The Hartford Announces New Agreement-In-Principle With Boy Scouts Of America And Majority Of Claimants
14 Settembre 2021 - 10:30PM
Business Wire
The Hartford (NYSE: HIG) announced today that it has entered
into a new agreement-in-principle in the Boy Scouts of America
(BSA) bankruptcy, superseding its prior agreement, which now
includes the BSA, its local councils and the representatives of a
majority of the sexual abuse claimants. As part of the
agreement-in-principle, The Hartford will pay $787 million, before
tax, for claims associated with policies mostly issued in the
1970s. In exchange for The Hartford’s payment, the BSA and its
local councils will fully release The Hartford from any obligation
under policies The Hartford issued to the BSA and its local
councils. In addition, the representatives for the claimants
joining this agreement-in-principle will support a plan of
reorganization which incorporates the settlement. As announced on
April 16, 2021, The Hartford had entered into a $650 million
settlement with BSA; however, that previous settlement did not
include the local councils or representatives of a majority of the
claimants.
The agreement-in-principle was reached in connection with BSA’s
Chapter 11 bankruptcy and will become a final settlement upon the
occurrence of certain conditions, including execution of a
definitive settlement agreement, confirmation of the BSA’s global
resolution plan, receipt of executed releases from the local
councils, and approval from the bankruptcy court as part of BSA’s
overall plan of reorganization. The parties to the
agreement-in-principle expect to receive court approval of the
settlement in late 2021. No assurance can be given that all the
conditions precedent to the settlement will be satisfied or that
bankruptcy court approval, if obtained, will not be delayed for
various procedural reasons.
The Hartford expects to record a charge against earnings of
approximately $137 million, before tax, in the third quarter 2021
for prior accident year development recognized in connection with
the additional amounts anticipated to be paid by The Hartford
pursuant to the agreement-in-principle described above.
About The Hartford
The Hartford is a leader in property and casualty insurance,
group benefits and mutual funds. With more than 200 years of
expertise, The Hartford is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at https://www.thehartford.com. Follow us on Twitter at
@TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG)
operates through its subsidiaries under the brand name, The
Hartford, and is headquartered in Hartford, Connecticut. For
additional details, please read The Hartford’s legal notice.
HIG-F
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. We caution investors that these
forward-looking statements are not guarantees of future
performance, and actual results may differ materially. Factors that
could cause actual results to differ, possibly materially, from
those in the forward-looking statements include, but are not
limited to, satisfaction of the conditions precedent to the
settlement agreement, including execution of a definitive
settlement agreement, confirmation of the BSA’s global resolution
plan, receipt of executed releases from the local councils, and
approval from the bankruptcy court of the BSA plan of
reorganization, as well as other factors discussed in our 2020
Annual Report on Form 10-K, subsequent Quarterly Reports on Forms
10-Q, and the other filings we make with the Securities and
Exchange Commission. We assume no obligation to update this
release, which speaks as of the date issued.
From time to time, The Hartford may use its website and/or
social media outlets, such as Twitter and Facebook, to disseminate
material company information. Financial and other important
information regarding The Hartford is routinely accessible through
and posted on our website at https://ir.thehartford.com, Twitter
account at www.twitter.com/TheHartford_PR and Facebook at
https://facebook.com/thehartford. In addition, you may
automatically receive email alerts and other information about The
Hartford when you enroll your email address by visiting the “Email
Alerts” section at https://ir.thehartford.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210914006133/en/
Media Contact: Matthew Sturdevant 860-547-8664
matthew.sturdevant@thehartford.com Investor Contact: Susan
Spivak Bernstein 860-547-6233 susan.spivak@thehartford.com
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