Excess-of-Loss Policy

As counsel to a major asbestos defendant that was undervalued and unattractive as a potential acquisition because of the uncertainty surrounding its future asbestos liability, we drafted and helped negotiate an excess-of-loss policy providing an additional $800 million of coverage over a predetermined future liability.  Because this policy reassured the market that the company’s asbestos liabilities were contained, the company became a more attractive investment candidate and it subsequently was acquired.