Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Investigators Probe Failure of Italy’s Vega C Rocket; Satellite Insurers Expect Profit Hit
Dec 22 2022 // An investigation is being launched after the latest version of Italy’s Vega C rocket failed on its second mission, destroying two Earth-imaging satellites and further complicating Europe’s access to space on...
Tenn. Chalks 10% Cut in Workers’ Comp Loss Costs, Marking a Decade of Reductions
Dec 21 2022 // Tennessee’s insurance commissioner has approved a 10.2% average decrease in workers’ compensation loss costs for the voluntary market, marking the 10th-straight reduction for the state. The Dec. 14 order from...
RiverStone Enters Loss Portfolio Transfer Reinsurance Agreement With AXIS Capital
Dec 16 2022 // RiverStone International, the Bermuda-based acquirer and reinsurer of legacy and discontinued insurance business, announced it has entered into loss portfolio transfer (LPT) reinsurance agreements with affiliates of AXIS...
Generali Raises Projected Profit Boost From Purchase of Cattolica
Dec 13 2022 // Italy’s biggest insurer Generali on Tuesday raised the projected boost to its earnings from last year’s purchase of smaller rival Cattolica, and ruled out negative impacts from new accounting...
Generali Plans Sale of €20B Italian Life Portfolio, Aiming to Improve Profits: Sources
Dec 7 2022 // Assicurazioni Generali SpA is planning to sell a roughly €20 billion ($21 billion) Italian life insurance portfolio as part of a plan to improve profitability, people familiar with the matter said. The Italian insurer,...
Fraudulent Funds Transfer, Ransomware Are Main Drivers of Cyber Loss: Corvus
Dec 7 2022 // According to new data from Corvus Insurance, fraudulent funds transfer (FFT) continues to generate substantial losses for organizations. FFT comprised 36% of of the company’s cyber claims – an all-time high –...
A Near-Term Return to Underwriting Profit in Auto ‘Highly Unlikely’: AM Best
Dec 6 2022 // Apparently nothing has changed within the last several months to change AM Best’s negative outlook on the U.S. personal lines insurance segment. Tuesday the insurance industry rating agency said it was maintaining...
New Mexico Approves Decrease in Workers’ Comp Loss Costs
Dec 6 2022 // The New Mexico Office of Superintendent of Insurance approved a rate proposal submitted by the National Council on Compensation Insurance that will reduce voluntary workers’ compensation loss costs by an average of...
Hurricane Ian Drives Global Insured Losses of $115B From Natural Disasters: Swiss Re
Dec 1 2022 // Hurricane Ian and other natural catastrophes, such as European winter storms, floods in Australia and hailstorms in France and the U.S., have cost global insurers an estimated $115 billion so far this year, according to a...
Root Reports $64M Q3 Net Loss
Nov 21 2022 // Root Inc. reported a third-quarter net loss of $64 million, down from a net loss of $133 million during the same quarter last year. Year-to-date losses sit at $230 million, which is down from $411 million at the end of the...
FEMA Projects $3.5-$5.3B NFIP Losses for Hurricane Ian
Nov 21 2022 // The Federal Emergency Management Agency has projected an initial estimate of Hurricane Ian losses for the National Flood Insurance Program, putting them in the range of $3.5 billion to $5.3 billion, including loss...
Lemonade Records Net Loss, Top and Bottom Line Growth
Nov 18 2022 // Insurtech Lemonade booked a third-quarter net loss of $91.4 million compared with a net loss of $66.4 million during the same quarter last year, but in a letter to shareholders, the company said both top and bottom lines...
Florida Citizens Expects 5,000 claims and $63 Million in Losses from Nicole
Nov 17 2022 // Citizens Property Insurance Corp. has released its first estimate on losses from Hurricane Nicole, a category 1 storm that hit Florida’s east coast Nov. 10. Modeled losses plus loss adjustment expenses – but not...
RMS: Less Than $2B in Insured Losses from Hurricane Nicole
Nov 16 2022 // Catastrophe modeler RMS said private market U.S. insured losses from Hurricane Nicole are estimated at less than $2 billion, with a best estimate of $1.6 billion. This estimate represents insured losses associated with...
Florida Citizens Revises Ian Loss Estimate to $3.8B, Including Litigation Expenses
Nov 15 2022 // Direct losses, litigation and other expenses from Hurricane Ian will reach $3.8 billion for Florida’s Citizens Property Insurance Corp., but that’s still below the threshold that would trigger an assessment on...
Legacy Specialist Enstar Completes Loss Portfolio Transfer With Argo Group
Nov 14 2022 // Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, announced that one of its wholly owned subsidiaries has closed its loss portfolio transfer transaction with specialty insurance underwriter Argo Group...
FEMA Projects $3.5-$5.3B NFIP Losses for Hurricane Ian
Nov 14 2022 // n Friday, the Federal Emergency Management Agency announced an initial estimate of Hurricane Ian losses for the National Flood Insurance Program, putting them in the range of $3.5-$5.3 billion, including loss adjustment...
UPC Reports $173M Loss for Q3, Begins Personal Lines Non-Renewals Jan. 1
Nov 14 2022 // The parent company of United Property & Casualty Co., already working to close up shop in Florida and other states after years of financial setbacks, reported a $173 million net loss for the third quarter of this...
Nicole’s Insured Losses Less Than $1B, but Some Florida Homes Washed Into the Sea
Nov 14 2022 // Insured losses from Hurricane Nicole, a category 1 storm that came ashore on Florida’s east coast last week, will be no more than $750 million, a fraction of the level of losses caused by Hurricane Ian six weeks...
BRP Group Posts 91% Revenue Growth, but Still Saw Loss in Q3
Nov 9 2022 // BRP Group, the parent company of the national brokerage known as Baldwin Risk Partners, announced a near-doubling of revenue for the third quarter of 2022 over this time last year, but it still saw a net loss of $47...
