Reinsurer Equitas, the Lloyd’s of London affiliate set up to deal handle asbestos cases, and Texas-based Halliburton Co. are reported to have reached an agreement to settle asbestos insurance claims.
According to Reuters news reports, under the agreement the oil services firm will receive $575 million in two payments over an 18-month period.
The agreement reportedly resolves all Halliburton asbestos claims against Lloyd’s. Equitas, which was established in 1996, said the agreement caps the largest direct liability it faced.
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