Old Mutual Says Travelers Companies Has Withdrawn Claim to Remedies
April 09 2018 - 2:48AM
Dow Jones News
By Adam Clark
Old Mutual PLC (OML.LN) said Monday that U.S. insurer Travelers
Cos. Inc. (TRV) has withdrawn its claim to remedies over previously
disposed assets.
In March, Old Mutual said Travelers and St. Paul Fire &
Marine Insurance Co. had lodged a claim in a U.S court in relation
to head office legacy items related to the divested assets. Old
Mutual said it continues to believe the claim was without
merit.
Old Mutual also said that in relation to its ongoing
restructuring, its new planned holding company Old Mutual Ltd. has
agreed to provide an intragroup guarantee for possible obligations
arising from the claim. Old Mutual continues to expect the
previously announced "managed separation" of its operating
companies to be materially complete by the end of 2018.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
April 09, 2018 02:33 ET (06:33 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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