Old Mutual Says Travelers Companies Has Withdrawn Claim to Remedies

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 Inc. (TRV) has withdrawn its claim to remedies over previously disposed assets.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)

Old Mutual (LSE:OML)
Historical Stock Chart
From Jun 2024 to Jul 2024