I should have said F/S not press release... below is cut and pasted from page 14.36 of SGI dec 31/13
F/S
JPMorgan Litigation Settlement and Release
On February 24, 2014, the Company settled its RMBS-related claims with JPMorgan and affiliates thereof.
Pursuant to the agreement, the Company released all claims against JPMorgan and certain affiliates arising from certain insured RMBS transactions that were the subject of litigation or dispute and made certain other agreements,for which the Company is to receive a cash payment of $400.0 million.
Upon execution of this settlement, the Company obtained additional information on estimated amounts recoverable from RMBS-related claims from JPMorgan and certain affiliates thereof. This information is considered a Type I –Subsequent Event that should be recognized in the Company’s ultimate reserve estimates for unpaid losses at December 31, 2013. Accordingly, the December 31, 2013 reserves for unpaid losses and loss adjustment expenses recorded in the financial statements reflect the updated assumptions and estimates derived from the terms of this settlement. Furthermore, the $400.0 million cash receipt described above is considered a Type II – Subsequent Event, which is not recognized in the December 31, 2013 financial statements
AI
