Wellington Accounts
36 asbestos defendants are parties to this 1985 agreement (currently 35 due to a merger)
Similar to Coverage in Place - parties agreed to specified amounts of coverage and terms as to how the coverage could be accessed
Post-date potential “non-product” policy issues remain
Same reserving methods used as for Coverage in Place
- Home office management establishes reserves based upon the agreed upon terms, coverage profile and claim activity
Reserves are equal to the undiscounted expected payout for each policyholder
Characteristics and Reserving Methods:
9 Never Insured / Asbestos Exclusion 14 Obligations Fulfilled 1 No Claims