Chaucer falls on political risk loss
Shares in Lloyd's (re)insurer Chaucer closed 5 percent down today (19 November) after it became the latest firm to admit to a shortfall in its political risk/credit reserves. The company strengthened the reserves by £23.5mn in the third quarter as it was hit by claims on its portfolio as a result of the challenging economic environment.
Describing 2009 as a "challenging year" for the trade credit market, the Lloyd's insurer said in an interim management statement this morning that the...
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