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March 13, 2009 |
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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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