Smith Barney ?04 P-C Firms Analysis Is Upbeat
NU Online News Service, Jan. 23, 2:37 p.m. EST?Property-casualty insurers' upcoming fourth-quarter reports for 2003 will be generally favorable, thanks to improving current accident-year results and mostly low catastrophe losses, an investment research firm said in a report analyzing major carriers.[@@]
New York-based Smith Barney also forecast that it doesn't expect "a wave of reserve-strengthening events" during the fourth-quarter earnings reporting season. However, there could be some exceptions with a few insurers that have already issued cautionary statements, such as The Chubb Corporation on asbestos. The St. Paul Companies Inc. announced this morning that it took a $228 million after-tax charge in the fourth quarter to boost reserves on rising medical malpractice claims.
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