Lloyd's underwriters will pay a $22m insurance settlement to...

Lloyd's underwriters will pay a $22m (£11.5m) insurance settlement to Goodyear Tire & Rubber for asbestos and pollution-related claims, it was announced today.

The cash pay-out, which will be made in the second quarter of 2005, is reinsured by Equitas.

Equitas will also put $39m (£20.4m) into a trust fund that can be used to reimburse Goodyear for costs it incurs in the future to resolve asbestos claims.