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March 13, 2009 |
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ASBESTOS LITIGATION: Crum & Forster Has $401.1M in Losses & ALAE Crum & Forster Holding Corp.'s net unpaid losses and allocated loss adjustment expense for asbestos and environmental exposures were US$401.1 million for the year ended Dec. 31, 2008, compared with US$442.8 million for the year ended Dec. 31, 2007, according to the Company's 2008 annual report filed with the Securities and Exchange Commission. The Company's net unpaid losses and ALAE for asbestos exposures were US$312,140,000 for the three and nine months ended Sept. 30, 2008, compared with US$326,686,000 for the three and nine months ended Sept. 30, 2007. (Class Action Reporter, Nov. 14, 2008) The Company's gross unpaid losses and ALAE for A&E exposures were US$523.4 million for the year ended Dec. 31, 2008, compared with US$580.1 million for the year ended Dec. 31, 2007. The Company's gross unpaid losses and ALAE for asbestos exposures were US$395,628,000 for the three and nine months ended Sept. 30, 2008, compared with US$410,184,000 for the three and nine months ended Sept. 30, 2007. (Class Action Reporter, Nov. 14, 2008) At Dec. 31, 2008, the Company had 71 asbestos claims opened during the year, 135 claims closed during the year, and 337 policyholders open at the end of the year. At Dec. 31, 2007, the Company had 48 asbestos claims opened during the year, 47 claims closed during the year, and 401 policyholders open at the end of the year. Gross asbestos reserves were US$387.2 million at Dec. 31, 2008, and $428.1 million at Dec. 31, 2007. Asbestos reserves, net of reinsurance, were US$301.9 million, at Dec. 31, 2008 and US$333.6 million at Dec. 31, 2007. Headquartered in Morristown, N.J., Crum & Forster Holdings Corp. is a national commercial property and casualty insurance company. The Company writes commercial coverage including workers' compensation, general liability, commercial automobile, property, commercial multi-peril, accident and health and other lines of business. |
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