Insurer Chubb Corp. said it has $220 million in maximum pre-tax exposure to surety bonds relating to Enron Corp.
Surety bonds, sold by Chubb and other insurers to a wide variety of companies, make payments on financial contracts in the event of a default. Analysts are widely expecting crisis-hit energy firm Enron to default on its financial obligations.
Chubb said its maximum exposure to Enron after tax was about $143 million, or 82 cents per share. It said it had not yet received any claims on the surety bonds.
Was this article valuable?
Here are more articles you may enjoy.
Insurance IPOs Hit 20-Year High on Wall Street 
More Federal Legislation Introduced to Tackle Third-Party Lit Funding 
Ex-Lloyd’s CEO Lost $17 Million AIG Job After Office Romance 
AIG to Pay Neal $2.7 Million to Cover Previous Firm’s Bonus 
