US insurer sues Old Mutual

Old Mutual plc has noted that The Travelers Companies, Inc. and St. Paul Fire and Marine Insurance Company have lodged a claim in the United States District Court for the Southern District of New York in relation to pre-existing plc Head Office legacy items relating to previously disposed of US assets.

“We believe that this action is without merit and we will resist accordingly,” Old Mutual said in a statement.

“We will update the market in due course. We continue to believe that the managed separation remains on track for material completion by the end of 2018,” the company added.

Old Mutual plc’s annual results will be announced on 15 March 2018.

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