US-based EnPro Industries and Lloyd’s vehicle Equitas have reached an agreement to settle the current and future insurance claims of EnPro subsidiaries against certain underwriters.

The settlement includes a payment of $US30 million to EnPro for outstanding amounts that the company claimed Lloyd’s underwriters owed it. A further $US88 million will be paid into a trust set up to resolve asbestos claims made by EnPro under policies written by Lloyd’s underwriters and reinsured by Equitas. It brings the total settlement to $US118 million.

EnPro President and CEO Ernie Schaub said: “Resolution of the dispute brings our insurance reimbursements from Equitas up to date, while establishment of the trust ensures we will continue to receive cash payments of the Equitas portion of our remaining insurance in a timely and efficient manner.”