A-Best Asbestos Trust Annual Reports, 2010–2025

A-Best ended 2025 with $8.41 million in net claimants' equity, a modest increase of $38,377. Income and investment results contributed $638,450, exceeding $385,398 in settlement payments and $214,675 in other expenses. The trust's assets included $7.79 million in investments, $226,178 in cash, $79,768 in custodial funds, and $393,627 in remaining annuity value. Unrealized investment gains of $187,468 were a significant contributor to the positive annual result.

The trust reported 1,920 claims filed, 305 approved for payment, 238 rejected, and 350 approved claims paid. Mesothelioma accounted for $258,030 of the year's payments across 47 paid claims, while 224 nonmalignant claims received $44,352. The auditor qualified its opinion because settlement payments processed by the third-party administrator were not audited.

A-Best ended 2024 with $8.37 million in net claimants' equity, a decrease of $346,041. Income and investment results provided $448,574, including $31,518 in filing-fee income, while settlement payments were $575,568 and other expenses totaled $219,047. Realized investment losses of $46,171 exceeded unrealized gains of $31,126. Year-end assets included $7.71 million in investments, $172,968 in cash, $72,156 in custodial funds, and $492,041 in remaining annuity value.

The trust reported 1,988 claims filed, 712 approved for payment, 161 rejected, and 645 approved claims paid. Although investment income continued to provide substantial funding, total payments and expenses exceeded the year's additions. The auditor issued a qualified opinion because settlement payments processed by the third-party administrator were not audited.

A-Best's net claimants' equity declined by $343,325 in 2023, from $9.06 million to $8.72 million. The trust held $7.98 million in investments at year-end, with $143,529 in cash, $97,366 in custodial funds, and $590,455 in remaining annuity value. Income and investment results contributed $568,230, but were outweighed by approximately $694,712 in settlement payments and $216,843 in other expenses. Investment gains softened the decline without fully funding the year's claim payments and operating costs.

The claims report listed 2,117 claims filed, 653 approved, 309 rejected, and 776 approved claims paid for approximately $694,710. The financial statements report settlement payments two dollars higher than the claims report. The auditor issued a qualified opinion because settlement payments handled by the third-party administrator were outside its audit procedures, an important limitation specific to the accompanying financial statements.

A-Best's net claimants' equity declined by $1.43 million in 2022, from $10.50 million to $9.06 million. Unrealized investment losses of $1.20 million outweighed $434,294 in interest and dividend income; $450,810 in claimant settlement payments and $217,311 in other expenses further reduced equity. The market-value decline was the largest individual contributor to the year's reduction. At year-end, the trust held $8.14 million in investments, $229,183 in cash, and $688,870 in remaining annuity value.

The trust reported 1,933 claims filed, 822 approved for payment, 220 rejected, and 696 approved claims paid. The auditor issued a qualified opinion because it did not audit settlement payments handled by the third-party administrator. The report's investment losses and continuing claims payments together explain the substantial reduction in resources during the year.

A-Best's net claimants' equity declined by $593,368 during 2020, ending at $10.49 million. Income and investment results contributed $381,291, including realized investment losses of $124,923 partly offset by $55,645 in unrealized gains. Settlement payments of $703,017 and other expenses of $271,642 exceeded those additions. The trust ended the year with $9.58 million in investments, $26,770 in cash, and $885,698 in remaining annuity value; investment holdings remained its principal source of financial resources.

The trust reported 3,029 claims filed, 513 approved for payment, 136 rejected, and 612 approved claims paid. Rejections were attributed primarily to nonpayment of the required filing fee. The auditor issued a qualified opinion because settlement payments made through the third-party administrator were not audited.

A-Best ended 2019 with $11.09 million in net claimants' equity, a decrease of $90,585 during the year. Investments of $9.93 million represented most of its assets, alongside $172,769 in cash and the remaining annuity investment. Income and investment results contributed $923,857, including $491,162 in unrealized gains, which largely offset $771,758 in settlement payments and $242,684 in other expenses. The relatively small reduction in equity therefore depended substantially on investment gains.

The trust reported 2,850 claims filed, 895 approved for payment, 179 rejected, and 702 approved claims paid. The auditor qualified its opinion because it did not audit settlement payments processed by the third-party administrator. The subsequent-events note also identified uncertainty from the emerging COVID-19 pandemic, including potential adverse effects on investment income and market values after year-end.

A-Best's net claimants' equity declined by $853,708 in 2018 to $11.18 million. Interest and dividends of $485,635 were almost entirely offset by $476,178 in realized and unrealized investment losses, leaving only $9,457 in net additions. Claimant settlement payments of $616,395 and $246,770 in other expenses then reduced equity further. At year-end, the trust held $10.02 million in investments, $75,230 in cash, and $1.08 million in remaining annuity value.

The trust reported 2,917 claims filed, 587 approved for payment, 339 rejected, and 550 approved claims paid. Rejections were attributed primarily to nonpayment of the filing fee. The auditor qualified its opinion because it did not audit settlement payments handled by the third-party administrator. The financial results show how investment losses substantially reduced the income available to offset ongoing payments and expenses.

A-Best ended 2017 with $12.03 million in net claimants' equity, down $143,397. Investment income and net gains provided $618,855, covering most of $575,401 in claimant settlement payments and $186,851 in other expenses. Unrealized gains of $122,660 helped limit the decline, while realized investment losses were $1,677. Year-end assets included $10.68 million in investments, $169,156 in cash, and $1.18 million in remaining annuity value.

The trust reported 2,331 claims filed, 587 approved for payment, 113 rejected, and 537 approved claims paid. It attributed rejections primarily to nonpayment of the required filing fee. The auditor issued a qualified opinion because settlement payments processed by the third-party administrator were not audited.

A-Best's net claimants' equity fell by $337,769 in 2016 to $12.17 million. Interest, dividends, and investment gains supplied $638,110, including $109,523 in unrealized gains. Settlement payments of $738,624 and $237,255 in other expenses exceeded those additions. The trust's principal assets were $10.67 million in investments and $1.28 million in remaining annuity value, alongside $222,821 in cash.

The claims report listed 5,696 claims filed, 1,700 approved for payment, 1,438 rejected, and 956 approved claims paid for approximately $738,630. That payment total differs by six dollars from the financial statements. Rejections were attributed primarily to nonpayment of the filing fee. The auditor qualified its opinion because settlement payments processed through the third-party administrator were not audited.

A-Best ended 2015 with $12.51 million in net claimants' equity, a decrease of $726,848. Settlement proceeds received by the trust, investment income, and realized gains provided $644,712. Those additions were outweighed by $685,282 in claimant settlement payments, $211,478 in other expenses, and $474,800 in unrealized investment losses. The investment losses were therefore a substantial contributor to the reduction in equity. Year-end assets included $11.00 million in investments, $133,245 in cash, and $1.38 million in remaining annuity value.

The trust reported 1,461 claims filed, 688 approved for payment, 228 rejected, and 569 approved claims paid. The report attributed rejections primarily to nonpayment of the filing fee. The auditor qualified its opinion because settlement payments processed through the third-party administrator were not audited.

A-Best ended 2014 with $13.24 million in net claimants' equity, an increase of $715,327. Settlement proceeds received by the trust of $565,823, together with investment income and gains, produced $1.35 million in additions. These exceeded $395,572 in claimant settlement payments and $241,310 in other expenses. Year-end holdings included $11.43 million in investments, $336,173 in cash, and $1.48 million in remaining annuity value, leaving the trust with a larger asset base after the year's payments.

The trust reported 2,529 claims filed, 661 approved for payment, 285 rejected, and 533 approved claims paid. The report attributed rejections primarily to nonpayment of the filing fee. Its auditor's opinion included an exception for settlement claims processed by the third-party administrator, because those payments were not audited.

A-Best's net claimants' equity fell by $474,649 in 2013 to $12.52 million. Interest and dividends provided $536,686, but settlement payments of $515,458, realized and unrealized investment losses of $219,780, and $276,097 in other expenses produced the annual decline. At year-end, the trust held $10.88 million in investments, $70,044 in cash, and $1.57 million in remaining annuity value.

The trust reported 3,078 claims filed, 452 approved, 797 rejected, and 472 approved claims paid. Rejections were attributed primarily to nonpayment of the required filing fee. Two investments represented 15% and 25% of the trust estate, exceeding the agreement's stated 5% concentration limit. The auditor also excepted the effects of settlement-payment procedures performed by the third-party administrator, whose payments were not audited.

A-Best's net claimants' equity rose by $1.79 million in 2012 to $13.00 million, principally supported by $2.05 million in settlement proceeds received by the trust. Interest, dividends, and unrealized investment gains supplied a further $881,539. The trust paid $859,786 in settlements to claimants and recorded $280,593 in other expenses and realized investment losses. Year-end assets were concentrated in $11.32 million of investments and $1.67 million of remaining annuity value, with only $10,272 reported as cash.

The trust reported 8,898 claims filed, 1,616 approved for payment, no rejected claims, and 1,459 approved claims paid. The financial notes disclosed two investments exceeding the trust agreement's 5% concentration limit, representing 17% and 22% of the trust estate. The auditor's opinion also excluded the effects of settlement-payment procedures performed by the third-party administrator, whose claim payments were not audited.

A-Best ended 2011 with $11.21 million in net claimants' equity, down $136,313. Interest, dividends, and unrealized investment gains contributed $638,804, partially offsetting $548,866 in claimant settlement payments and $226,251 in other expenses. Assets consisted principally of $9.41 million in investments and $1.77 million in remaining annuity value, with $23,212 in cash.

The trust reported 6,593 claims filed, 433 approved for payment, no rejections, and 336 approved claims paid. The financial notes identified two investments exceeding the trust agreement's 5% concentration limit, accounting for 15% and 23% of the trust estate. The auditor's opinion included an exception relating to the third-party administrator's settlement-processing procedures.

A-Best ended 2010 with $11.34 million in net claimants' equity, a decline of $371,074. Income, settlement proceeds received, and realized investment gains contributed $549,977. The trust paid $659,834 in claimant settlements, recorded $214,486 in other expenses, and recognized $46,731 in unrealized investment losses. Assets included $9.25 million in investments, $220,876 in cash, and $1.87 million in remaining annuity value.

The trust reported 1,803 claims filed, 923 approved for payment, no rejections, and 876 approved claims paid. The financial notes disclosed two investments exceeding the trust agreement's 5% concentration limit, representing 12% and 22% of the trust estate. The auditor stated that settlement payments processed through the third-party administrator were not audited, limiting the assurance provided for that part of the financial statements.