Old Problems Still Haunt P-C Industry
Even though property-casualty insurers worked to correct pricing, underwriting and reserving problems in 2001, old issues, including the Reliance insolvency, will haunt them in 2002, according to rating agency analysts.
"One thing were focusing on is guaranty fund assessments [and] the looming impact of Reliance," said John Andre, vice president for A.M. Best in Oldwick, N.J. Mr. Andres expression of concern–that what could be the largest loss ever to guaranty funds, over $1.2 billion, might generate damaging assessments to thinly-capitalized companies–was unexpected. It came as he discussed the ratings of personal lines insurers that fall in his area of responsibility.
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