Fitch: Vesta On ?Watch Negative'
NU Online News Service, March 5, 4:20 p.m. EST?Fitch Ratings today placed Vesta Insurance Group Inc. on "Rating Watch Negative" following the insurer's announcement earlier in the week that it will take a $33.5 million charge to reflect an adverse reinsurance arbitration ruling.[@@]
The New York-based Fitch noted that the reinsurance arbitration decision will have a negative effect on Vesta's earnings as well as its insurance units' 2003 year-end capital and the statutory surplus. Vesta is expected to report its 2003 fourth-quarter earnings March 15.
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