Insurance Deal Adds $6M To Quigley Asbestos Trust

Law360, New York (June 24, 2009, 12:00 AM EDT) -- OneBeacon Insurance Group Ltd. has agreed to pay about $6 million into bankrupt Quigley Co.'s asbestos personal injury trust, as well as $10.5 million to Quigley parent Pfizer Inc. to settle a coverage dispute involving liability policies.

Under the settlement, which still needs approval from the U.S. Bankruptcy Court for the Southern District of New York, OneBeacon will pay Pfizer $3 million by July, an additional $1 million by July 2012 and an additional $6.5 million by July 2014.

Meanwhile, it will pay just over $6...
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