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Travelers asbestos settlement decision overturned

Tue Feb 19, 2008 9:53am EST

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NEW YORK, Feb 19 (Reuters) - Travelers Companies Inc (TRV.N), one of the largest U.S. property and casualty insurers, on Tuesday said an appeals court overturned a March 2006 New York district court's approval of the company's settlement of asbestos-related litigation.

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The Saint Paul, Minnesota-based insurer said it does not intend to boost its asbestos reserves, as a result of the appeals court decision. And it does not expect the development to impact earnings.

The appeals court found that the court originally issuing the order did not have the jurisdiction to do so, Travelers said in a statement.

The insurer is analyzing the decision to determine whether to pursue further appellate review of the ruling, it added.

Travelers shares were about 1 percent higher at $48.39 in early trading on the New York Stock Exchange. (Reporting by Lilla Zuill, editing by Maureen Bavdek)

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