All the headlines from our Profit Loss Topic Page, ordered by recency.
Jan 18 2023 // The board of directors for Tampa-based Heritage Insurance Holdings has authorized the repurchase of $10 million in shares from stockholders, marking the second buy-back plan in recent months.The super-regional company...
Jan 17 2023 // Travelers Companies today released an estimate of $459 million in pre-tax catastrophe losses during the fourth quarter, and expects to report net income of $819 million for the last three months of 2022.Travelers said...
Jan 11 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...
Jan 10 2023 // Hurricane Ian in the United States and floods and Australia helped to make 2022 one of the costliest years on record for natural disasters, Munich Re said on Tuesday, warning that climate change was making storms more...
Jan 9 2023 // French drugmaker Servier on Monday launched its appeal against manslaughter and deception convictions handed down by a Paris court in 2021 in connection with weight-loss pill Mediator.At least 500 people died of heart...
Dec 30 2022 // Global insurance losses for natural catastrophes are projected to reach $112 billion in 2022, reinsurance broker Guy Carpenter said on Friday, driven by the impact of Hurricane Ian which hit Florida earlier this year.Flood...
Dec 29 2022 // A business owner’s insurance policy did not provide coverage for software damaged by a ransomware attack because there was no direct physical damage or loss, the Ohio Supreme Court ruled.“Computer software...
Dec 29 2022 // Insured damage to residential, commercial, and industrial properties and automobiles will be about $5.4 billion from Winter Storm Elliot, according to modeler Karen Clark & Co (KCC).The storm affected 42 states from...
Dec 29 2022 // A business owner’s insurance policy did not provide coverage for software damaged by a ransomware attack because there was no direct physical damage or loss, the Ohio Supreme Court ruled.“Computer software...
Dec 29 2022 // U.S. oil major Exxon Mobil Corp. is suing the European Union in a bid to force it to scrap the bloc’s new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy.Record profits...
Dec 22 2022 // The Progressive Corp. said Dec. 21 that its loss and allocated loss adjustment expenses (ALAE) in the property business are estimated to be $1 billion from, prior to reinsurance, from Hurricane Ian.The insurer said this...
Dec 22 2022 // An investigation is being launched after the latest version of Italy’s Vega C rocket failed on its second mission, destroying two Earth-imaging satellites and further complicating Europe’s access to space on...
Dec 21 2022 // Tennessee’s insurance commissioner has approved a 10.2% average decrease in workers’ compensation loss costs for the voluntary market, marking the 10th-straight reduction for the state.The Dec. 14 order from...
Dec 16 2022 // RiverStone International, the Bermuda-based acquirer and reinsurer of legacy and discontinued insurance business, announced it has entered into loss portfolio transfer (LPT) reinsurance agreements with affiliates of AXIS...
Dec 13 2022 // Italy’s biggest insurer Generali on Tuesday raised the projected boost to its earnings from last year’s purchase of smaller rival Cattolica, and ruled out negative impacts from new accounting standards.Generali...
Dec 7 2022 // Assicurazioni Generali SpA is planning to sell a roughly €20 billion ($21 billion) Italian life insurance portfolio as part of a plan to improve profitability, people familiar with the matter said.The Italian insurer,...
Dec 7 2022 // According to new data from Corvus Insurance, fraudulent funds transfer (FFT) continues to generate substantial losses for organizations.FFT comprised 36% of of the company’s cyber claims – an all-time high –...
Dec 6 2022 // Apparently nothing has changed within the last several months to change AM Best’s negative outlook on the U.S. personal lines insurance segment.Tuesday the insurance industry rating agency said it was maintaining its...
Dec 6 2022 // The New Mexico Office of Superintendent of Insurance approved a rate proposal submitted by the National Council on Compensation Insurance that will reduce voluntary workers’ compensation loss costs by an average of...
Dec 1 2022 // Hurricane Ian and other natural catastrophes, such as European winter storms, floods in Australia and hailstorms in France and the U.S., have cost global insurers an estimated $115 billion so far this year, according to a...