Contact Us

Asbestos
*    Denotes required field.

   * First Name 

   * Last Name 

   * Email 

Phone 

Cell Phone 

Street Address 

Zip Code 

City 

State 

Have you (or the injured party) been diagnosed with:


If lung cancer, please further describe diagnosis and any other factors (i.e.smoking) that may have contributed to lung cancer:

What was the date you were diagnosed with TTP?

Please describe where you think exposure may have occurred:

What month(s) and year(s) do you believe exposure occurred?

If exposure occurred at work, please list name and address of employer:

What was occupation at time of exposure:

For verification purposes, please answer the below question:
+
=

No Yes, I agree to the Parker Waichman LLP disclaimers. Click here to review.

Yes, I would like to receive the Parker Waichman LLP monthly newsletter, InjuryAlert.

please do not fill out the field below.


Travelers Suffers Loss After Asbestos Charge

Jan 23, 2003 | FT.COM

Travelers Property Casualty on Thursday reported a significant loss for the fourth-quarter as it booked a $1.3bn charge for bolstering its asbestos reserves.

The insurer reported a loss of $793m, or 79 cents per share, against a profit of $303m, or 39 cents per share, in the same period last year.

This month, Travelers said it was increasing its asbestos reserve to $3.4bn. The addition of $2.5bn for potential liabilities pushed the former Citigroup insurance subsidiary into the red for last year.

The additions were more than those made by all insurers for asbestos costs, showing how rapidly anticipated liabilities have soared in recent months.

Travelers officials have called for government action in response, citing studies showing that more than 50 per cent of compensation covers "transaction costs" - mostly involving fees for lawyers.

As recently as two years ago, insurers thought they had set aside sufficient reserves to cover asbestos costs. However, that was before class-action attorneys began identifying new targets to sue for damages.

Litigation, which had previously been related directly to miners and asbestos manufacturers, has moved on to distributors of the product, asbestos installers or any company that may have had some interaction with the substance.


Related articles
Parker Waichman Accolades And Reviews Best Lawyers Find Us On Avvo