He said it was reassuring that, despite the loss, the markets “financial strength has been maintained”.
Lloyds only suffered a greater loss, of £3.11 billion, following the 2001 September 11 attacks.
According to insurance broker Aon Benfield, 2011 was the second most expensive catastrophe year ever for the insurance industry, with total disaster-related claims of £107bn.
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Carilion Clinic has seen its revenues increase and operating loss improve, even as the health system’s net assets have continued on a steep and steady decline.
The Roanoke-based nonprofit health care provider recorded an operating loss of $6.2 million on total revenues of $1.3 billion for the year that ended Sept. 30, according to its latest audited financial report.
That’s a stark improvement over the previous year, when Carilion posted an operating loss of $45.9 million on revenues of $1.2 billion, and it beat Carilion’s internal projections, which budgeted for an $18.5 million operating loss, said Carilion Chief Financial Officer Don Lorton.
Reining in expenses and increasing revenues both contributed to the improvement, Lorton said.
More patients have sought care at Carilion’s hospitals and outpatient clinics, bringing in more money to the organization. While the average price for care rose about 2 percent last year, Lorton said that only accounted for about one-third of growth in patient revenues.
“We are pleased to be in a position to increase our dividend and to establish a new equity repurchase program,” chief executive Jamie Dimon said in the announcement. “We expect to generate significant capital and deploy that capital to the benefit of our shareholders.”
Dimon has said in the past that many banks will have more capital than they need as customers pay back loans and losses from the financial crisis subside. While his view would seem to contradict requirements that banks meet higher capital thresholds by 2019, the approval of JPMorgans distributions indicates regulators decided the bank has enough capital to make the payouts and meet the new thresholds.
The bank said it may not buyback all of the stock approved, depending on market conditions.
Philanthropic donations to the Virginia Tech Carilion School of Medicine and Research Institute have been minimal as the joint venture has started to fill up with students and researchers over the past year and a half.
That will change, VTC leaders said Tuesday in announcing the hiring of a development director to oversee fundraising efforts.
“It is the sort of thing that cries out, if nothing else, for professional fundraising efforts,” said Warner Dalhouse, a member of the school’s board of directors. “It’s the sort of thing scientifically oriented organizations and deep pocketed individuals will react to.”
Elizabeth McBride, who was hired in December, will take on the role of planning and managing all fundraising for both the school and the institute. The private nonprofit school is a partnership between Virginia Tech and Carilion Clinic, while the research institute is an entity of Virginia Tech.
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