A number of insurance companies with large property and casualty portfolios are likely to follow Cigna Corp.`s lead in taking big charges to bolster their property and casualty reserves, executives and analysts believe. Cigna, the nation`s second-largest publicly held insurance company, jolted the industry last week when it announced that in order to shore up its reserves it would take a $1.2 billion charge against fourth-quarter earnings, believed to be the biggest charge ever taken in the insurance industry. Industry observers doubted, however, that any other company would increase its reserve level as much as Cigna did. Insurance analysts refused to be quoted by name when citing companies that might have to face these problems, but the insurers mentioned most often were USF&G Corp., the holding company for United States Fidelity and Guaranty Co., and Home Group Insurance Co., which was spun off to investors by City Investing Co.
