Financial Services Industry
Industry: Email Alert RSS Feed$3B committed to asbestos claims. (personal injury suits filed against Fibreboard Corp.)
National Underwriter Property & Casualty-Risk & Benefits Management, September, 1993 by Calise, Angela K.
In what could be a precedent-setting settlement in an asbestos liability suit, Chubb Corp. and CNA Ins. Cos. have agreed to pay Fibreboard Corp. up to $3 billion to cover claims by people harmed by the company's cancer-causing asbestos products. If the agreement is approved by a federal judge in this long standing fight over who will pay damages in the personal injury suits filed against Concord, Calif.-based Fibreboard, the settlement could go down as the largest amount ever paid to an insured in such a case, according to industry analysts.
"This case is fairly monumental in that it has the potential to be fairly definitive," said David Armstrong, vice president and analyst for Firemark Research, a part of the Firemark Group in Parsippany, N.J. He noted...
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