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FIBREBOARD COMMENTS ON CNA FINANCIAL CORP. INCREASE IN CLAIMS RESERVE

 CONCORD, Calif., Feb. 8 /PRNewswire/ -- In reponse to inquiries, Fibreboard Corp. (AMEX: FBD) acknowledged the CNA Financial Corp. (CNA) (NYSE: CNA) announcement today that its subsidiary, Continental Casualty Co. (Continental), one of Fibreboard's primary insurers for asbestos-related claims, has increased its claims reserve for potential exposure to asbestos-related bodily injury claims by $1.5 billion. The CNA release indicates Continental's intention to discuss a global settlement of its asbestos-related bodily injury litigation with Fibreboard, which litigation represents a major portion of Continental's asbestos-related claims.
 Fibreboard is pleased that CNA has publicly acknowledged the order of magnitude of its potential liability arising from prior trial court judgments in Fibreboard's favor. Fibreboard has been and remains ready to engage in good faith settlement discussions with Continental. However, it is premature to speculate as to whether a settlement can be achieved. In the absence of a settlement Fibreboard will continue to vigorously pursue the court appeal seeking final confirmation of its insurance coverage with Continental.
 -0- 2/8/93
 /CONTACT: Stephen L. DeMaria of Fibreboard, 510-686-0700/
 (FBD CNA)


CO: Fibreboard Corp.; CNA Financial Corp.; Continental Casualty Co. ST: California IN: CST INS SU:

TM -- SF008 -- 4188 02/08/93 14:51 EST
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Publication:PR Newswire
Date:Feb 8, 1993
Words:199
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