St Paul Travelers in asbestos settlement

US insurer St Paul Travelers has reached a US$90m deal to settle common law asbestos-related lawsuits filed against its Travelers Property Casualty subsidiary. The settlement comprises US$70m to cover actual claims and US$20m for legal fees. Under the settlement,Travelers will face no further common law actions from asbestos claimants. St Paul said that the settlement would be funded from its unallocated asbestos reserves.