Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
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...
Commodity Trader Trafigura Faces $577 Million Loss After Uncovering Nickel Fraud
Feb 10 2023 // Commodity trader Trafigura Group is facing more than half a billion dollars in losses after discovering metal cargoes it bought didn’t contain the nickel they were supposed to. nickel fraud Trafigura has spent the...
Zurich Insurance Reports 12% Drop in Net Income to $4.6B, but Exceeds Targets
Feb 10 2023 // Zurich Insurance Group reported net income attributable to shareholders of $4.6 billion in 2022, a 12% decrease from $5.2 billion in 2021, which was driven mainly by a lower level of capital gains, net losses on divestment...
Global Reinsurers to Bear Bulk of Losses From Turkey-Syria Earthquake: Fitch
Feb 9 2023 // Most insurance payouts due to the earthquake that hit Turkey and Syria ultimately will be borne by global reinsurers, according to Fitch Ratings. “The vast majority of insured losses will be covered by reinsurance,...
Moody’s Downgrades SCOR’s Rating to A1 From Aa3 on Weakening Profits
Feb 7 2023 // Moody’s Investors Service downgraded the Insurance Financial Strength Rating (IFSR) of SCOR SE and its key operating entities to A1 from Aa3 while at the same time changing the company’s outlook to stable from...
The Hartford Net Income Down 19% in Q4
Feb 7 2023 // The Hartford reported a 19% drop in fourth quarter net income compared to the same period last year, while core earnings outpaced Q4 2021 by 7%. Fourth quarter net income available to common stockholders reached $584...
CNA Reports Q4 earnings of $248 Million
Feb 7 2023 // CAN Financial Group notched a net income of $248 million during 2022’s final quarter. This was a slight dip from the $266 million recorded during the same period in 2021. Overall, CNA recorded a yearlong net income...
Allstate’s Plan to Return to Profit in Auto
Feb 6 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...
The Infrastructure Crisis: As Business Losses Mount, New Demand for Utility Coverage?
Feb 6 2023 // When aging water pumps in Jackson, Mississippi, were shut down by floodwaters last August, knocking out water service to most of the city, companies that depend on clean water saw many of their customers and their revenue...
The Hanover Reports $11M Q4 Loss
Feb 2 2023 // The Hanover Insurance Group reported a fourth quarter 2022 loss of $11.6 million, driven by widespread catastrophic losses from Winter Storm Elliott. Results were in comparison to net income of $163.5 million in the...
Allstate Reports $310M Q4 Loss as Auto Claims Costs Motor Past Rate Hikes
Feb 2 2023 // As it had warned last month, Allstate Corp. reported a fourth quarter 2022 loss of $310 million as losses from auto insurance outpaced an increase in revenue. Results were in comparison to net income of $790 million for Q4...
Chubb Q4 Net Income Down 39%
Feb 1 2023 // Fourth quarter 2022 net income at Chubb Ltd. was about $1.3 billion, nearly 39% lower than the same period the prior year, due to catastrophe losses and results in the company’s agriculture business from a...
Connecticut Supreme Court Upholds Insurers in Two Covid-19 Business Loss Appeals
Jan 31 2023 // The Connecticut Supreme Court has upheld insurers in two cases where claims for business interruption losses blamed on Covid-19 were denied because there was no direct physical damage. One case involved healthcare...
2 Big Cannabis Insurance Providers Say Losses from California Storms Not as Bad as Feared
Jan 27 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...
