Business Services Industry
Travelers reserves get a boost; Scale of $2.45 billion addition for asbestos catches industry by surprise.(News)
Business Insurance, January, 2003
Byline: JOANNE WOJCIK HARTFORD, Conn.-The size of Travelers Property Casualty Corp.'s asbestos reserve boost took industry analysts and rating agencies by surprise, even though the insurer had announced last year that it was conducting a comprehensive review of its asbestos liabilities. Other insurers are likely to follow suit, analysts predict, in response to the new wave of asbestos litigation sweeping through U.S.
courts, which is targeting companies that previously were not expected to become defendants. And, as insurers boost their asbestos reserves, they may see their ratings downgraded, rating agency executives warn. ``When they were spun off from Citigroup, the $800 million backstop gave investors a fair amount of comfort,'' said Jay Cohen, first...
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