30th Jul 2008 07:05
RSA announces settlement of GM litigation RSA Insurance Group plc ('RSA') today announces that the litigation betweenGeneral Motors Corporation and current and former members of the RSA Group hasbeen settled on terms which are confidential. The settlement will have no effect on RSA's earnings. -- Ends -- For further information: \* TAnalysts Press-------------------------------------- -------------------------------------Shona Cotterill Thomas Coops-------------------------------------- -------------------------------------Tel: +44 (0) 20 7111 7212 Tel: +44 (0) 20 7111 7047-------------------------------------- -------------------------------------Wendy Hardy Simon Kutner-------------------------------------- -------------------------------------Tel: +44 (0) 20 7111 7140 Tel: +44 (0) 20 7111 7327-------------------------------------- ------------------------------------- Simon Moyse (Finsbury)-------------------------------------- ------------------------------------- Tel: +44 (0) 20 7251 3801-------------------------------------- -------------------------------------\* T Notes to editors: 1. With an almost 300 year heritage, RSA is one of the world's leadingmultinational quoted insurance groups. It has the capability to write businessin over 130 countries and with major operations in the UK, Scandinavia, Canada,Ireland, Asia and the Middle East and Latin America. Focusing on generalinsurance, it has around 22,000 employees and, in 2007, its net written premiumswere £5.8bn. 2. In 2004 General Motors Corporation ('GM') approached Royal Indemnity Company("RIC", a former RSA Group subsidiary sold to Arrowpoint Capital in 2007 as partof the disposal of the Group's US Operation) seeking coverage under certaininsurance policies in relation to asbestos and environmental claims. Thatapproach led to litigation against RIC and other members of the RSA Group. Allsuch litigation has now been settled. Important Disclaimer This press release contains forward looking statements as defined in the U.S.Private Securities Litigation Reform Act of 1995. The forward looking statementsare based on management's current expectations or beliefs as well as a number ofassumptions about future events, and are subject to factors and uncertaintiesthat could cause actual results to differ materially from those described in theforward looking statements. The agreement is subject to the execution ofdefinitive documents by the parties. The Company does not assume any obligationto update any forward looking statements, whether as a result of newinformation, future events or otherwise. Copyright Business Wire 2008Related Shares:
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