Equitas and General Motors Corporation have reached a comprehensive settlement...

Equitas and General Motors Corporation (GM) have reached a comprehensive settlement agreement on asbestos claims.

The agreement settles all claims by GM, including any North American third-party asbestos and pollution-related liabilities, against Lloyd's underwriters reinsured by Equitas. No details of the financial package were given.

Simon Wright, Equitas' head of direct claims, said: "We are pleased to have been able to reach this comprehensive buy-back settlement with GM without the need for litigation."

GM spokesperson Geri Lama said: "GM continues to pursue coverage for asbestos and other third-party liabilities from its primary insurer, Royal Indemnity Insurance and its parent companies, Royal & SunAlliance Insurance Group and Royal & SunAlliance Insurance.

"It is prosecuting its claims for insurance coverage against the Royal insurers in state court in Michigan."

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