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.
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