Swift CFO sees smaller carriers going bankrupt

Swift CFO sees smaller carriers going bankrupt

The high costs of insurance and a lack of liquidity will drive more trucking companies into bankruptcy and keep others from expanding, said Swift Transportation Co. CFO Bill Riley.

Addressing the Salomon Smith Barney Transportation Conference yesterday, Riley said the insurance and liquidity issues will only benefit larger carriers, such as Phoenix-based Swift.

Riley said many carriers are raising their deductibles and lowering the upper end of their umbrella coverage to cope with rising insurance premiums. He added that those carriers risk insolvency in the event of serious accidents.

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