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Lloyd's Equitas, Europe

McDermott International Inc. and the parent company of Babcock & Wilcox filed a lawsuit against the runoff company for asbestos claims. Equitas agreed to pay the company a $415 million settlement for asbestos related injuries. Babcock & Wilcox will put the money into a trust for over 222,000 asbestos related claims. Equitas has paid out over $7 billion in settlements of European asbestos claims and retains another $4.3 billion in reserves to pay future liability claims. (Mar-29-05) [INSURANCE JOURNAL]

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Published on Apr-12-05


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