Lloyd’s run-off reinsurer Equitas has settled all the asbestos-related claims of giant US car maker General Motors for an undisclosed amount.

In a statement, Equitas said the agreement settles all asbestos-related claims against Lloyd’s businesses that it reinsured. Some of the claims go back as far as the 1950s. Asbestos was used mainly in vehicles’ brakes.

“We are pleased to have been able to reach this comprehensive buy-back settlement with GM without the need for litigation,” Equitas Head of Direct Claims Simon Wright said.

Equitas has so far paid out more than $US7 billion ($9.3 billion) in asbestos claims. Last year it settled with oil services company Halliburton for $US575 million ($768 million) and in March this year it paid manufacturer McDermott International $US415 million ($554.8 million).