Chubb Reaches Agreement-in-Principle with Boy Scouts of America
ZURICH (STL.News) As reported by the Boy Scouts of America (BSA) and other parties Monday, an agreement-in-principle has been reached in the BSA bankruptcy. Under this agreement, assuming approval, Century Indemnity Company and other Chubb companies will pay $800 million and obtain a broad release for all Chubb companies from BSA-related abuse claims. In addition, the net financial impact to the company from the settlement will be substantially reduced by carried reserves and third-party reinsurance. This agreement-in-principle is contingent on a variety of conditions and court approvals.