Equitas to Pay $300 Million to Settle 6 Asbestos Claims

August 30, 2005

Reports from Reuters, the Financial Times and other sources indicate that Equitas, the Lloyd’s runoff vehicle, will announce that it is set to pay 167 million pounds ($300 million) to settle six additional asbestos claims.

Equitas has apparently reached settlement agreements with Kaiser Aluminum Corp., Crane Co., Congoleum and three other companies, as yet unidentified, to bring ongoing litigation to an end. The agreements with Kaiser and Congoleum must still be approved by U.S. bankruptcy courts.

“These settlements benefit both parties. In reaching these agreements, Equitas has resolved some of its largest claims,” Reuters quoted Glenn Brace, claims director at Equitas. “We continue to seek comprehensive settlements and are currently in negotiations with other major policyholders. We are hopeful that these negotiations will result in further agreements in the coming months.”

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