Harleysville Cites Reserve Boost, Isabel For Loss
NU Online News Service, Oct. 27,
The insurer had earlier warned that it expected to post a net loss per share in the $1.15-to-$1.17 range for the quarter because of a $55 million loss-reserve hike and claims from Hurricane Isabel.
Breaking down the reserve boost by line, $17 million relates to workers' comp, $19 million to commercial auto liability, $14 million to commercial multiperil and $5 million to personal auto liability, Harleysville had earlier noted. The insurer also said 87 percent of the reserve strengthening relates to 1998-to-2002 accident years.
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