UK industrial materials manufacturer Cape plc has agreed to pay
a £52.5mn ($63.8mn) product liability settlement to Aviva, RSA
and Zurich related to litigation over the carriers' historic
employers' liability (EL) exposures.
In a statement today, Cape said it would make an upfront payment of £18mn, inclusive of substantial legal costs, and a deferred payment of up to £34.5mn over the period from 2018 to 2023.
The insurers brought the case against Cape, which was historically a major producer of...
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