S&P placed its ratings on The St. Paul Cos. Inc. and its insurance subsidiaries on CreditWatch with negative implications because of the uncertainty associated with St. Paul’s determination to seek more aggressive early resolution of certain pending asbestos and environmental-related litigation and the resulting impact on this year’s capital and earnings.
The development was disclosed in St. Paul’s Form 10-Q, which was filed on May 15. S&P plans to meet with St. Paul’s management to review the development.
Was this article valuable?
Here are more articles you may enjoy.
Maryland Announces $2.5 Billion Settlement Over Baltimore Bridge Collapse 
Florida Surplus Lines’ HO Premiums Now Average About the Same as Admitted Market 
The Big Dog Is Off the Tech Porch: State Farm as ‘Next Gen Good Neighbor’ 
Worst Start to Wildfire Season Raises Alarm as El Niño Threatens From This Issue
