(Reuters) – Insurance company Hartford Financial Services Group Inc said on Tuesday it has entered into a new agreement-in-principle with the Boy Scouts of America (BSA) and a majority of sexual abuse claimants to pay $787 million, before tax, in settlements.
In exchange for Hartford Financial’s payment, the BSA and its local councils will fully release the company from any obligation under policies that were mostly issued in the 1970s, the insurer said.
The agreement replaces the Boy Scouts’ prior agreement with Hartford, under which the insurer said it would contribute $650 million.
Last month, a Delaware bankruptcy judge approved the Boy Scouts’ $850 million settlement with representatives of around 70,000 abuse claimants. The organization has not yet announced any deal with its other major insurer, Century Indemnity Co.
(Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva)
