Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
HCC CONFIRMS WTC LOSSES
Oct 22 2001 // Houston-based HCC Insurance Holdings Inc. confirmed its net loss from the World Trade Center disaster would be approximately $30 million before tax. Losses are expected to arise primarily from the property, A&H and WC...
Fitch Outlines Plans to Resolve Sept. 11-Related Insurer Rating Watches
Oct 19 2001 // On Oct. 16, Fitch outlined the timing, process and determining factors that will affect the resolution of those ratings that were placed on Rating Watch as a result of Fitch’s review of insurance and reinsurance...
Hartford Financial Services Group Expects $440 Million 3Q Loss
Oct 18 2001 // Hartford Financial Services Group Inc. said it will take a loss of $440 million in the third quarter for paying claims arising from the destruction of the World Trade Center Sept. 11 and said it envisions an operating loss...
Hartford WTC Losses Slightly Less Than Estimated
Oct 17 2001 // The Hartford estimates that its overall losses from the World Trade Center disaster will be around $440 million for the third quarter of the year, slightly down from its initial figure of $450 million. Net losses related...
S&P Puts Le Mans Re on CreditWatch Developing Due to WTC Loss Estimates
Oct 17 2001 // Standard & Poor’s announced that it now considered its CreditWatch already in place on Le Mans Re to be “developing” rather than “positive” primarily due to its loss estimates from the...
Cincinnati Financial Corporation Estimates Sept. 11 Losses at $8.7 Million
Oct 16 2001 // Cincinnati Financial Corporation, which offers property and casualty insurance through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company, reported that Sept. 11 pre-tax...
IPC Holdings Increases Terror Loss Estimates to $95 Million
Oct 15 2001 // Bermuda-based IPC Holdings, Ltd., which is controlled by American International Group, increased its estimated impact of losses from the attacks of September 11 from $75 million to $95 million, “based on updated...
ING Cuts Earnings Target from 17% Growth to 5%
Oct 15 2001 // ING, the Netherlands biggest insurance and financial services group, announced that it was cutting its full year operational net profit growth forecast from a 17 percent increase to just 5 percent. The company cited the...
Financial Toll Mounts From Sept. 11 Tragedy, Lessons Emerge
Oct 15 2001 // The financial and human losses from the events of Sept. 11 continue to haunt insurance companies across the country and for that matter, the world. Following the tragedies that impacted New York City, Washington, D.C., and...
New Focus On Business Interruptions Coverage
Oct 15 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...
RSA Raises Terror Loss Estimate to $289 Million
Oct 12 2001 // The U.K.’s Royal & Sun Alliance Insurance Group announced yesterday that it now expects its losses from the September 11 attacks on the U.S. will be around £200 million ($289 million) net of reinsurance...
Zurich Ups WTC Loss Estimates, Lowers Profit Target
Oct 9 2001 // Zurich Financial Services became the latest insurer to double its preliminary loss estimates from the September 11 attacks when it stated that it expected they now would be between $700 and $900 million, net of reinsurance...
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...
