A total of 12 insurers are contributing more than $200m towards a multi-million-dollar class action ...
A total of 12 insurers are contributing more than $200m towards a multi-million-dollar class action law suit in California, compensating alleged victims of abuse at the hands of priests.
The $660m settlement - believed to be the biggest clergy-abuse settlement in history - was agreed in a Los Angeles courthouse on 16 July, and will cover claims stretching across decades.
The archdiocese will pay $250m, while a group of 12 insurance companies including Allianz SE, Chubb and Munich Re will pay $227m. The church has announced it will sell real estate to help meet the cost.
A spokeswoman for Munich explained that it expected to pay millions of Euros, although "in the low double figures".
She added: "In relation to this scandal, the figure could actually be even lower."
A spokeswoman for Allianz SE said: "A total of 12 insurance companies have a portion of $227m. This is not a claims settlement because these insurance policies were issued between 1970 and 1986, and, at this time, the abuse cases were not mentioned anywhere in the policies. The agreement has been funded and supported by the insurance companies, which have made an effort to get this finalised after four years."
The spokeswoman would not confirm the amount that Allianz SE was contributing to the settlement. A Chubb spokesman declined to comment.
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