...
PartnerRe Estimates Net Loss Exposure to Enron at $34 Million
Dec 14 2001 // Bermuda’s PartnerRe Ltd. announced that its aggregate loss exposure following the collapse of Enron Corp. was approximately $49 million on a pre-tax basis, and $34 million after tax. “The bulk of...
Chubb Foresees 2002 Earnings to be At Low End of Estimates
Dec 14 2001 // Insurer Chubb Corp. announced it foresees its 2002 earnings will be at the low end of Wall Street estimates as the insurance industry tangles with high losses and costs. According to a Reuters report, New Jersey-based...
Erie Ups Dividend, Takes Q4 Capital Losses
Dec 13 2001 // The Board of Directors of the Erie Indemnity Company voted an 11.5 percent dividend increase on its common stock from 15.25 cents a share to 17 cents, while at the same time it recognized charges for capital losses in the...
SAFECO Sees Losses Due to Enron Collapse
Dec 12 2001 // Insurer SAFECO Corp. commented on Tuesday it expects fourth-quarter profits to be cut by insurance policies sold to Enron Corp., investments it held in the bankrupt energy trader, and worse-than-expected losses in its...
Seminar Discusses Reducing Losses and Lowering Workers’ Comp Costs
Dec 11 2001 // In a seminar attended by leading Las Vegas construction company executives, Jack Schreiner of S & C Claims Services outlined how aggressive claims handling can reduce their losses and lower worker’s compensation...
Everest Re Estimates Enron Losses at $25 Million
Dec 10 2001 // Barbados-based Everest Re Group, Ltd. announced that a preliminary estimate of its loss exposure following the collapse of Enron would amount to around $25 million net after reinsurance and tax recoveries. The estimate...
I.I.I. Sees Little Impact Sept. 11 Losses on 2002 Auto, Homeowners
Dec 7 2001 // Insurance losses from the Sept. 11 terrorist attacks, the largest loss in insurance history, will have little impact on the cost of auto and homeowners insurance next year, according to the Insurance Information Institute...
Experts Differ on Loss Figures for Queens Air Tragedy
Dec 3 2001 // The crash on Nov. 12 of American Airlines (AA) Flight 587, an Airbus A-300-600, with the loss of all 260 people on board and 5 on the ground, shocked New Yorkers and the rest of the nation. Coming almost two months to the...
Basics of Business Interruption Insurance
Dec 3 2001 // In the wake of the terrorist attacks on the World Trade Center and the weekly reports of new anthrax scares, businesses are evaluating what coverage would be available to them if their own business is interrupted....
Munich Re Posts $1 Billion 3Q Loss, Comments on Terrorism Coverage
Nov 30 2001 // Munich Re, the world’s largest reinsurer, suffered a commensurately large loss in the 3rd quarter of €1.2 billion ($1.05 billion) after tax. In addition to the estimated €2.1 billion ($1.85 billion) losses...
Lloyd’s Raises Sept. 11 Net Loss Estimates 45%
Nov 28 2001 // Lloyd’s revised estimates of the net losses suffered by its syndicates as a result of the destruction of the World Trade Center and related events to £1.9 billion ($2.7 billion), £600 million ($849...
Old Republic International Corp. Reports Improved Earnings
Nov 21 2001 // Chicago-based insurance holding company, Old Republic International Corporation, reported improved earnings for this year’s third quarter and first nine months. All of this growth was due to higher profits in each of...
Silverstein Claims Pair of Losses in WTC Disaster
Nov 19 2001 // The man who held the master lease on the World Trade Center is standing by his claim that the loss of the Twin Towers on Sept. 11 was two losses, not one, despite the call by insurer Swiss Re that there was only one loss...
