Financial Services Industry
Industry: Email Alert RSS FeedAsbestos issues impacting ACE, the Hartford ratings. (Late Breaking News).(ACE Limited, The Hartford Financial Services Group Inc.)
National Underwriter Property & Casualty-Risk & Benefits Management, February, 2003 by Ha, Michael
ACE Limited and The Hartford Financial Services Group Inc. reported robust quarterly returns last week, but with rating firms those results were overshadowed by company announcements related to asbestos reserves. ACE Limited said Jan. 27 it is expanding its asbestos reserves by some $2.2 billion.
The announcement followed action by Hartford, Conn.-based Travelers Property Casualty Corp., which recently boosted its asbestos reserves by some $2.45 billion. The ACE increase would be offset by $1.86 billion of reinsurance, including $533 million from National Indemnity Company, part of Berkshire Hathaway in Omaha, Neb., ACE stated. After taxes and reinsurance, the reserve boost will result in a charge of $354 million, which will be taken into account in its...
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