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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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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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The Lloyd's Asbestos Litigation Reporter subscription rate is $575 for six months delivered via e-mail.
Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof, are $25 each.
For subscription information, contact Christopher Beard at 240/629-3300 ext 1.
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