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CRUM AND FORSTER CONFIRMS THAT IT WILL FUND $128 MILLION SETTLEMENT

 CRUM AND FORSTER CONFIRMS THAT IT WILL FUND $128 MILLION SETTLEMENT
 BASKING RIDGE, N.J., June 18 /PRNewswire/ -- Crum and Forster, Inc. confirmed today that Farm and Home Savings Association, an insured, agreed to a settlement to resolve claims by approximately 1,300 individual who lived near the former Brio Refining site south of Houston, now designated an EPA Superfund site.
 In order to facilitate the agreement, certain of Crum and Forster's insurer subsidiaries agreed to fund the $128 million settlement, which is payable in installments, until the ultimate determination of liability for the settlement among Farm and Home's various insurers and others is resolved.
 Crum and Forster stated that the vast majority of its liabilities are covered by reserves and reinsurance and that it will not have a material impact on second quarter earnings.
 Crum and Forster, Inc. is the property casualty insurance unit of Xerox Financial Services, Inc.
 -0- 6/18/92
 /CONTACT: Leslie Thurston of Crum and Forster, 908-204-3780/ CO: Crum and Forster, Inc.; Farm and Home Savings Association ST: New Jersey, Texas IN: INS SU:


PS-LR -- NY051 -- 1567 06/18/92 14:23 EDT
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Publication:PR Newswire
Date:Jun 18, 1992
Words:188
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