Travelers Property Casualty Corp. announced that it has executed a definitive agreement settling asbestos-related statutory-based direct actions pending against Travelers under various unfair trade practices acts and similar statutes, including the Wise, Meninger and Cashman purported class actions and similar cases. The settlement in principle was previously announced on November 21, 2003.
The settlement will make available a fund of up to $375 million to claimants plus up to $37.5 million in legal fees. As previously announced, Travelers will fund this settlement from its unallocated asbestos reserves, which were $1.2 billion at December 31, 2003, and will not take an earnings charge in connection with this settlement.
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