Flintkote Asbestos Trust Annual Reports, 2017–2025

Flintkote's net assets increased by $5.1 million in 2025 to $520.2 million. Investment appreciation of $21.9 million and alternative-investment gains of $11.9 million, together with $13.9 million in interest and dividends and $4.4 million in insurance recoveries, produced $52.1 million in additions. Personal injury claims expense declined to $39.8 million; operating expenses were $4.2 million, claims-processing expenses rose to $2.8 million, and income tax expense was $136,000. Stronger investment gains helped reverse the prior year's asset decline.

The claims schedule reports $37.85 million paid across 13,460 claims, compared with $42.10 million and 11,027 claims in 2024. The count comprised 9,525 expedited-review, 3,929 individual-review, and six pre-petition claims; approximately $36,100 in supplemental payments was included in the dollar total. Cash distributions were below claims expense, while settled but unpaid claims rose to $3.47 million. Despite the increase in net assets, operations used $23.3 million in cash, supported by investment sales, maturities, and liquidations.

Flintkote ended 2024 with $515.1 million in net assets, down $11.8 million. Personal injury claims expense fell to $41.4 million from $134.0 million in 2023, while operating expenses were $4.3 million and claims-processing expenses $2.0 million. Interest and dividends of $14.1 million, investment and alternative-investment gains totaling $10.2 million, insurance recoveries of $5.2 million, and a $6.4 million increase in company value supplied $35.9 million in additions. Lower claims expense substantially narrowed the asset decline.

The claims schedule reports $42.1 million in cash payments across 11,027 claims, including approximately $1.1 million in supplemental payments within the dollar total. Expedited review accounted for 8,035 claims, individual review for 2,982, and pre-petition claims for ten. Distributions of $29.0 million from The Flintkote Company helped fund liquidity needs and were reported as investing cash flow, distinct from the $6.4 million valuation increase. Year-end cash rose to $13.1 million despite $26.0 million of operating cash outflow.

Flintkote increased its payment percentage from 11% to 15%, effective November 23, 2023, following its periodic review of claim trends, approval rates, cash-flow projections, and investment assumptions. The annual-report narrative states that supplemental payments were made to eligible claimants previously paid at a lower percentage. The available 2023 attachment contains only the four-page narrative; its financial and claims exhibits are missing, so annual claim counts and the supplemental-payment total cannot be established from that attachment.

The 2023 comparative figures in the 2024 audited financial statements show year-end net assets of $526.8 million, down $90.4 million. Personal injury claims expense was $134.0 million, compared with $29.0 million in 2022, while operating and claims-processing expenses totaled $6.6 million. Investment income and gains, insurance recoveries, and increased company value supplied $50.2 million in additions. Those comparative figures show the scale of the year's claims expense and asset reduction, but the complete 2023 exhibits are needed to distinguish ordinary and supplemental distributions.

Flintkote's net assets declined by $85.8 million in 2022 to $617.3 million. Combined losses on investment securities and alternative investments totaled $53.9 million, and the value of The Flintkote Company fell by another $8.9 million. Interest and dividends of $10.4 million and insurance recoveries of $2.0 million provided partial support. Personal injury claims expense fell to $29.0 million following the large supplemental payments in 2021; operating expenses were $4.8 million and claims-processing expenses $1.6 million.

The claims schedule reports $28.6 million paid across 9,284 claims, including 7,853 expedited-review, 1,384 individual-review, and 47 pre-petition claims, plus approximately $9,700 in supplemental payments included in the dollar total. Although claims spending declined substantially, investment and company valuation losses produced another large reduction in assets. The report presents the two investment-loss categories inconsistently between statements, so the combined loss is used here.

Flintkote ended 2021 with $703.0 million in net assets available for claims, down $71.5 million. Personal injury claims expense increased sharply to $89.6 million from $27.6 million, alongside $5.6 million in income tax expense, $4.9 million in operating expenses, and $1.9 million in claims-processing expenses. Interest, investment gains, insurance recoveries, and an increase in the value of The Flintkote Company together provided $30.5 million in additions, well below total deductions of $102.0 million.

The claims schedule reports $89.5 million in cash payments, including approximately $56.9 million of supplemental payments. This followed the payment-percentage increase from 8% to 11%, effective March 4, 2021, described in the preceding annual report. The schedule separately counts 9,139 expedited-review, individual-review, and pre-petition claims; it does not supply a recipient count for the supplemental payments. The payout surge therefore reflects substantial additional payments on previously paid claims, rather than simply a comparable surge in newly paid claims.

Flintkote's net assets available for claims increased by $20.7 million in 2020 to $774.5 million. Investment appreciation of $33.8 million, interest and dividends of $10.5 million, alternative-investment gains of $2.8 million, and a $6.5 million increase in the value of The Flintkote Company supported the increase. Insurance recoveries added approximately $747,000. Personal injury claims expense rose to $27.6 million, while operating expenses were $4.1 million and claims-processing expenses $1.9 million.

The claims schedule reports approximately $27.6 million in cash payments across 11,611 claims, compared with 8,828 claims in 2019. The report also describes a subsequent increase in the payment percentage from 8% to 11%, effective March 4, 2021, with supplemental payments planned for previously paid eligible claims. That change occurred after the 2020 reporting year and should not be treated as a rate applied throughout 2020.

Flintkote ended 2019 with $753.8 million in net assets available for claims, up $35.3 million and recovering most of the prior year's decline. Investment appreciation contributed $37.4 million, alternative-investment gains $6.0 million, and interest and dividends $14.0 million. A further $8.8 million increase in the value of The Flintkote Company and approximately $474,000 in insurance recoveries brought total additions to $66.7 million. Personal injury claims expense remained near $24.9 million, while operating and claims-processing expenses were $4.2 million and $2.2 million.

The claims schedule reports $25.6 million paid across 8,828 claims, including 7,412 expedited-review, 1,178 individual-review, and 238 pre-petition claims. The report identifies an 8% payment percentage and notes that reconsideration was underway. Asset growth depended heavily on investment and company valuation gains; the trust still used $9.5 million of cash in operating activities during the year.

Flintkote's net assets available for claims declined by $37.8 million in 2018 to $718.5 million. Investment securities lost $13.9 million in value, alternative investments lost $3.5 million, and the value of The Flintkote Company declined by $2.7 million. Interest and dividends of $13.3 million and insurance recoveries of approximately $536,000 only partly offset these losses and the year's expenses. Personal injury claims expense was $25.0 million, with operating expenses of $4.6 million and claims-processing expenses of $1.9 million.

The claims schedule reports $24.2 million paid across 8,027 claims, down from $30.4 million and 13,106 claims in 2017. Expedited review accounted for 6,916 paid claims and individual review for 1,108, with three pre-petition claims also paid. The report continued to identify an 8% payment percentage. Despite lower claims spending, adverse investment and company valuations drove a substantial reduction in assets.

Flintkote ended 2017 with $756.4 million in net assets available for claims, an increase of $17.2 million. Investment appreciation of $23.7 million, alternative-investment gains of $5.9 million, and interest and dividends of $11.4 million provided most of the support, supplemented by $6.7 million in insurance recoveries and a $4.4 million increase in the value of The Flintkote Company. Personal injury claims expense was $28.1 million, with operating expenses of $5.0 million and claims-processing expenses of $1.8 million.

The claims schedule reports $30.4 million in cash payments across 13,106 claims: 11,619 expedited-review, 1,436 individual-review, and 51 pre-petition claims. Changes in year-end unpaid claims reconcile the cash distributions to the lower claims expense. The report identifies an 8% payment percentage. Its prior-period financial comparison covers September 2015 inception through December 2016, so that column is not directly comparable to a single calendar year.