Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
A.M. Best Says P/C Industry’s Combined Ratio Under 100 Despite High Cat Losses, Reserve Development
Jun 23 2003 // The property/casualty industry’s combined ratio improved about 2.6 points to 99.7 for the first quarter in 2003, the industry’s strongest first-quarter underwriting performance in the most recent five-year...
SAFECO ESTIMATES STORM LOSSES:
Jun 23 2003 // Seattle-based Safeco announced that claims stemming from the recent string of Midwest and Southern tornadoes, added to losses from violent hailstorms in Texas earlier in the quarter, are estimated at nearly $90 million in...
P/C Q1 Net Income Up 20.6 Percent, Driven by Underwriting Results and Investment Gains
Jun 23 2003 // The U.S. property/casualty industry’s net income after taxes rose 20.6 percent to $6.4 billion in first-quarter 2003 from $5.3 billion in first-quarter 2002, driven by improved underwriting results and an increase in...
Q1 Numbers an Improvement, But Concerns Stand on the Horizon
Jun 23 2003 // The property/casualty insurance industry reported a statutory rate of return of 8.8 percent in the first quarter of 2003, up from a disappointing 1.0 percent in 2002 and the worst-ever negative 2.4 percent recorded in...
Dearth Amidst Plenty – Reinsurers Send Mixed Signals
Jun 23 2003 // Is the glass half-full, or half-empty? The classic example of identical facts dictating opposite conclusions, depending on whether you’re an optimist or a pessimist, defines the current picture in the reinsurance...
S&P Comments on Munich Re Group’s Q1 2003 Results
Jun 19 2003 // Standard & Poor’s Ratings Services issued an announcement indicating that Munich Re’s first quarter results and those of its subsidiary companies are “broadly in line” with its...
Harleysville Comments on Expected Drop in Q2 Operating Earnings
Jun 19 2003 // Harleysville Group Inc. announced that, based on loss activity through May 31, 2003, it expects 2003 second quarter earnings to be lower than in the same period of 2002. It expects diluted operating earnings per share to...
Lloyd’s Equitas Reports Fiscal Year Results
Jun 13 2003 // Equitas, the runoff vehicle established by Lloyd’s in 1996 to handle claims liabilities prior to 1992, principally asbestos and environmental claims, announced decreases in its reserves for the fiscal year ended 31...
Conning Says Automating Commercial Underwriting Not Automatically Profitable
Jun 12 2003 // The commercial property/casualty industry is on the threshold of an “adapt or perish” decision when it comes to underwriting automation, according to a study from Conning Research & Consulting, Inc. The...
Dearth Amidst Plenty – Reinsurers Send Mixed Signals
Jun 9 2003 // Is the glass half-full, or half-empty? The classic example of identical facts dictating opposite conclusions, depending on whether you’re an optimist or a pessimist, defines the current picture in the reinsurance...
Execs Talk Future of Industry at 9th Annual ITC Forum
Jun 9 2003 // “Amateur hour is over.” Those were the words of the Sullivan Group president Gerald J. Sullivan, addressing a roomful of industry executives recently at the 9th Annual Insuring the Children Forum....
Worst Ever Tornado Losses Won’t Affect Property Rates Yet
Jun 9 2003 // A series of severe thunderstorms and tornadoes that ravaged the country’s mid-section in early May is not likely to send property insurance rates soaring again, but the surprising weather pattern has caused insurers...
eAutoclaims Announces Profitable Quarter
Jun 4 2003 // Oldsmar, Fla.-based insurance claims management services provider, eAutoclaims, reported that income before non-cash expense for the three-months ended April 30, 2003 totaled approximately $309,000 compared to a loss...
Ergo Posts $271 Million Q1 Net Loss on Investment Writedowns
Jun 3 2003 // Germany’s Ergo Group, the primary insurance division of Munich Re, followed its parent in announcing a first quarter net loss of 231 million euros ($271 million), compared to a profit of 106 million euros ($124.5...
CNA Takes $49 Million Charge On 1995 Property Loss
Jun 2 2003 // Chicago-based CNA Financial Corp. announced that its specialty lines segment expects to record an after-tax charge of approximately $49 million in the second quarter of 2003 in connection with a recent adverse arbitration...
Penna. Commissioner Urges Policyholders to Review Policies on Weather Related Losses
May 30 2003 // Pennsylvania Insurance Commissioner Diane Koken has issued an announcement urging the state’s consumers to review their insurance policies for information on coverage of property damage from weather-related...
Hannover Re Q1 Net Hit by Writedowns
May 28 2003 // Germany’s Hannover Re, the world’s fifth largest reinsurer, reported an operating profit of 109 million euros ($129 million) in the first quarter of 2003, compared to 174.4 million euros ($206.5 million) in the...
Canadian April Storm Losses Reach $14.3 Million
May 27 2003 // The Insurance Bureau of Canada has released estimates that the rain storms that swept across the country’s Atlantic region on April 1st caused $14.3 million in insured damage to cars, homes and other...
R&SA Posts $156 Million Q1 Group Operating Profit
May 22 2003 // The U.K.’s Royal and Sun Alliance announced a first quarter group operating profit of £95 million ($156 million), calculated on the basis of revised investment assumptions introduced at the beginning of this year....
Allmerica Financial Corp. Notes $19 Million Drop for 2Q Pre-Tax Catastrophe Losses
May 22 2003 // Massachusetts-based Allmerica Financial Corporation has incurred approximately $19 million in pre-tax catastrophe losses to date in the second quarter. The losses are primarily the result of hail, high winds, and...
