Key Insurers Withdraw Support For Federal Asbestos Trust Fund But Sens. Frist, Specter Push Ahead

Thursday, April 7th, 2005 Liability

More than a dozen insurance companies have dropped their support of the proposed $140 billion federal trust fund meant to pay claims stemming from asbestos lawsuits, telling Congress it should instead work to establish standard medical criteria for such cases. Major insurers not signing the letter included ACE Ltd., which on Feb. 3 posted lower fourth-quarter earnings as the company booked a charge of $302 million, or $1.06 a share, to strengthen its asbestos, environmental and other run-off reserves.

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http://www.insurancejournal.com/news/national/2005/04/06/53414.htm

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