Liability, awards and settlements

23.8, asbestos settlement

US: Congoleum Corporation said that the Century Indemnity Company will pay $16.95mn to a trust set up for asbestos-related claims after the company signed a settlement agreement. Congoleum said the payment will be subject to various requirements and a motion for bankruptcy court approval of this settlement was pending. Congoleum filed a voluntary petition seeking relief under Chapter 11 of the United States Bankruptcy Code, to resolve claims asserted against it related to the use of asbestos in its products several years ago. The company has so far reached more than $207mn in insurance settlements, and negotiations are pending with other excess insurance carriers.