Travelers Boosts Reserves Over Leased Vehicles
NU Online News Service, April 1, 3:46 p.m. EST?Travelers Property Casualty Corp. said it is taking a $77 million charge in its first quarter to boost reserves due to the declining value of used leased vehicles a subsidiary insures.
The Hartford, Conn.-based insurer said the charge would shore up reserves for a business line at its Gulf Insurance, which insures residual values of leased vehicles.
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