Australian industrial group CSR has reached an insurance litigation settlement of about $103.3 million with a group of 48 Australian, UK and European insurers for US asbestos claims under its insurance policies from 1978-1989.

According to the settlement, the insurers – which were among a number sued by CSR for asbestos liabilities – are each obliged to pay a share of the settlement before June 10.

CSR is continuing action against insurers that are refusing to settle, including Ace Insurance and a number of its affiliate companies. Ace is the primary insurer in the case.

CSR CEO and MD Alec Brennan says the settlement is a win for the company. “Since commencing this litigation in 1995 we have achieved settlements with 55 insurers and, while litigation is inherently uncertain, we are confident of our litigation position against the Ace defendants.”

The settlement net of litigation costs is about $93 million, and will be recorded as a “significant item” in CSR’s results for 2006.