Swiss insurer Zurich Financial Services AG reports it has a realized capital loss of approximately $100 million on investments related to WorldCom Inc., according to a Dow Jones report.
A Zurich spokesperson said the losses were not related to insurance activities, but rather investment portfolios.
WorldCom, which filed for bankruptcy a month ago and listed $107 billion in total assets and $41 billion in debts, reported it discovered an additional $3.3 billion of improperly booked earnings, and indicated it will likely write off $50.6 billion of goodwill and other intangible assets.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
D&O Market Expected to Tighten Under Pressure, Says AM Best 
USI Insurance Services Claims Ex-Broker Poached Clients for Own New Agency 
AIG’s Turnaround Under Zaffino Sets Stage for New Leadership 
United Co-Pilot Warned Plane Was Slow, Low Before Newark Mishap 
