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Energy Trader UtiliCorp Balks at Bond Collateral Call by Insurer Chubb Corp.
Byline: Richard Newman
Mar. 1--Chubb Corp, the Warren-based business insurer, is calling for collateral from some of its surety bond customers, including its largest one, UtiliCorp. But the Kansas City- based wholesale energy trader is challenging the request in court.
The requests follow Chubb's charge-off in the fourth quarter of $143 million in anticipation of surety bond losses related to the collapse of Enron.
Surety bonds are bought by companies to assure customers that they will be compensated if the company fails to deliver. UtiliCorp's surety bonds from Chubb total $570 million, according to Chubb, an amount that far exceeds the total …
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- Enron-Related Losses Hit Yearly Earnings for Insurer Chubb Corp.
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Newspaper article from: The Record (Bergen County, NJ)
February 8, 2002
700+ words
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- Judge drops Davis Polk from Enron suit.
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Newspaper article from: The Daily Deal
January 29, 2002
700+ words
