A Bank of America analysis has found that property-casualty insurers do not have any significant exposure to the collapse of investment bank Lehman Brothers.
For the 20 p-c insurers included in the Bank of America analysis, Lehman Brothers debt exposure averaged less than 1 percent of equity.
Preferred and common stock exposure also was not significant, Bank of America said. Major insurers with preferred/common stock exposure as of 2007, Bank of America said, are Hartford, $61 million; AIG, $59 million; Allstate, $18 million; and Progressive, $18 million.
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