Chubb Ltd. will pay $ 800 million to Boy Scouts of America to resolve sexual assault-related insurance claims filed by the youth organization, the insurer said in a statement on Monday.
Chubb has reached an agreement in principle. with Boy Scouts who will provide "broad release" for addiction-related claims for Century Indemnity Co. and other Chubb companies, the statement said.
"The net financial impact of the company from the settlement will be significantly reduced by having reserves and third-party reinsurance," Chubb said.
Tens of thousands of former scouts have sued the boy scouts and
The boss scouts applied for Chapter 11 of bankruptcy in 2020 as part of an attempt to structure compensation payments to victims of abuse.
Earlier this year, Hartford Financial Services Group Inc. agreed to pay $ 787 million to settle claims filed by Boy Scouts.