TITLE

As Insurers' Profits Grew, So Did Their Appetite for Municipals

AUTHOR(S)
Fine, Jacob
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/30/2003, Vol. 344 Issue 31625, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Property and casualty insurance companies are on resergence to profitability during 2002, according to data released by the Insurance Information Institute in April 2003. The insurers generated 2.9 billion dollars in after-tax net income in 2002, compared to a 7 billion dollar loss in 2001, the New York-based institute stated in the April 16, 2003 report. Insurers not producing the amount of taxable income necessary to exempt them from the corporate alternative minimum tax � which requires them to pay a flat tax on all income that would otherwise be tax-exempt � typically buy enough taxable bonds to make up the difference.
ACCESSION #
9810720

 

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