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March 13, 2009 |
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ASBESTOS LITIGATION: Alleghany Reserves $20.3M for A&E Coverages Alleghany Corporation's reserve for unpaid losses and loss adjustment expense includes US$20.3 million of net reserves at Dec. 31, 2008. The Company's reserve for unpaid losses and LAE includes US$20.4 million of gross reserves at Dec. 31, 2008. These reserves were for various liability coverages related to asbestos and environmental impairment claims that arose from reinsurance of certain general liability and commercial multiple peril coverages assumed by Capitol Indemnity Corporation between 1969 and 1976. Capitol Indemnity exited this business in 1976. Headquartered in New York, Alleghany Corporation engages in the property and casualty and surety insurance business. The Company also owns about 33 percent stake in Homesite Group Incorporated, a national, full-service, mono-line provider of homeowners insurance. |
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