All the headlines from our Profit Loss Topic Page, ordered by recency.
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....
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...
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...
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...
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...
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...
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,...
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...
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...
May 5 2020 // Insurers are normally great with numbers. But the coronavirus pandemic has them struggling to estimate how many billions of dollars in losses they face, and what the fallout will be for their massive investment...
May 4 2020 // Berkshire Hathaway’s property/casualty insurance and reinsurance businesses reported a first quarter underwriting profit of $747 million before taxes, nearly double the pretax underwriting profit of $377 million...
May 4 2020 // The Hartford’s 2020 first-quarter numbers are yet another example of the coronavirus pandemic not yet affecting underwriting results in a major way. But net income took a big hit.First-quarter net income came in at...
May 1 2020 // DeRidder, Louisiana-based workers’ compensation insurance company, Amerisafe Inc., has reported a first quarter profit of $10.8 million.The company posted revenue of $79.2 million in the period; adjusted revenue was...
May 1 2020 // Willis Towers Watson is withdrawing its 2020 guidance due to the uncertainties caused by the COVID-19 pandemic.The broker said it will re-assess the guidance once it has a clearer understanding of the depth, duration, and...
May 1 2020 // In a case where no insurance company or insurance claim was involved, the Pennsylvania Supreme Court issued a ruling that could potentially negate one of the insurance industry’s standard bases for denial of coverage...
May 1 2020 // Allianz SE withdrew its forecast for the year as Europe’s biggest insurer struggles with the fallout from the Covid-19 pandemic.Given the economic uncertainty, the board “does not assume that Allianz can...
Apr 30 2020 // Diverging from strategies of some competitors, Markel Corp. established a big reserve for a chunk of its potential COVID-19 exposure for the entire year—putting up $325 million for direct potential losses.The holding...
Apr 30 2020 // Reinsurer Swiss Re swung into a net loss in the first quarter of 2020 as the impact of the coronavirus outbreak began to bite, it said on Thursday.The Zurich-based company booked a hit of $476 million for anticipated and...
Apr 28 2020 // Global insurer Liberty Mutual said the COVID-19 pandemic is likely to have the most impact on its first quarter investment portfolio results, with its business in trade credit, general liability, workers compensation, and...
Apr 28 2020 // Insurance agency Brown & Brown saw revenues and net income increase in the first quarter, even after accounting for expected lower revenues on existing employee benefits and workers’ compensation policies and...