Travelers boosts asbestos reserve to $3.4b. (Late Breaking News).(Travelers Property Casualty Corp)

National Underwriter Property & Casualty-Risk & Benefits Management, January, 2003 by Ha, Michael

Travelers Property Casualty Corp. announced on Jan. 14 that it has increased its asbestos reserves by $2.45 billion to $3.4 billion after reviewing the company's recently completed asbestos study. The study involved an extensive review and assessment of Hartford, Conn.-based Travelers' exposure to asbestos losses, including its recent claims experience and industry wide trends, the company said.

"The study was extremely comprehensive and included a review of past settlements, all active policyholders, litigation and potential non-product exposures. The study also considered the potential for new claims from unidentified policyholders, as well as exposures to insurance industry pools," said Robert I. Lipp, Travelers' chairman and chief executive officer during...

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