Chubb Estimates $34 Million in Claims from PPG Asbestos Settlement

New Jersey-based Chubb Corp. acknowledged that it expects to may around $34 million as its portion of the $2.7 billion settlement reached by PPG Industries to settle over 435,000 asbestos related cases against its bankrupt affiliate Pittsburgh Corning. (See IJ Website May, 15)

Chubb’s statement added that it had already reserved for PPG asbestos claims in previous years, and, accordingly, it “expects that this settlement will not have a material impact on its future earnings.”|”chubb, estimates, $34, million, in, claims, from, ppg, asbestos, settlement