Equitas and EnPro Industries have reached a settlement on the future and current claims of EnPro subsidiaries against certain Lloyd's underwriters reinsured by Equitas.
As a result of the agreement Equitas will pay $118m to Enpro and an asbestos trust that has been established to resolve asbestos-related claims made against certain EnPro subsidiaries. The claims were made under policies issued by Lloyd's underwriters and reinsured by Equitas.
EnPro will receive $30m of the total settlement relating to outstanding amounts for asbestos claims that EnPro said were owed to its subsidiaries by Lloyd's underwriters. The balance will be paid to the trust.
EnPro's claims against its London market insurers are not affected by the settlement.
Equitas head of asbestos pollution and health hazard claims Simon Wright said: “We are pleased to have reached this comprehensive resolution of asbestos and pollution related claims with EnPro, following many months of negotiations.
“This settlement again demonstrates our commitment to resolve claims, including the largest liabilities that we face, at what we consider to be a fair price for the exposures that we face.
“We continue to discuss comprehensive settlements with a number of policyholders and remain willing to have similar discussions with any other assureds, large or small, so long as they are genuinely interested in reaching a realistic commercial settlement.”
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