Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Louisiana Workers’ Comp Insurer, Amerisafe, Reports Profitable Quarter
May 1 2020 // DeRidder, Louisiana-based workers’ compensation insurance company, Amerisafe Inc., has reported a first quarter profit of $10.8 million. The company posted revenue of $79.2 million in the period; adjusted revenue was...
Willis Towers Watson Withdraws 2020 Target on COVID-19 Crisis; Q1 Revenues Up 7%
May 1 2020 // Willis Towers Watson is withdrawing its 2020 guidance due to the uncertainties caused by the COVID-19 pandemic. The broker said it will re-assess the guidance once it has a clearer understanding of the depth, duration, and...
Penn. High Court Deals Potential Blow To Carriers’ Denial Of Business Income Claims
May 1 2020 // In a case where no insurance company or insurance claim was involved, the Pennsylvania Supreme Court issued a ruling that could potentially negate one of the insurance industry’s standard bases for denial of coverage...
Allianz Withdraws 2020 Profit Target on Pandemic Uncertainties
May 1 2020 // Allianz SE withdrew its forecast for the year as Europe’s biggest insurer struggles with the fallout from the Covid-19 pandemic. Given the economic uncertainty, the board “does not assume that Allianz can...
Markel Estimates COVID-19 Losses of $325 Million
Apr 30 2020 // Diverging from strategies of some competitors, Markel Corp. established a big reserve for a chunk of its potential COVID-19 exposure for the entire year—putting up $325 million for direct potential losses. The holding...
Swiss Re Reports Q1 Loss of $225M as Impact of COVID-19 Crisis Begins to Hit
Apr 30 2020 // Reinsurer Swiss Re swung into a net loss in the first quarter of 2020 as the impact of the coronavirus outbreak began to bite, it said on Thursday. The Zurich-based company booked a hit of $476 million for anticipated and...
Liberty Mutual Estimates Q1 Loss from Coronavirus to Be Like Moderate Catastrophe
Apr 28 2020 // Global insurer Liberty Mutual said the COVID-19 pandemic is likely to have the most impact on its first quarter investment portfolio results, with its business in trade credit, general liability, workers compensation, and...
Brown & Brown Reports Q1 Revenue Up; Takes Steps to Anticipate Coronavirus Impact
Apr 28 2020 // Insurance agency Brown & Brown saw revenues and net income increase in the first quarter, even after accounting for expected lower revenues on existing employee benefits and workers’ compensation policies and...
Analysis: Insurers Feel Rising Legal Heat for COVID-19 Business Interruption Exclusions
Apr 28 2020 // Daniel Duckett, owner of the Lazy Claire patisserie in Belfast, was hoping for an insurance payout of up to 100,000 pounds ($123,460.00) to cover losses during the coronavirus lockdown. Now he fears for the future as he...
Coronavirus Business Interruption Insurance Claimants Seek to Consolidate Lawsuits
Apr 27 2020 // Two groups of plaintiffs — one in Philadelphia, the other in Chicago — are asking federal courts to consolidate lawsuits filed by businesses that are seeking coverage for business-interruption losses they claim are...
Randall & Quilter Completes Loss Portfolio Transfer with Repwest in Arizona
Apr 24 2020 // Randall & Quilter Investment Holdings Ltd. announced it has entered into a loss portfolio transfer reinsurance contract and a transfer agreement with Repwest Insurance Co. Repwest is based in Phoenix Ariz., and is a...
Everest Re Estimates $150 Million in Pandemic-Related Losses During First Quarter
Apr 24 2020 // Everest Re Group estimated pre-tax losses of $150 million during the first quarter from claims related to the coronavirus pandemic. The company expects that the majority of pandemic losses will come from the Reinsurance...
China’s Ping An Reports Q1 Profit Drop of 42.7% on Coronavirus Business Disruption
Apr 23 2020 // Ping An Insurance (Group) Co of China Ltd, on Thursday reported a 42.7% drop in first-quarter profit, its biggest fall in quarterly profits in more than eight years, as the coronavirus outbreak disrupted its...
Travelers, W.R. Berkley CEOs Sound Alarm Over Coronavirus Lawsuits, Workers’ Comp
Apr 23 2020 // During an earnings conference call Tuesday, the leader of Travelers insurance alerted listeners to the possibility that frivolous lawsuits by plaintiffs lawyers could slow down the economic recovery from COVID-19...
Analysis: It’s Not the Whole Texas Economy, But Energy Is a Critical Piece
Apr 22 2020 // If it lasts, this week’s plunge in oil prices could hit the Texas economy in ways that make it much harder for state and local governments to help the state’s residents. It’s part of a double whammy on...
How COVID-19 Impacts the Surplus Lines Insurance Industry
Apr 22 2020 // COVID-19 has majorly disrupted the global economy, and while many business sectors are subjected to temporary shutdowns or bare minimum operations, the insurance industry is racing forward while confronting unprecedented...
Chubb Reports Q1 Net Income Drop; Sees ‘Meaningful’ Coronavirus Impact Ahead
Apr 22 2020 // Chubb said that the coronavirus pandemic’s effects on its bottom line were relatively benign in the 2020 first quarter. But all bets are off for the months ahead. The global property/casualty insurer reported net...
Hannover Re, Parent Firm Talanx Withdraw 2020 Profit Guidance on Virus Uncertainties
Apr 22 2020 // In view of the ongoing COVID-19 crisis and the associated uncertainties surrounding both the claims development and the capital market environment, Hannover Re and its parent company, Talanx, have withdrawn their profit...
Florida Dive Shop Alleges Insurer Breach of Contract, Bad Faith in BI Denial Suit
Apr 22 2020 // A dive shop in South Florida is one of the first businesses in the state to file suit against its insurer for the denial of a business interruption claim initiated because of the current coronavirus pandemic. The lawsuit,...
Travelers Sees Q1 Profit Fall From Storms; It’s Watching COVID-19 Workers’ Comp Claims
Apr 21 2020 // Property and casualty insurer Travelers Cos. Inc. reported a 25% drop in quarterly profit on Tuesday and warned that potential claims tied to compensation coverage for furloughed and laid-off employees would hit results...
