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December 6, 2001
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Money > PTI > Report December 6, 2001 |
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Enron collapse to cost insurers over $3.5 billion: S&PInsurance companies are likely to take a hit of about $3.5 billion as a result of the collapse of energy giant Enron Corp though the loss might not have a debilitating impact on their balance sheets, ratings firm Standard and Poor's has said.The major part of these losses would accrue from investments made in Enron bonds and other securities, S&P said. However, some firms may have reduced the losses by selling a part or their entire portfolio in the weeks preceding Enron's downfall. Among the insurance companies which revealed their exposure to the company was John Hancock, which reported a net investment exposure of $320 million dollars, for which it would be taking a fourth-quarter charge of up to $125 million.
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