Agreement would resolve all outstanding cases between two firms

Run-off buyer Randall & Quilter (R&Q) has reached an agreement in principle to settle all its outstanding legal disputes with insurer Ace.

The agreement is subject to final terms.

The proposed settlement will include the case R&Q filed in May 2012 against various Ace subsidiaries in the Supreme Court of New York. It would also resolve all Ace’s various legal disputes against R&Q.

R&Q does not expect any material financial impact from the settlement but said a source of uncertainty had been removed.

“We expect that the commercial relations between R&Q and Ace will now move forwards in a positive direction,” the company said in a statement.

Topics