Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Claims Management Firm Crawford & Co. Posts 4Q Loss for 2022
Mar 8 2023 // Crawford & Co. (CRD. A), a claims management and adjusting firm for insurers, reported a fourth-quarter loss of $14.1 million, after reporting a profit in the same period a year earlier. On a per-share basis, the...
Yellen Warns Climate Change Could Trigger Asset Value Losses, Harming Economy
Mar 7 2023 // Climate change is already having a major economic and financial impact on the United States and may trigger asset value losses in coming years that could cascade through the U.S. financial system, Treasury Secretary Janet...
Ryan Specialty Posts 54% Jump in Q4 Net Income
Mar 1 2023 // Ryan Specialty reported a 54.6% increase in fourth quarter net income to the same period the prior year, while revenue outpaced Q4 2021 by 14.9%. The Chicago, Illinois-based specialty insurance firm reached fourth quarter...
State Farm P/C Businesses Report $13B Underwriting Loss
Mar 1 2023 // Late last year, State Farm’s chief executive broke the news that the auto giant would record the largest underwriting loss in its 100-year history for 2022. On Monday, the news became official with a huge number...
Cyberattack on Boston Labor Union Results in $6.4M Loss
Mar 1 2023 // A cyberattack on a Boston-based labor union’s health fund resulted in the loss of $6.4 million, but it does not appear that the personal information of members was stolen or compromised, union officials said. Federal...
Insurer Startup Trium Cyber Finds Path to Profits, With Large Business Focus
Feb 28 2023 // This profile of Trium Cyber is the inaugural article in a regular series of Company Spotlights, published by Insurance Journal, which cover the insurance industry’s startups and innovators. Trium Cyber is the...
Berkshire Hathaway Reports First Underwriting Loss Since 2017, Drop in GEICO Staffing
Feb 27 2023 // Berkshire Hathaway recorded its first full-year underwriting loss since 2017—but a small one—as strong profits from reinsurance operations were almost enough to counterbalance the deteriorating results from the...
Florida’s Universal Insurance Bounces Back in Q4 After Hurricane Ian Losses
Feb 27 2023 // Universal Insurance Holdings Inc. (UVE), parent company of Universal Property & Casualty Insurance Co., last week reported net income of $25.1 million in its fourth quarter, a sharp increase from the previous...
Root Books Another Net Loss; Stays Positive on Embedded Insurance Results
Feb 23 2023 // Calling embedded insurance the “next secular trend in distribution,” Root Inc. CEO Alex Timm in a letter to shareholders said the company has an advantage to scale access in the channel and become...
Moody’s RMS Estimates $5B Insured Losses From Turkey Quake as Costs Keep Mounting
Feb 23 2023 // The economic and insured losses from the earthquakes that hit southern Turkey on Monday, Feb. 6 continue to escalate as damage information and data keeps pouring in. The catastrophe risk modeling firm Moody’s RMS...
Epstein Victims Say Banks Chose Profits Over Following Law
Feb 22 2023 // Deutsche Bank AG and JPMorgan Chase & Co. chose to profit from Jeffrey Epstein’s sex-trafficking venture rather than follow the law, victims of the pedophile told a judge, urging him not to throw out their...
Loss Adjuster McLarens Forms Strategic Alliance in Egypt, Expanding Regional Footprint
Feb 21 2023 // Global claims services provider McLarens has established a strategic alliance with Egypt Global Adjusters (EGA), a leading Egyptian loss adjusting firm, headquartered in Cairo. Operating as McLarens’ exclusive...
Allstate’s Plan to Return to Profit in Auto
Feb 20 2023 // Following a year of turbulence in its auto insurance business, Allstate Corp. outlined what CEO Tom Wilson called the company’s number one priority: improve margins. Allstate ended 2022 with an unprofitable 110.1...
2 Big Cannabis Insurance Providers Say Losses from California Storms Not as Bad as Feared
Feb 20 2023 // Just how big an impact the recent historic California storms had on the state’s cannabis industry is still coming into focus, and while two of the biggest players in California’s cannabis insurance market are...
QBE Insurance Announces $1.9 Billion Loss Portfolio Transfer With Enstar
Feb 17 2023 // QBE Insurance Group announced a reinsurance transaction with legacy acquisition specialist Enstar, designed to de-risk the group’s exposure to portfolio reserves totaling US$1.9 billion. “This portfolio...
RiverStone Int’l Secures Excess-of-Loss Reinsurance to Support Growth at Lloyd’s
Feb 17 2023 // RiverStone International, the largest provider of legacy solutions in the Lloyd’s market, announced it has secured an innovative multi-year excess-of-loss corporate member reinsurance cover. The reinsurance has been...
Allianz Returns to Q4 Net Profit After U.S. Funds Debacle
Feb 17 2023 // Germany’s Allianz on Friday swung to a fourth-quarter net profit, rebounding after taking big charges a year earlier for a U.S. funds scandal and as a higher investment margin boosted its life and health insurance...
Allstate: $307M in January Cat Losses and Keeps the Auto Rate Hikes Coming
Feb 17 2023 // Allstate Corp. said it estimated catastrophe losses for the month of January of $307 million, or $243 million after-tax from nine events primarily in Texas and California. Catastrophe losses for the January events were...
AIG Sees Q4 Profit Fall but General Insurance Underwriting Jumps 27%
Feb 16 2023 // Fourth quarter 2022 net income attributable to American International Group common shareholders fell to $264 million from about $3.7 billion the year prior, but the insurer’s general insurance business ended the year...
Coalition Cyber Insurance Now Offered to Large Enterprises With Revenue Up to $5B
Feb 14 2023 // Coalition announced it has expanded its cybersecurity insurance offering to enterprise businesses with revenues up to $5 billion. The company’s increased capacity above its existing limit of $1 billion comes from a...
