CHICAGO, Aug. 17 /PRNewswire/ -- Borg-Warner Security Corporation
(NYSE: BOR), announced today that on August 10, 1998, it entered into a
settlement which successfully resolves business disputes and litigation
between the company, the California Department of Insurance as Trustee of the
Mission Insurance Company Trusts, and the Illinois Department of Insurance as
Rehabilitator of Centaur Insurance Company, arising out of Centaur's insurance
operations. Centaur, a subsidiary of Borg-Warner Security, entered
rehabilitation in 1987. This settlement is subject to finalization of the
agreements and necessary court approvals.
Under the settlement, Centaur will approve Mission's claim in the Centaur
Estate in the amount of $48 million. In addition, Borg-Warner Security agreed
to pay Mission $4 million and assign to Mission a one-third share in
Borg-Warner's residual interest in Centaur.
All parties agreed it best to put an end to the many disruptions and
expenses caused by the litigation and to devote their resources and energies
to running their respective operations.
Borg-Warner Security Corporation is North America's leading provider of
security services. The company offers a complete range of security solutions
under the Burns and Wells Fargo brand names
SOURCE Borg-Warner Security Corporation
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Related links:
http://www.Borg-WarnerSecurity.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 120940
CONTACT:
Media, Lynne Glovka, 312-322-8511, or
Analysts, Jeff Cartwright, 312-322-8836, both of Borg-Warner
Security
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