Printer Friendly

CRUM & FORSTER 'A-' CLAIMS-PAYING ABILITY ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 18 /PRNewswire/ -- Crum and Forster Insurance Cos.' A-' claims paying ability rating is placed on FitchAlert with negative implications. The action is a result of Xerox Corp.'s announcement that a fourth quarter pre-tax charge of $436 million was taken for reserve strengthening at Crum and Forster.
 This follows a third quarter restructuring and reserve strengthening pre-tax charge of $444 million, which was offset by capital gains of an equal amount. In its announcement, Xerox also decisively stated its intent to disengage from its insurance businesses, expressing its intent to support Crum and Forster's operations to a more limited extent in the future.
 During late 1992, Crum and Forster embarked on a substantial restructuring of its business units to improve operating results and to better position the company in light of the proposed risk-based capital guidelines for property and casualty insurers. Fitch's review will focus on these actions and will include further discussions with management and an assessment of the company's year-end results.
 -0- 1/18/93
 /CONTACT: Lygia X. Campbell of Fitch, 212-908-0695/
 (XRX)


CO: Crum and Forster Insurance Cos. ST: New Jersey IN: INS SU: RTG

SM -- NY073 -- 6044 01/18/93 18:04 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 18, 1993
Words:200
Previous Article:AMERICAN STOCK EXCHANGE DAILY REPORT
Next Article:SALES OF SHARES IN RHONE-POULENC HELD BY THE STATE
Topics:


Related Articles
CRUM & FORSTER'S CLAIMS PAYING RATING LOWERED TO 'A-' BY FITCH -- FITCH FINANCIAL WIRE --
ARKLA $850 MILLION 'A-' DEBT ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
CRUM AND FORSTER CONFIRMS THAT IT WILL FUND $128 MILLION SETTLEMENT
PMI-INSURED 'AAA' MORTGAGE ISSUES PLACED ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
PMI-INSURED "SUPER-SENIOR" MORTGAGE DEBT AFFIRMED, OFF FITCHALERT -- FITCH FINANCIAL WIRE --
A.M. BEST ISSUES PROPERTY/CASUALTY NINE-MONTH RATING REVIEWS
A. M. BEST AFFIRMS CRUM AND FORSTER INSURANCE COMPANIES' RATING
TALEGEN HOLDINGS (CRUM & FORSTER) 'A-' CLAIMS-PAYING WITHDRAWN BY FITCH -- FITCH FINANCIAL WIRE --
W.R. BERKLEY SENIOR DEBT DOWNGRADED TO 'A+'; OFF FITCHALERT -- FITCH FINANCIAL WIRE --
Rating actions.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters