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Travelers Examine Exposure to WorldCom
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Business New Haven
7/8/2002
By: BNH
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HARTFORD - Travelers Property Casualty (NYSE: TAP.A) has examined its exposure to WorldCom and, according to Chief Financial Officer Jay S. Benet, the company does not expect that its investment in the firm will have a material impact on Travelers' operating income, which excludes realized investment gains and losses, for the quarter and the year. In its investment portfolio, Travelers now holds $83.4 million in WorldCom debt.
WorldCom, once the nation's second-largest telephone carrier, overstated its profits by hiding approximately $3.8 billion in expenses. The U.S. Securities & Exchange Commission has filed a civil suit against WorldCom.
Travelers Property Casualty is a provider of a wide range of insurance products for individuals and businesses. Travelers is a member of Citigroup (NYSE: C).
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