Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Everest Re Estimates Q1 2021 Catastrophe Losses of $260 Million
Apr 20 2021 // Bermuda-based Everest Re Group Ltd. estimates pre-tax catastrophe losses for the first quarter of $260 million. Breaking down that total, Everest said the Texas winter storms will cost $250 million, while Australia’s...
Insurers Report Estimated Q1 Catastrophe Losses
Apr 20 2021 // Carriers are starting to report their pretax catastrophe loss estimates for the 2021 first quarter, and the numbers are significant. Below are preliminary numbers from Allstate, Arch, AXIS, and The Hanover. *** The...
Arch Capital Estimates Q1 Catastrophe Losses Could Reach $190 Million
Apr 19 2021 // Arch Capital Group Ltd. estimated a range of pretax catastrophe losses of $180 million to $190 million for the first quarter across its property casualty insurance and reinsurance segments. A major reason for the claims...
P/C Insurers Show 2020 Underwriting Profits Despite COVID-19: Fitch
Apr 19 2021 // Despite considerable operating challenges in 2020 from the global COVID-19 pandemic, U.S. property/casualty (P/C) insurers saw a statutory underwriting profit for the third consecutive year, with an average 99% combined...
AXIS Capital Estimates Q1 Pre-Tax Catastrophe Losses of $105M-$115M
Apr 15 2021 // Bermuda-based AXIS Capital Holdings Ltd. announced a preliminary, pre-tax first quarter net loss estimate for catastrophes and other weather-related events in the range of $105 million to $115 million, or $95 million to...
RenaissanceRe Expects Q1 Loss from U.S. Winter Storm Uri
Apr 15 2021 // Bermuda-based RenaissanceRe Holdings Ltd. estimated that losses from Winter Storm Uri will have a net negative impact of approximately $180 million on the company’s first quarter 2021 results of operations. Winter...
UN Summit to Seek Support from Insurers, Bankers to Stem Loss of Global Biodiversity
Apr 15 2021 // Organizers of a United Nations summit where world leaders will seek to negotiate an accord for nature akin to the Paris climate agreement want banks and fund managers to play their part in protecting the planet’s...
U.S. P/C Insurers Report 2020 Underwriting Profits Despite Costs of COVID-19: Fitch
Apr 12 2021 // Despite considerable operating challenges in 2020 from the global COVID-19 pandemic, U.S. property/casualty (P/C) insurers saw a statutory underwriting profit for the third consecutive year, with an average 99% combined...
Texas OKs NCCI’s Workers’ Comp Loss Cost Filing Effective July 1
Apr 6 2021 // The National Council on Compensation Insurance’s (NCCI’s) advisory loss cost filing for Texas with an effective date of July 1, 2021, has been accepted by state insurance regulators. The Texas Department of...
London Market Insurers’ 2020 Profits Canceled by COVID-19 but Rates Are Rising
Apr 1 2021 // Pandemic-related losses in 2020 were substantial for London market insurers and offset most underwriting and investment returns, according to a report published by Fitch Ratings. The main drivers of losses were event...
K2 Insurance Services Acquires Montana’s Loss Run Pro
Apr 1 2021 // K2 Insurance Services, based in San Diego, Calif., has invested in Loss Run Pro LLC, headquartered in Missoula, Montana. LRP, founded in early 2020 by Reghan Brandt, was a participant in BrokerTech Ventures’ (BTV)...
Australia’s Floods to Hit Insurers’ Earnings, Put Upward Pressure on Reinsurance Rates
Mar 31 2021 // Insured losses from Australia’s March floods are expected to hit general (or property/casualty) insurers’ underwriting margins and earnings in 2021, while putting more upward pressure on reinsurance rates,...
Lloyd’s Expects Large Loss from Suez Canal Blockage
Mar 31 2021 // The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion)...
Caesars in Nevada Puts Pandemic Losses At $2B, Wants Insurers to Pay
Mar 29 2021 // Casino giant Caesars Entertainment Inc. is putting its losses because of the coronavirus pandemic in 2020 at more than $2 billion, and is suing a long list of insurance carriers it accuses of balking at paying its business...
Suez Canal Blockage Likely to Bring Large Losses for Global Reinsurers: Fitch
Mar 29 2021 // The blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event for the reinsurance industry, according to Fitch Ratings. This event will reduce global reinsurers’...
Bail Bond Insurance Industry Spends to Defend Profitable Business Against Critics
Mar 26 2021 // Insurance companies have spent $17 million to defeat proposals to weaken or abolish the for-profit bail industry in the United States, a system that brings insurers $15 billion in business a year, according to a Reuters...
Industry Loss Reserves Redundant by $28 Billion: Assured Research
Mar 24 2021 // Analysts at Assured Research delivered some surprises in a report on property/casualty insurance industry loss reserves Monday, finding that reserves are $28 billion redundant and predicting that some hard market pricing...
Pandemic Losses for P/C Insurers Will Take Years to Determine: Fitch
Mar 22 2021 // Incurred pandemic losses for U.S. property/casualty insurers increased only modestly in fourth quarter of 2020 from earlier quarters in the year. Still, the amount of ultimate losses remains unclear and will take several...
Florida Insurers Sustain ‘A’ Ratings, For Now, As 2020 Industry Losses Top $1.5B
Mar 17 2021 // Ratings agency Demotech has affirmed the ‘A’ ratings of the Florida homeowners carriers it rates, which account for approximately 66% of the state’s market, after review of 2020 year-end and projected Q1...
Disaster Loans Available for Drought Losses in Arizona Counties
Mar 16 2021 // The U.S. Small Business Administration has announced that small non-farm businesses in all 15 counties in Arizona may apply for low-interest federal disaster loans to offset economic losses from drought. Eligibility...
