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an International Group, Inc.. issued a statement denying reports that it has substantial asbestos exposure in the UK, which could be triggered by a pending legal decision.

“ÌìÃÀÍøÕ¾´«Ã½´«Ã½ has virtually no substantial long tail asbestos exposures in the United Kingdom, and therefore the report published today in London by Bloomberg News that ÌìÃÀÍøÕ¾´«Ã½´«Ã½, along with other insurers, faces substantial liabilities as a result of a House of Lords ruling tomorrow [today], is erroneous. Irrespective of that ruling, ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s asbestos-related liabilities in the UK will remain minimal,” the company said.

The bulletin went on to state that, “ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s overall asbestos-related liabilities are relatively small. The vast majority of asbestos and environmental claims emanate from policies written in 1984 and prior years, at a time when ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s commercial insurance business was not as significant as it is today. Since 1985, standard policies have contained the absolute exclusion for pollution related damage. ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s reserves for asbestos-related claims continue to be appropriate.”

Topics Claims ÌìÃÀÍøÕ¾´«Ã½´«Ã½