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SAINT PAUL, Minn.--The Travelers Cos. Inc. has entered into a settlement to resolve fully all current and future asbestos-related coverage claims against Travelers and its subsidiaries relating to ACandS Inc., the insurer announced Friday.
The settlement agreement calls for St Paul, Minn.-based Travelers to contribute $449 million to a trust to be established pursuant to ACandS' plan of reorganization.
In its announcement, Travelers said it expects to cede about $84 million to its reinsurers, for a net settlement of $365 million. "Travelers will fund the settlement from its existing asbestos reserves and does not anticipate any impact on earnings as a result of the settlement," the company said in a statement.
Travelers also said the settlement "is subject to a number of contingencies, including final court approval of both the settlement and a plan of reorganization for ACandS."