Congoleum Asbestos Trust Annual Reports, 2010–2025

Congoleum’s net trust corpus increased by $1.84 million in 2025 to $148.08 million. Total additions of $12.58 million included $4.11 million in interest and dividends, $1.34 million in realized investment gains, and $7.04 million in unrealized gains. These additions exceeded $8.20 million in claims-settlement expense and $2.55 million in other deductions, including approximately $513,000 in investment advisory fees, $515,000 in taxes, and $1.52 million in administrative expenses. Unrealized gains were the largest contributor to the year’s positive financial result.

The trust received 3,978 claims and paid 971 claims a total of approximately $8.75 million at an 8.67% payment percentage. It reported settling 917 claims, including 21 unpaid claims with approximately $139,000 payable at year-end. Cash payments exceeded current-year settlement expense as outstanding settled obligations declined. Lower settlement and administrative expenses, together with positive investment results, allowed corpus to recover modestly after the declines reported in the preceding years.

Congoleum ended 2024 with net trust corpus of $146.25 million, down $4.95 million. Total additions of $9.38 million included approximately $700,000 in insurance proceeds, $5.04 million in interest and dividends, $2.81 million in realized investment gains, and $809,000 in gains on alternative investments. Deductions totaled $14.33 million, including $10.87 million in claims-settlement expense, $1.11 million in unrealized investment losses, and $2.34 million in other costs. Those other costs included approximately $490,000 in investment advisory fees and $1.85 million in administrative expenses.

The trust received 3,933 claims and paid 1,110 claims a total of approximately $10.51 million at an 8.67% payment percentage. It reported settling 1,140 claims, including 75 that remained unpaid at year-end with approximately $693,000 payable. Cash distributions were substantially lower than in 2023, but settlement expense, investment losses, and operating costs still exceeded the year’s additions.

Congoleum’s net trust corpus fell by $8.79 million in 2023, ending at $151.20 million. Total additions of $15.19 million included $1.40 million in insurance proceeds, $5.16 million in interest and dividends, and $8.17 million in unrealized investment gains. These additions were outweighed by $17.71 million in claims-settlement expense, $3.52 million in realized investment losses, approximately $212,000 in losses on alternative investments, and $2.53 million in other costs, including administration, investment advisory fees, and taxes.

The trust received 5,497 claims and paid 1,483 claims a total of $17.89 million. It reduced its payment percentage from 12.5% to 8.67% effective October 12, 2023. Both the number of claims paid and total cash distributions increased from 2022. The recovery in unrealized investment values helped offset expenses, but it did not prevent a further decline in corpus during a year of higher claimant distributions.

Congoleum ended 2022 with net trust corpus of $159.98 million, a decline of $34.41 million. The largest driver was $25.79 million in unrealized investment losses. Interest, dividends, gains, and other additions totaled $5.95 million, while claims-settlement expense was $12.19 million. Other deductions totaled $2.37 million, including approximately $491,000 in investment advisory fees, $86,000 in taxes, and $1.80 million in administrative expenses. The decrease in corpus therefore reflected both market-value losses and ongoing claims and operating costs.

The trust received 4,290 claims and paid 1,186 claims a total of $13.39 million. The payment percentage remained 12.5%, and 63 liquidated claims remained in the payment queue at year-end. The unrealized investment loss was not a claimant cash distribution, but it materially reduced the reported value of the resources supporting future trust obligations.

Congoleum’s net trust corpus declined by $5.44 million in 2021 to $194.39 million. Total additions of $11.75 million included $4.77 million in interest and dividends, $5.19 million in realized investment gains, and $1.11 million in unrealized gains. Deductions totaled $17.19 million, including $13.14 million in claims-settlement expense. The remaining $4.05 million included $1.89 million in taxes, approximately $669,000 in investment advisory fees, and $1.49 million in administrative expenses.

The trust received 5,559 claims and paid 1,182 claims a total of $13.30 million at a 12.5% payment percentage. Cash distributions were close to, but slightly above, the settlement expense recognized for the year. Although investment results remained positive, claims-settlement expense alone exceeded total additions, and taxes and operating costs contributed to the reduction in corpus.

Congoleum ended 2020 with net trust corpus of $199.83 million, down $2.35 million. Investment income, gains, and other additions totaled $11.24 million, including $3.32 million in realized gains and $2.80 million in unrealized gains. Deductions totaled $13.58 million, comprising $10.51 million in claims-settlement expense and $3.08 million in other costs. Those other costs included approximately $540,000 in investment advisory fees, $900,000 in taxes, and $1.64 million in administrative expenses.

The trust received 6,220 claims and paid 1,277 claims a total of $13.69 million. The payment percentage remained 12.5%. Cash payments exceeded current-year claims-settlement expense by approximately $3.19 million, corresponding to a reduction in settled claims payable. Positive investment results therefore softened the decline in corpus, while claimant payments also reduced obligations carried into the year.

Congoleum’s net trust corpus increased by $10.15 million in 2019 to $202.18 million, from $192.03 million at the start of the year. Net investment income of $19.20 million and insurance proceeds of $4.27 million exceeded $11.56 million in claims-settlement expense and $1.76 million in other deductions, including administrative expenses and taxes. Investment results included $5.11 million in realized gains and $8.42 million in unrealized gains.

The trust received 17,804 claims and paid 1,299 claims a total of $14.45 million at a 12.5% payment percentage. Cash distributions exceeded the current-year settlement expense, reflecting payments against obligations recognized in different periods. The claims-payment ratio between Categories A and B was not applied during the year. Strong investment performance and additional insurance recoveries together more than offset the year’s settlement and operating expenses.

Congoleum ended 2017 with net trust corpus of $207.77 million, an increase of $1.05 million. Net investment income of $14.64 million exceeded $11.78 million in claims-settlement expense and $1.80 million in administrative expenses. Investment results included $8.42 million in unrealized gains and $2.14 million in realized gains, so a substantial portion of the year’s financial improvement reflected changes in investment values rather than cash income alone.

The trust received 6,857 claims and paid 780 claims during the year. Administrative expenses declined from $2.12 million in 2016. The report also explains that the 75%/25% allocation between Category A and Category B claims was not enforced under the applicable amendment, although the categories continued to be tracked internally. Positive investment performance supported a modest increase in corpus while the trust continued processing and paying claims.

Congoleum’s net trust corpus increased by $6.68 million in 2016 to $206.71 million. The principal support was $16.65 million in insurance proceeds, supplemented by $3.56 million in net investment income. These additions exceeded $11.41 million in claims-settlement expense and $2.12 million in administrative expenses. Administrative expenses declined from $2.93 million in 2015, while investment results included approximately $1.00 million in unrealized losses.

The trust received 13,192 claims and paid 943 claims, with cash distributions totaling approximately $12.63 million, including supplemental payments. The payment percentage remained 12.5%. The trust also transferred $4.34 million in unused Category B funds to Category A. Insurance recoveries, rather than investment returns alone, were the main reason assets available for the trust’s purposes increased despite continued claimant distributions.

Congoleum ended 2015 with net trust corpus of $200.03 million, down $6.33 million. Insurance proceeds of $5.10 million and net investment income of $3.09 million offset part of $11.60 million in claims-settlement expense and $2.93 million in administrative expenses. Investment results included $2.17 million in unrealized losses. Administrative expenses rose from $2.13 million in 2014, driven substantially by claims-processing costs, which increased from approximately $272,000 to $1.49 million.

The trust received 89,256 claims and paid 661 claims during the year. Cash payments totaled approximately $9.43 million, including supplemental payments, at a 12.5% payment percentage. The large intake of new claims and higher processing costs were notable operational features of the year; the number of filings should not be treated as a count of approved or payable claims.

Congoleum’s net trust corpus fell by $26.57 million in 2014, ending at $206.36 million. Net investment income of $10.87 million and approximately $96,000 in insurance proceeds were outweighed by $30.57 million in claims-settlement expense, $2.13 million in administrative expenses, and a separate $4.83 million reduction associated with Congoleum Corporation shares. That share-related reduction comprised a $3.12 million realized loss and a $1.71 million impairment charge.

The trust increased its payment percentage from 6.25% to 12.5% beginning with July 2014 payments and made supplemental payments to previously paid claimants. It received 11,130 claims and paid 3,633 claims; total cash payments, including supplemental distributions, were $29.58 million. The increase in claimant distributions and the loss on the contributed company shares explain why corpus declined despite positive results from the investment portfolio.

Congoleum ended 2013 with net trust corpus of $232.93 million, a decrease of $1.75 million. Net investment income of $8.32 million nearly covered $8.17 million in claims-settlement expense, while administrative expenses added $1.93 million to the year’s deductions. Investment income included $2.91 million in realized gains and $1.21 million in unrealized gains. Administrative expenses were lower than the $2.81 million reported in 2012, helping limit the decline in corpus.

The trust received 30,136 claims and paid 1,370 claims a total of $8.62 million at a 6.25% payment percentage. Forty-five liquidated claims remained in the payment queue at year-end. The cash paid to claimants was somewhat higher than the current-year settlement expense, reflecting the timing of payments against recognized claim obligations.

Congoleum’s net trust corpus declined by $6.48 million during 2012, ending at $234.69 million. Net investment income of $8.54 million, including $4.53 million in unrealized gains, and approximately $158,000 in insurance proceeds offset part of $12.36 million in claims-settlement expense and $2.81 million in administrative expenses. Investment results provided meaningful support, but total deductions of $15.17 million exceeded the year’s additions.

The trust began making personal-injury payments, paying 1,709 claims a total of $13.22 million while receiving 37,319 new claims. The payment percentage was 6.25%, and all liquidated claims in the payment queue had been paid by year-end. Cash payments exceeded the claims-settlement expense recognized for the year because payment activity and the recognition of settled obligations occur at different times.

Congoleum ended 2011 with net trust corpus of $241.16 million, down $3.61 million from the prior year. Net investment income of $4.22 million and approximately $49,000 in additional insurance proceeds were outweighed by a $3.00 million reduction in insurance settlement receivables, $2.12 million in claims-settlement expense, and $2.76 million in administrative expenses. Year-end settled claims payable totaled $2.07 million, showing that most of the settlement expense had not yet resulted in cash payments.

The trust received 81,581 personal-injury claims but made no personal-injury payments during the year. It established a 6.25% payment percentage, with personal-injury payments beginning in 2012. Separately, four allowed property-damage claims were paid a combined $43,000, resolving that group of claims. The year therefore primarily reflects the development of the personal-injury claims inventory and payment arrangements rather than a full year of claimant distributions.

The Congoleum Plan Trust’s first reporting period, July 1 through December 31, 2010, ended with net trust corpus of $244.77 million. Initial contributions totaled $245.89 million, comprising $240.56 million in insurance funding and $5.33 million in Congoleum Corporation shares. Much of that funding had yet to be collected: year-end assets included $166.53 million in insurance settlement receivables and $72.95 million in cash. Net investment income of approximately $46,000 only partly offset $1.17 million in deductions, including $1.06 million in administrative expenses.

This was a startup period rather than an established claims-payment year. The report states that no personal-injury claims were disposed of and no property-damage claims were paid during 2010. Accordingly, the $105,000 financial-statement charge for claims settled should not be read as cash distributed to personal-injury claimants. The central financial feature of the year was the establishment of the trust’s funding base, with substantial insurance proceeds still receivable.