Another large US insurer cuts multi-million dollar deal to resolve Boy Scouts sexual abuse claims
After The Hartford reached a $787 million settlement in the Boy Scouts of America (BSA) bankruptcy case for sexual abuse claims associated with policies mostly issued in the 1970s, another large US insurer has decided to follow suit.
Property/casualty insurer Chubb has agreed to pay $800 million into a fund for victims of child sexual abuse.
The “agreement-in-principle” announced Monday (December 13) will see Century Indemnity Company and other Chubb companies pay the multi-million dollar sum in return for being released from BSA-related abuse claims.
The agreement is subject to conditions and court approvals, the insurer said in a statement.
Chubb further stated that the net financial impact to the company from the settlement will be “substantially reduced by carried reserves and third-party reinsurance”.
Earlier in September, The Hartford entered into a pre-tax $787 million settlement agreement with the Boy Scouts of America to free itself from any further obligation under policies it issued to the BSA and its local councils.
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