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ASBESTOS LITIGATION: Cincinnati Fin'l. Has $114Mil 2008 Reserves
Cincinnati Financial Corporation carried US$114 million of net loss and loss expense reserves for asbestos and environmental claims as of year-end 2008, compared with US$123 million as of year-end 2007.
These amounts constitute 2.8 percent (in 2008) and 3.1 percent (in 2007) of total loss and loss expense reserves as of these year-end dates.
The Company said it believes its exposure to A&E claims is limited, largely because its reinsurance retention was US$500,000 or below prior to 1987. The Company also predominantly was a personal lines company in the 1960s and 1970s when asbestos and pollution exclusions were not widely used.
During the 1980s and early 1990s, commercial lines grew as a percentage of the Company's overall business and its exposure to A&E claims grew accordingly.
Between 2006 and 2008, total A&E reserves decreased 11.6 percent.
Headquartered in Fairfield, Ohio, Cincinnati Financial Corporation markets property casualty insurance. At year-end 2008, the Company had 4,179 associates, with 2,984 headquarters associates providing support to 1,195 field associates.
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Lloyd's Asbestos Litigation Reporter
is a weekly newsletter distributed every Friday co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and
Beard Group, Inc., Frederick, Maryland, USA.
Copyright 2008. All rights reserved. ISSN: 1945-4694.
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