Business Services Industry
Hartford shores up defenses; Insurer boosts reserves, cuts costs to keep liabilities and profits in line.(News)(Hartford Financial Services Group)
Business Insurance, May, 2003 by McLeod, Douglas
Byline: DOUGLAS McLEOD HARTFORD, Conn.-The massive size of Hartford Financial Services Group Inc.'s $3.91 billion gross asbestos reserve increase took many insurance analysts by surprise, though rating agencies generally reacted favorably to this and other moves the insurer announced last week.
Following an exhaustive reserve analysis, Hartford has nearly tripled its gross asbestos reserves, to $5.90 billion from $1.99 billion. Net of reinsurance recoveries, the insurer's reserves have risen threefold, to $3.69 billion from $1.12 billion. The increase resulted in a $1.70 billion aftertax charge against first-quarter earnings and a $1.40 billion first-quarter net loss, Hartford reported. At the same time, the insurer announced that it would raise $1.85...
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