Getting your Trinity Audio player ready...
Borg-Warner Security Corp. reached a settlement to resolve business disputes and litigation involving the California Department of Insurance as trustee of Mission Insurance Co. Trust, and with the Illinois Department of Insurance as rehabilitator of Borg-Warner’s Centaur Insurance Co. unit. Centaur entered rehabilitation in 1987. Borg-Warner, Chicago, said Centaur will approve Mission’s claim in the Centaur estate of $48 million, and Borg-Warner Security will pay Mission $4 million and assign to Mission a one-third stake in Borg-Warner’s residual interest in Centaur.
