profits News

Webinar Counters Insurer Warnings About COVID-19 Impact on Work Comp Profits

A well-known workers’ comp number cruncher and an actuary are calling Chicken Little on insurance industry warnings about the cost of COVID-19 claims. Health Strategy Associates owner Joe Paduda and Bickmore Actuarial principal Mark Priven dispute assertions by Moody’s, the …

New York Gym Chain Sued for Charging Fees Amid Virus Closure

New York Sports Clubs customer claims in a lawsuit she’s still being charged membership fees even after facilities have been shuttered by the coronavirus. The club’s owner, Town Sports International Inc., is making it “virtually impossible” to cancel memberships and …

Purdue Judge Halts Government Opioid Suits Against Drugmaker

Purdue Pharma LP and its billionaire owners won a temporary reprieve from nearly 2,700 opioid lawsuits, giving the bankrupt drugmaker time to clinch a deal that would atone for its role in America’s addiction epidemic. U.S. Bankruptcy Judge Robert D. …

Ethiopian Airlines, MAX Claims Put Pressure on Swiss Re Profits

FRANKFURT — Swiss Re’s first-half net profit fell 5.3%, as claims relating to the Ethiopian Airlines crash and the subsequent grounding of the Boeing 737 MAX, plus natural catastrophes took their toll. The world’s second-largest reinsurance company highlighted claims from …

Iowa State Pays, Praises Former Director to End Lego Art Dispute

CORALVILLE, Iowa — In 2016, Iowa State University accused an employee of fraud and theft in a dispute over the unusual but lucrative campus assets she managed: popular outdoor sculptures made of thousands of Lego bricks. Three years later, the …

Continuing Profitability for P/C Insurers as Results Deteriorate

Private U.S. property/casualty insurers’ net income after taxes fell to $55.5 billion in 2014 from $63.4 billion in 2013, with insurers’ overall profitability as measured by their rate of return on average policyholders’ surplus dropping to 8.4 percent from 10.2 …

Employers Profit Increases 44%

Employers Holdings Inc., a workers’ compensation insurance provider in West Coast states, rose the most since 2009 after first-quarter net income climbed 44 percent. Employers jumped 11 percent to close at $22.54 in New York. That narrowed the decline for …

Nationwide Profit Down Due to $1.5 Billion Disaster Losses

Insurance company Nationwide Mutual said profits in the first half of the year fell by more than half after paying claims, like the rest of the industry, for some of the worst tornadoes in U.S. history. Privately held Nationwide, one …