Liberty Mutual Boosts Asbestos Reserves $405M

Liberty Mutual Insurance Co. announced that it is adding $405 million to its gross asbestos reserves for the third quarter.According to the company, the reserve increase amounts to $331 million net of reinsurance recoveries and $215 million after tax, bringing Liberty Mutual's total net asbestos reserves to $1.2 billion.A "ground-up" study of the carrier's asbestos exposures found that Liberty Mutual has relatively little exposure under excess insurance and assumed reinsurance contracts and "limited" exposure to claims by major asbestos defendants. Of 63 large policyholders representing 95% o...