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.
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