Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Update: Generali 1st Quarter Net Profit Plunges 84.8% on COVID-19 Investment Hit
May 21 2020 // Generali’s first quarter net profit plunged 84.8% to €113 million (US$124 million) from €744 million (US$815.5 million) reported in Q1 2019, as a result of the impact of the COVID-19 pandemic on financial...
For Third Point Re, COVID-19 Crisis Hurts, but It Celebrates 1st Underwriting Profit
May 20 2020 // Third Point Re reported a net loss of $183.6 million for the first quarter of 2020 due to COVID-19-related investment volatility – but the company still had big reasons to celebrate. For the first time since its...
P/C Insurers Back a Federal Pandemic Loss Fund But Not a Backstop Like TRIA
May 19 2020 // Property/casualty insurance carrier groups are developing a proposal for a federal program to replace revenues lost by businesses shut down during pandemics like COVID-19, but their program won’t be modeled after the...
Profits to Sink Until 2021 Second Half: Fitch
May 18 2020 // While insurance rates have risen for nine consecutive quarters due to large catastrophe losses and accelerating claims inflation, Fitch Ratings expects that technical profits won’t be seen until the second half of...
Enforceability of Cannabis Coverage Remains Hazy
May 18 2020 // While the number of states that have legalized marijuana for medical or recreational use continues to grow, the cultivation, sale, distribution and possession of marijuana remains illegal under the federal Controlled...
Allianz Posts 29% Drop in Q1 Net Profit as COVID-19 Crisis Slows Business
May 12 2020 // German insurer Allianz said on Tuesday that a key measure of capital may fall below the company’s target floor level as it faces claims for disruption caused by the coronavirus crisis. Allianz, which earlier reported...
For Global Insurers, Pandemic Likely to Erase Profits Until 2021 Second Half: Fitch
May 11 2020 // While insurance rates have risen for nine consecutive quarters due to large catastrophe losses and accelerating claims inflation, Fitch Ratings expects that technical profits won’t be seen until the second half of...
Progressive Q1 Results Reflect ‘Significant Impact’ from Coronavirus, Restrictions
May 7 2020 // The Progressive Corp. said its results for the first quarter were “significantly impacted” by the spread of the coronavirus and social distancing and shelter-in-place restrictions. Despite a 30% increase in...
Willis Paints COVID-19 Insurance Loss Big Picture: It’s a Wash or Historic Catastrophe
May 7 2020 // If the novel COVID-19 pandemic is brought under control soon, the disease’s impact on the insurance industry as a whole may be pretty much a wash. It not, the industry may be on the verge of an historic...
Mulshine Named Chief Revenue Officer at Ryan Specialty Group in Chicago
May 7 2020 // Ryan Specialty Group (RSG), headquartered in Chicago, has appointed Brendan M. Mulshine as chief revenue officer. In his expanded position, Mulshine has the responsibility for working closely with RSG’s business...
Viewpoint: Insurance Denials, Proposed Legislation Raise Concerns
May 6 2020 // The arrival and spread of COVID-19 has had significant and far-reaching social and economic impacts upon individuals and businesses throughout the United States. In an effort to curtail the spread of the virus, local and...
Allstate Credits Risk Management During Q1; Eyes Second Coronavirus Driver Refund
May 6 2020 // Allstate Corp. reported that its adjusted net income rose 47% in the first quarter to $1.14 billion, a jump of 47%, thanks to higher underwriting income and lower catastrophe costs, compared with the quarter one year ago....
Business Income, COVID-19, and Plaintiff Attorneys: They Keep Trying
May 6 2020 // “I think there was an attempt to dissuade the public from filing these claims and to shape the public opinion that this was not property damage,” said Steven C. Marks, managing partner at Miami-based Podhurst...
I’m From the Government and I’m Here to Help – Part 1
May 6 2020 // This is the first in a series where I intend to respond to pending legislation intended to force insurance companies to make loss related to virus or pandemic a covered cause of loss. There is a great temptation in the...
Legal Sea Foods Restaurant Sues Over Business Losses Under Policy Issued March 1
May 6 2020 // A popular seafood restaurant chain that has been shuttered by the coronavirus and restrictions on dining has gone to court to get its insurer to pay for its business interruption losses. It believes its insurer is...
Texas’ Goosehead Insurance Reports $156K Loss for Q1 2020
May 5 2020 // Publicly traded independent personal lines insurance agency, Goosehead Insurance Inc., headquartered in Westlake, Texas, has reported a loss of $156,000 for the first quarter of 2020, with revenues of $20.4 million. The...
CNA Records Q1 Loss Tied to Market Volatility from Coronavirus
May 5 2020 // CNA Financial Corp. recorded a first quarter 2020 net loss of $61 million, and core income of $108 million. The insurer said results for the quarter reflected financial market volatility amid the events of COVID-19. The...
Mercury General in California Reports 1Q Loss of $139M
May 5 2020 // Mercury General Corp. this week reported a first-quarter loss of $139.2 million, after reporting a profit in the same period a year earlier. The Los Angeles-based company said it had a loss of $2.51 per share. Earnings,...
Marsh & McLennan Revenue Grew 14% in Q1
May 5 2020 // Marsh & McLennan Companies (MMC) marked the one-year anniversary of its acquisition of Jardine Lloyd Thompson (JLT) by reporting consolidated revenue in the first quarter of $4.7 billion, a 14% increase over the same...
AIG Takes Hit from Coronavirus in Q1; Sees Industry’s ‘Biggest CAT Loss Ever’ Ahead
May 5 2020 // Insurer American International Group Inc. on Monday posted a 93% drop in quarterly adjusted profit, as it set aside money to cover claims related to the COVID-19 outbreak, which it called the single largest catastrophe...
