Equitas, the Lloyd's vehicle for dealing with its asbestos exposure, is to pay engineering firm Honeywell International $472m (£298.9m) to settle its claims.
According to Reuters, the deal will settle a major exposure at Equitas, whose stability had been questioned since it was created to deal with Lloyd's pre-1993 liabilities.
Honeywell held a series of claims against Equitas arising from asbestos claims related to the North American Refractories Company.
Glenn Brace, Equitas claims director said: "This settlement with Honeywell provides significant benefits for both parties. For Equitas, it provides finality for reinsured names exposed to claims by Honeywell and its related entities.
"For Honeywell, it provides certainty as to the amount of claims that will eventually be covered by Lloyd's of London names."
