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Insurers Don't Pose Systemic Risks, P/C Coalition Says

In a letter to U.S. Senate Banking Committee Chair Chris Dodd (D-Conn.), the new Property & Casualty Leaders Coalition stated that property and casualty insurers...
March 10, 2010

In a letter to U.S. Senate Banking Committee Chair Chris Dodd (D-Conn.), the new Property & Casualty Leaders Coalition stated that property and casualty insurers do not pose a systemic risk and should not be subjected to enhanced federal solvency supervision or bank-centric financial regulation. The 11 company executives comprising the coalition wrote, "The property and casualty industry should not be charged any assessments to cover shortfalls that arise from a resolution of a non-insurance financial company."

The letter was signed by the chief executive officers of Ace Group, Allstate Corp., Chubb Corp., CNA Insurance Cos., Liberty Mutual Insurance Cos., Nationwide Insurance, State Farm Group, Travelers Cos. Inc., USAA Property and Casualty Insurance Group, W.R. Berkley Corp. and Zurich Financial Services Group.