Travelers hit by $224mn asbestos deterioration

Travelers was forced to bolster its reserves for asbestos losses by
a further $224mn in the third quarter after it increased its
projected cost of settlement and defence fees for mesothelioma
claims.
The news comes in the wake of a $579mn payout made in the first
quarter to settle litigation over asbestos claims.
Travelers said the reserve charge related to a "broad
number" of policyholders, adding that it was driven by
"higher estimates" for projected settlements and an
increase in...