Sumary of The Hartford to pay $787 million in Boy Scouts sex abuse insurance deal:
- Article content Insurance company Hartford Financial Services Group Inc said on Tuesday it has entered into a new agreement with the Boy Scouts of America and a majority of sexual abuse claimants to pay $787 million, before tax, in settlements.
- In exchange for The Hartford’s payment, the Boy Scouts and its local councils will fully release the company from any obligation under policies that were mostly issued in the 1970s, the insurer said.
- Hartford expects to take a $137 million pretax charge in the third quarter for the higher payout.
- Article content The Hartford’s settlement is subject to approval by U.S. Bankruptcy Judge Laurie Selber Silverstein, who oversees the Boy Scouts’ bankruptcy.