Business Services Industry
Analyst Downgrades Travelers Stock, Criticizes Insurer's Merger with St. Paul.
Knight Ridder/Tribune Business News, March, 2004
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Mar. 10--A J.P. Morgan analyst Tuesday downgraded Travelers Property Casualty Corp. stock from neutral to "underweight," saying the risks of the company's pending merger with The St. Paul Cos. over-shadow the potential benefits.
"We believe that the deal adds significant risk to (Travelers) brand reputation, balance sheet strength, and return on equity prospects in 2004 and beyond," J.P. Morgan analyst David S. Sheusi said in a report Tuesday.
The report called St. Paul's claim reserves deficient for medical malpractice, workers compensation and surety lines and said, "We remain concerned over the residual effects of many years of mediocre underwriting at...
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