Business Services Industry
St. Paul Travelers Cos. to show loss for insurer's second quarter.
Knight Ridder/Tribune Business News, August, 2004
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Aug. 3--The St. Paul Travelers Cos. said Monday it will report a second quarter net loss of $275 million to $300 million, based on accounting guidance from the SEC.
The loss of 42 cents to 45 cents a share will reflect $1.6 billion of claim reserve adjustments on the company's income statement, related to the April 1 merger of The St. Paul Cos. and Travelers Property Casualty Corp.
St. Paul Travelers said July 23 it was seeking guidance from the SEC on whether the reserve action should be on the income statement or only reflected on the balance sheet. The company also disclosed estimates for potential net and operating losses.
St. Paul Travelers said Monday that...
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