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ASBESTOS LITIGATION: Crum & Forster Increases Reserves by $36.2M
Crum & Forster Holdings Corp.'s total latent reserves (including asbestos) were increased by US$36.2 million in 2008, US$54.5 million in 2007, and US$33.9 million in 2006.
During the nine months ended Sept. 30, 2008, the Company increased its asbestos reserves by US$25.5 million. (Class Action Reporter, Nov. 14, 2008)
In 2008, the increase was primarily due to the settlement of an asbestos-related lawsuit.
In 2007, US$24.3 million of the increase was in asbestos reserves, US$22.2 million was in environmental reserves and US$8 million was in other latent reserves. The strengthening of asbestos reserves was partly due to developments related to one asbestos policyholder.
In 2006, the increase in total latent reserves was primarily due to developments related to one asbestos policyholder.
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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Lloyd's Asbestos Litigation Reporter
is a weekly newsletter distributed every Friday co-published by
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