Travelers Adds to Reserves for Asbestos
From Bloomberg News
Travelers Property Casualty Corp. added $2.45 billion to reserves for asbestos-related claims, leading to the insurer’s first annual loss since it was formed six years ago.
The third-largest U.S. property-casualty insurer, spun off last year by Citigroup Inc., expects a net loss of $793 million, or 79 cents a share, in the fourth quarter. For 2002, Travelers expects a loss of $27 million, or 3 cents a share.
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