Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Insurer Startup Trium Cyber Finds Path to Profits, With Large Business Focus
Apr 3 2023 // Trium Cyber is the industry’s first Lloyd’s-approved company to provide mono-line cyber coverage for U.S. risks. Launched in January 2023, the full stack surplus lines insurer has joined the ranks of new...
Near $27B Underwriting Loss in 2022 Largest for U.S. P/C Insurers Since 2011
Mar 30 2023 // Key financial results for private U.S. property/casualty insurers significantly worsened in 2022 from a year earlier, according to preliminary results from global analytics provider Verisk and the American Property...
Typhoon-Prone Philippines to Launch Insurance Plan for Infrastructure Losses
Mar 30 2023 // The Philippines is readying an insurance plan that will protect the Southeast Asian nation from infrastructure losses caused by natural disasters, seeking to better respond to climate change risks. The government will put...
Ransomware Attack to Hit Revenue at India’s Top Drugmaker
Mar 27 2023 // Sun Pharmaceutical Industries Ltd. expects revenue to fall as measures taken by India’s top drugmaker to contain an information technology security breach in early March impacted operations. A ransomware group has...
D&O 2022: Prices Down; Loss Ratios Up; Top Carriers Ranked
Mar 27 2023 // Although analysts at Fitch Ratings estimate that combined ratios for the directors and officers liability line remained below breakeven in 2022, with competition fueling price declines and the economic conditions...
AccuWeather: California Storms Added $6-8B in Damage and Economic Loss
Mar 23 2023 // AccuWeather issued preliminarily estimates on Thursday showing the total damage and economic loss from the series of recent intense storms to hit California to be an additional $6 billion to $8 billion. The recent storms...
U.S. P/C Industry Records $26.5 Billion Underwriting Loss in 2022
Mar 23 2023 // The U.S. property/casualty (P/C) industry recorded a $26.5 billion net underwriting loss in 2022, $21.5 billion more than the $5 billion underwriting loss reported in 2021, according to a report published by AM Best. The...
Lloyd’s of London Swings to 2022 Pre-Tax Loss on Investments but U/W Profits Up
Mar 23 2023 // Lloyd’s of London swung to a pre-tax loss in 2022 and took writedowns on its fixed-income investments, it said on Thursday. The pre-tax loss was 800 million pounds ($982.56 million), compared with a profit of 2.3...
North Carolina Dems Hoping to Stop Elimination of Corporate Income Tax
Mar 22 2023 // Democratic lawmakers and advocacy groups called Monday for blocking the planned elimination of North Carolina’s corporate income tax, arguing that companies that benefit from operating in the state should pay a...
NSM Insurance Adds 3 Medical Stop Loss, Managed Care Specialty Firms
Mar 20 2023 // Pennsylvania-based insurance program specialist NSM Insurance Group has completed its acquisition of three businesses that specialize in the field of medical stop loss insurance and managed care insurance. The firms are...
Climate Change Could Trigger Asset Value Losses, Harming Economy: Yellen
Mar 20 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...
A Note on Business Income
Mar 20 2023 // While most restaurants have seen their revenues return to pre-COVID levels, given continued volatility in food and labor costs, business income values remain unstable, according to Lindsay Shipper, managing director and...
California Regulators Could Decide Oil Profits Penalty
Mar 17 2023 // California Gov. Gavin Newsom said he wants state regulators to decide whether to impose the nation’s first penalty on oil companies for price gouging, pivoting after months of negotiations with legislative leaders...
Progressive More Than Doubles Feb. Income, Reports Investments With Failed Banks
Mar 16 2023 // In reporting February financial results that continued a positive start to 2023, Progressive Corp. said it has about $75 million total investments tied to banks recently taken over by the Federal Deposit Insurance...
Insured Losses From N. Zealand Floods Estimated at US$1.02B, With Profit Hit Expected
Mar 15 2023 // The initial insured losses for the recent floods in the North Island of New Zealand are estimated at NZ$1.65 billion ($1.02 billion), according to PERILS, the independent Zurich-based organization that provides...
China’s Ping An Insurance Reports 17.6% Drop in 2022 Profit
Mar 15 2023 // Ping An Insurance Group Co. of China Ltd., China’s largest insurer by market value, reported a 17.6% drop in its 2022 annual net profit on Wednesday due to a slump in investment gains. Its profit of 83.8 billion yuan...
Generali Hikes Dividend Payout After Posting Its Best Ever Operating Profit
Mar 14 2023 // Italy’s Assicurazioni Generali surprised investors on Tuesday by hiking the dividend payout on its 2022 results after posting its best operating profit ever. Finance chief Cristiano Borean also told reporters the...
Lloyd’s Expects 2022 Loss of $947.6M on Investments; Underwriting Results ‘Strong’
Mar 9 2023 // Lloyd’s reported an interim full-year 2022 loss before tax of £800 million ($947.6 million) as a result of investment losses of approximately £3 billion ($3.6 billion). This compares to a profit of £2.3 billion...
Show Must Go On for Broadway Theaters’ Covid Loss Claim, Federal Judge Rules
Mar 8 2023 // A New York federal judge has refused to lower the curtain on a Covid-19 business loss claim by the owner of five Broadway theaters because the entertainment insurance policy language is ambiguous as to whether the theater...
Florida’s Heritage Insurance Posts Q4 Profit, But Losses for the Year
Mar 8 2023 // Heritage Insurance Holdings Inc. (HRTG) on Thursday reported fourth-quarter net income of $12.5 million, after reporting a loss in the same period a year earlier. For the year 2022, though, the company reported that its...
