A recent subpoena served by New York Attorney General Eliot Spitzer on St. Paul Travelers should not have a significant impact on its operations, said one analyst.
Banc of America Securities analyst Brian Meredith said the subpoena in all likelihood dealt with alleged under-reporting of workers' compensation premium to lower its proportional assessment for payments to the New York State Workers' Compensation Fund.
Mr. Meredith wrote that even if St. Paul Travelers is forced to disgorge profits, "it would not amount to a significant financial impact for a company the size of St. Paul Travelers."
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