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Asbestos Exposure Again Challenges Property/Casualty Insurers Jan 03
Standard & Poors, Jan 2003
Abstract
NEW YORK (Standard & Poor's) Jan. 27, 2003--Standard & Poor's Ratings Services today commented on the spate of recent additions to reserves for asbestos claims by insurers, which raises anew the issue of reserve adequacy in the property/casualty industry. In its December 2002 outlook for U.S. commercial lines insurers, Standard & Poor's indicated that the rash of new asbestos-related claims and their impact on insurers' reserves could lead to further downgrades in the industry for the first half of 2003. As companies rush to finalize their 2002 financial statements, the fourth quarter is truly turning into the 'kitchen-sink' quarter predicted by Standard & Poor's and other industry observers. In less than two weeks, two major commercial lines writers--Travelers Property Casualty...
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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