DGAP-News: Seaton Announces Settlement

Seaton Insurance Company

13.05.2011 00:56
—————————————————————————

WARWICK, R.I., 2011-05-13 00:56 CEST (GLOBE NEWSWIRE) —
Seaton Insurance Company announced today that it had accepted an offer from R&Q
USA, Inc. and Kenneth Randall (collectively, –Randall–) to settle the parties–
lawsuit pending in the High Court in London.

In the action, Seaton made a counterclaim in fraud against Randall. The case
was fully pleaded, and the parties had recently given disclosure. Seaton was
committed to pursuing the matter to trial. However, Seaton had no alternative
but to accept an early settlement of the litigation as a result of the sudden
severe ill health of key witness Fred Eckert of Dukes Place. Seaton was
informed that there is no prospect of Mr. Eckert being a witness.

CONTACT: Karl Wall
President&Chief Operating Officer
Seaton Insurance Company
475 Kilvert Street, Suite 330
Warwick, RI 02886, USA
Telephone: +1 401 453 7000
Fax: +1 401 453 7354
News Source: NASDAQ OMX

13.05.2011 Dissemination of a Corporate News, transmitted by DGAP –
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP–s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

—————————————————————————

Language: English
Company: Seaton Insurance Company

US
Phone:
Fax:
E-mail:
Internet:
ISIN: US9901554595
WKN:

End of Announcement DGAP News-Service

—————————————————————————