Insight and Intelligence on the London & International Insurance Markets

25 February 2018

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UK insurers settle historic Cape asbestos case

Catrin Shi 13 March 2017

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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