Chubb Settles $ 800 Million Scout Sexual Abuse Claims – Company Insurance

Chubb Ltd. will pay the Boy Scouts of America $ 800 million to meet sexual abuse-related insurance claims filed by the youth organization, the insurer said in a statement Monday.

Chubb has reached an agreement in principle with the Boy Scouts that provides for abuse-related lawsuits for Century Indemnity Co. and other Chubb companies if "widely disclosed", the statement said.

"The net financial impact of the settlement on the company is greatly reduced by the reserves carried and third-party reinsurance," said Chubb.

Tens of thousands of former Boy Scouts have sued Boy Scouts for alleging they were abused in Boy Scouting.

The Boy Scouts filed for Chapter 11 bankruptcy in 2020 to structure compensation payments to victims of abuse. According to their filing, the Boy Scouts had been buying commercial liability insurance from several insurers since 1962.

Earlier this year, Hartford Financial Services Group Inc. agreed to pay $ 787 million to settle claims filed by the Boy Scouts.

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