Will Travelers Take $1 Billion Asbestos Charge?
NU Online News Service, Jan. 28, 3:16 p.m. EST?Travelers Property Casualty Corp., eager to start its merger with The St. Paul Companies Inc. with a clean slate, could take an asbestos charge in the $1 billion range, according to New York-based investment bank Fox-Pitt, Kelton.[@@]
The Hartford, Conn.-based Travelers' last remaining asbestos exposures come from ACandS Inc., an insulation installer which filed for bankruptcy. As Travelers and The St. Paul work their way toward closing their merger in the middle of 2004, Travelers "may fess up" to this exposure, according to an analysts at Fox-Pitt.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
