$76.5mn to settle EnPro’s asbestos claims

A number of insurers in the London market and a US insurer have agreed to pay $76.5mn to settle all asbestos claims filed by subsidiaries of US company EnPro Industries. Around $22mn of the settlement will go to EnPro itself as reimbursement for claims it paid on behalf of its Coltec Industries unit, while the balance will go into a trust that is to be set up to resolve claims against various EnPro units. Under the deal, Coltec will also receive $1mn from an insolvent London market insurer.