Munich Re Lowers Earnings Target on Hurricane Claims
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Munich Re, the world&#39;s largest reinsurer, lowered its target for 2004 earnings after the worst storm season in more than a century led to 550 million euros ($714 million) of damage claims.
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BERLIN -- Munich Re, the world&#39;s biggest reinsurer, said Tuesday that the deadly Indian Ocean tsunamis likely will cost it less than 100 million euros ($136 million).
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JetBlue Airways Corp.  on Wednesday said third-quarter earnings would be lower than its previous estimates because of disruptions from the two recent hurricanes, Charley and Frances.
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Zurich Financial Services AG, Switzerland s biggest insurer, had its first quarterly profit decline in two years amid costs from the worst U.S. hurricane season in more than a century.
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The world's largest automaker lowered its annual earnings forecast Thursday, a few hours after announcing plans to cut about 20 percent of its European workforce by the end of 2006 in hopes of saving about $600 million a year.
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German insurance and travel stocks such as Munich Re and TUI AG fell after the world&#39;s most powerful earthquake in 40 years struck Asia.
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Allstate Corp. ALL.N, the No. 2 U.S.  home and auto insurer, warned on Wednesday its third-quarter  profits would fall well short of expectations due to more than  $1 billion in hurricane-related payouts.
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MUNICH Swiss Reinsurance, the world&#39;s second-largest reinsurer, said Monday that claims from the earthquake off the Indonesian island of Sumatra that caused tsunamis from Thailand to India would probably be lower than those tied to the hurricanes in the
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Allstate Corp.  the second largest home and auto insurer in the United States, on Wednesday said profits fell largely because of hurricane related damage claims.
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German reinsurance giant Munich Re sought Wednesday to reassure investors with an advance release of its 2007 net profit figure, which surpassed its target and suggested the group had escaped damage from the US subprime crisis.
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Power company Progress Energy Inc. lowered its 2004 earnings outlook Friday because damage from Hurricanes Charley, Frances and Ivan limits the amount of tax credits the company can claim for its synthetic fuel production.
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LONDON (CBS.MW) -- Zurich Financial Services (ZZ:001107539) said Wednesday that third quarter net profits fell 31 percent to $454 million, hit by the impact of hurricanes.
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After hurricanes Charley and Frances, and with Hurricane Ivan&#39;s arrival, American Financial Group says its 2004 profits will come in at the low end of its forecasts.
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Munich Re, the world's largest reinsurer, swung to a roughly 1.8 billion euros (&#36;2.33 billion) net profit last year after a 400 million euro loss in 2003 and will raise its dividend, the company said in a preliminary report Tuesday.
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Federated Departments Stores Inc. said Monday that Hurricane Jeanne will hurt third-quarter earnings by 1 cent to 2 cents per share, further lowering an outlook already cut because of lost sales from Hurricane Frances.
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Germany's Munich Re, the world's largest reinsurer, said Monday that the overall insured damage caused by Hurricane Frances so far is between &#36;5 billion and &#36;15 billion.
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Hannover Re, the world's fifth-biggest reinsurer, is cutting its full-year profit forecasts as damage claims piled up in connection with the recent spate of hurricanes and typhoons in the US and the Asia-Pacific region.