Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
New Sustainability Rules Attacked for Protecting Profits Over Planet
Jul 29 2022 // The organization aiming to set worldwide climate reporting requirements for decades to come is under fire for putting corporate interests ahead of the planet’s. In coming months, the International Sustainability...
United P&C Completes Florida Restructuring Amid Catastrophe Losses
Jul 28 2022 // United Insurance Holdings, parent of United Property & Casualty Insurance, said it has completed most of its major reorganization plan, consolidating its four Florida-based carriers into two. The news was accompanied...
Chubb Increases Loss Cost Trends ‘Rather Than Be Lagging and Get Caught’: Greenberg
Jul 28 2022 // Chubb CEO Evan Greenberg said the insurer is seeing favorable returns, but additional rate is needed to “keep pace with loss costs, which are hardly benign.” Greenberg said during the July 27 call to discuss...
Reinsurer SCOR Reports H1 Loss of €239M Blamed on Ukraine War, Natural Disasters
Jul 28 2022 // Reinsurer SCOR reported a first half loss attributed to the war in Ukraine, natural catastrophes and the severe drought in Brazil. The H1 loss of €239 million (US$242.6 million), compares with net income of €380...
Greensill Capital Sued by 277 Former Employees Over Firm’s Collapse, Job Losses
Jul 28 2022 // A group of ex-Greensill Capital employees sued the defunct firm in London, accusing management of unfairly keeping them in the dark about the company’s “imminent danger of collapse.” A group of 277...
Hub Acquires Stop Loss Brokers in Massachusetts
Jul 27 2022 // Global insurance broker HUB International Limited (Hub) reported that it has acquired the assets of Stop Loss Insurance Brokers, Inc. and Berkeley Insurance Brokers, Inc. Terms of the transaction were not...
Chubb Q2 Net Income Drops $1 Billion; Books Record Insurance Results
Jul 26 2022 // Chubb Ltd. late Tuesday said second quarter net income was about $1.22 billion, more than a 46% fall from $2.27 billion in net income logged during the same period a year ago. The insurer said it lost $565 million after...
Beazley’s H1 Profits Drop but Full-Year Outlook Rises on Cyber Premium Growth
Jul 22 2022 // Lloyd’s of London insurer Beazley on Friday reported first-half profits fell on hits to its investment portfolio from market volatility, but raised its full-year profitability guidance on an increase in cyber risk...
Travelers’ Income Drops, but Still Beats Profit Estimates on Record Premium Growth
Jul 22 2022 // Insurer Travelers Cos. Inc. reported a smaller-than-expected fall in quarterly profit on Thursday, as record premium growth cushioned a hit from higher catastrophe-related claims and lower returns on investments. The...
Progressive Corp. Records June, Q2 Loss
Jul 15 2022 // Progressive Corp. said Friday it recorded a loss of about $543 million for the second quarter 2022 and a loss of $436.7 million in June. Pretax loss on securities in Q2 were about $1.18 billion – $564 million in June. To...
Insurance Losses From Sydney Floods Approach A$100M: ICA
Jul 8 2022 // Insurers have received 8,415 claims as a result of July’s floods in Sydney, carrying an initial estimated insurance price tag of A$97.9 million (US$66.8 million), according to the Insurance Council of Australia...
Report: California Workers’ Comp Insurer Losses Were up in 2021
Jun 30 2022 // Total insurer combined losses and expenses incurred in 2021 were $13.1 billion, or 96% of calendar year premium, compared with $12 billion in 2020, according to a report released today. The Workers’ Compensation...
Stealth Partner Group Releases June 2022 Stop-Loss State of the Market Report
Jun 29 2022 // Charlotte, N.C. (June 29, 2022) – Stealth Partner Group, an Amwins company and premier stop-loss general agency, released its State of the Market report, providing up-to-date market intelligence on health care and...
Parents Sue Boston Hospital Over Loss of Baby’s Body
Jun 27 2022 // A Massachusetts couple whose prematurely born baby girl died less than two weeks after she was delivered has sued one of Boston’s most prestigious hospitals for losing the infant’s body, denying the parents the...
Ukraine Crop-Handling Port Damaged in Russian Attacks, Adding to Farm Sector Losses
Jun 24 2022 // Infrastructure owned by two major agriculture traders was damaged in Russian attacks at one of the biggest crop-handling ports in Ukraine, adding to the mounting losses suffered by its farm sector. Rocket strikes on the...
Future Profit Models for Insurers and Their Agent/Broker Partners
Jun 20 2022 // I read an article written by a former carrier CEO who is now a consultant and private equity backer to insurance ventures. The main point of the article was that insurtech, or any paradigm shifting insurance entity, will...
Derecho Storm Ranks as Canada’s 6th Largest Insured Loss on Record
Jun 16 2022 // The storm that swept through southern Ontario and parts of Quebec on Saturday, May 21, caused over C$875 million (US$676.3 million) in insured damages, according to the Insurance Bureau of Canada, which quoted initial...
UK Pubs Group Sues Zurich, Liberty Mutual, MS Amlin for $1.2B Over COVID BI Losses
Jun 13 2022 // Britain’s biggest pubs group Stonegate, which is suing Zurich Insurance and two peers for 1 billion pounds ($1.2 billion) over lockdown losses, battled the COVID-19 pandemic “day by day, venue by venue,”...
Mohegan Sun Casino Dealt a Loss on COVID-19 Insurance Claim
Jun 10 2022 // A Connecticut casino and resort operator has lost its bid to obtain insurance reimbursement for business losses due to the COVID-19 virus. Factory Mutual Insurance Co. (FMI) has succeeded in having the resort’s...
Insurance Ban on Russian Tankers Could Help Cut Moscow’s Energy Revenues: Yellen
Jun 10 2022 // U.S. Treasury Secretary Janet Yellen said a plan to ban European and UK firms from insuring tanker shipments of Russian oil could help limit Moscow’s energy revenues as allied countries seek to curb revenues flowing...
