Search Share Prices
US insurer Travelers drops case against OId Mutual
A legal claim against Old Mutual by the US insurer Travelers has been dropped, the company said on Monday.
In a statement, Old Mutual said Travelers had on March 13 lodged a claim in the US District Court for the Southern District of New York "in relation to pre-existing plc head office legacy items relating to previously disposed of US assets".
"Old Mutual continues to believe that this claim was without merit," it said, without revealing any of the case's details.
The company, which is undergoing a major restructure, said Travelers withdrew its claim on March 15.
It added that Old Mutual Limited, which will become the new holding company of Old Mutual plc, had agreed to provide an intragroup guarantee to Old Mutual plc "in the circumstances where Old Mutual plc is unable to satisfy the highly remote obligations in respect of the legacy items which were the subject of the claim".
Old Mutual plc is a holding company for several financial services companies. In March 2016, it announced a managed separation of its underlying businesses into independently-listed, standalone entities.
OM Asset Management has been rebranded as BrightSphere Investment Group, a US based institutional asset manager.
The remaining underlying businesses are: Africa-focused Old Mutual Emerging Markets, Africa bank Nedbank and the UK wealth management arm now known as Quilter.