North Bay Business Journal

Friday, July 9, 2010, 5:54 pm

Fireman’s Fund pumps $301 million into liability reserve

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NOVATO – Fireman’s Fund Insurance Co. today made a brief announcement of plans to increase its reserves for “asbestos and environmental risks” by $301 million.

“The move follows the completion of its regular independent external asbestos exposure review,” the statement said.

The insurance carrier asserted the adjustment, figured on a stand-alone statutory basis, “will have no impact on the financial results” of German parent company Allianz Group.

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