Equitas, the Lloyd's of London runoff operation, announced todayit had agreed to settle policyholder asbestos claims from KaiserAluminum and five other U.S.-based manufacturers for $300million.

The agreements, according to Equitas, bring the number of majordirect asbestos settlements it has concluded to 35 and involvepaying more than $2.9 billion.

Included within these agreements, Equitas noted, arecomprehensive settlements with Kaiser Aluminum Corp. based inFoothill Ranch, Calif. for $137 million, a $33 million agreementwith Crane Company in Stamford, Conn., and a $20 million settlementwith Congoleum Corp., based in Mercerville, N.J.

Names of the other firms and the arrangement for distribution ofthe remaining $110 million were not released because ofconfidentiality agreements in their settlements, said SheevaunMcCarthy, an Equitas representative.

The settlements with Kaiser Aluminum and Congoleum are subjectto conditions related to the pending bankruptcies of thosecompanies, Equitas said, adding that if the conditions are notsatisfied, the settlement amounts==which have been placed in trustor escrow==will be repaid to Equitas.

Crane announced last month that under its agreement, $1.5million will be paid to it in the third quarter of this year. Thebalance will be placed into an escrow account for the payment offuture asbestos claims, and funds remaining in the escrow will bepaid to Crane on Jan. 3, 2007 if no federal asbestos legislation isenacted by that date.

Crane said if federal asbestos reform is enacted before Jan. 3,2007, funds then remaining in escrow would be paid to Equitas,subject to a payment of an additional $1.5 million to Crane Co. anda hold-back of certain funds in the escrow for the payment ofasbestos claims during the year following enactment of asbestoslegislation.

The settlements resolve some of the largest remaining directliabilities facing Equitas, the insurer said.

"We continue to seek comprehensive settlements and are currentlyin negotiations with other major policyholders," said Glenn Brace,Equitas' claims director. "We are hopeful that these negotiationswill result in further agreements in the coming months."

Equitas was established to reinsure and run off 1992 andprior-year non-life liabilities of individual syndicates and theirbackers, known as "Names," doing business via the Lloyd'smarket.

Equitas said it has paid more asbestos claims than any otherinsurance entity in the world, totaling over $7 billion since itbegan in 1996. Among the largest was a $575 million settlement withHalliburton last year.

Kaiser fabricates aluminum products, while Crane Co is adiversified manufacturer of highly engineered products andCongoleum produces resilient sheet and tile floor coverings.