G-I Holdings (GAF) Asbestos Trust Annual Reports, 2013–2025

G-I ended 2025 with $254.7 million in net claimants’ equity, down $10.1 million from $264.8 million. Net investment gains rose to $26.9 million from $12.7 million, supplementing $9.5 million in interest and dividend income. Recorded claimant expense increased to $33.2 million from $29.3 million, while income-tax expense increased to $10.6 million. Claims-processing costs were approximately $1.1 million. Stronger investment results helped narrow the annual decline in equity, although claims, taxes, and operating costs still exceeded investment earnings.

The claims schedules report approximately $33.5 million in cash distributions, including $29.7 million for Category A claims and $3.8 million for Category B claims, broadly unchanged in total from 2024. These cash payments are distinct from recorded claimant expense. The “Other Asbestos PI Claims” schedule lists 29,481 new filings, down from 31,210 in 2024. The payment percentage remained 5%, and the annual inflation adjustment remained subject to the 3% cap adopted for 2024 and 2025.

G-I ended 2024 with $264.8 million in net claimants’ equity, down $14.8 million from $279.6 million. Interest and dividend income of $10.0 million and net investment gains of $12.7 million offset part of $29.3 million in recorded claimant expense. Income-tax expense totaled $5.7 million, and claims-processing costs were approximately $1.0 million. Claimant expense and tax expense were lower than in 2023, helping reduce the annual decline in equity even though investment earnings also fell.

The claims schedules report approximately $33.5 million in cash distributions, including $29.3 million for Category A claims and $4.2 million for Category B claims. These amounts reflect cash paid rather than the claimant expense recognized during the year. The “Other Asbestos PI Claims” schedule lists 31,210 new filings, illustrating continued incoming claim activity alongside payments on approved claims. The payment percentage was 5%, and the annual inflation adjustment was subject to the previously adopted 3% cap for 2024 and 2025.

G-I ended 2023 with $279.6 million in net claimants’ equity, down $19.4 million from $299.0 million. Investment performance recovered, producing $21.5 million in net gains in addition to $11.1 million in interest and dividend income. However, recorded claimant expense increased to $39.8 million from $21.7 million, and the financial statements recognized $9.2 million in income-tax expense. Claims-processing costs were approximately $1.0 million. The investment recovery reduced, but did not eliminate, the decline in equity.

The claims schedules report approximately $32.8 million in cash distributions, including $28.5 million for Category A claims and $4.3 million for Category B claims. These cash payments are distinct from recorded claimant expense. The payment percentage was formally set at 5% effective December 31, 2023, following the interim use of that rate for claims first eligible after November 22, 2022. The trust also amended its procedures to cap annual inflation adjustments at 3% for 2024 and 2025.

G-I ended 2022 with $299.0 million in net claimants’ equity, down $41.5 million from $340.4 million. Net investment losses of $42.6 million outweighed $11.3 million in interest and dividend income. Recorded claimant expense fell to $21.7 million from $30.5 million, and a $14.1 million income-tax benefit partly offset the investment losses and other expenses. Claims-processing costs were approximately $773,000. Investment losses were the principal reason equity declined more sharply despite lower claimant expense.

The claims schedules show approximately $28.6 million in cash distributions, including $25.5 million for Category A claims and $3.1 million for Category B claims; these cash amounts differ from recorded claimant expense. On November 22, the trustee sought consent to reduce the payment percentage from 7.4%, proposing either 6% with a 2% inflation cap or 5%. Claims first eligible for payment after that date were paid at 5% pending resolution, so the report describes an interim payment practice rather than a finalized percentage amendment at that point.

G-I ended 2021 with $340.4 million in net claimants’ equity, down $17.0 million from $357.4 million. Interest and dividend income totaled $11.7 million, with an additional $9.1 million in net investment gains. Recorded claimant expense declined to $30.5 million from $37.1 million, and claims-processing costs were approximately $621,000. Income-tax expense of $5.3 million, largely deferred tax, also reduced the reported result. Lower claimant expense helped moderate the decline in equity despite lower investment earnings.

The claims schedules report approximately $30.1 million in cash distributions, including $26.5 million for Category A claims and $3.6 million for Category B claims. Cash payments should be distinguished from the claimant expense recorded in the financial statements. New filings in the “Other Asbestos PI Claims” schedule totaled 19,049, compared with 21,151 in 2020. Category B represented most incoming claims, while Category A accounted for most dollars paid. The historical payment percentage remained 7.4%.

G-I ended 2020 with $357.4 million in net claimants’ equity, down $20.8 million from $378.2 million. Interest and dividend income of $12.4 million and net investment gains of $12.6 million offset part of $37.1 million in recorded claimant expense. Claims-processing costs were approximately $712,000. The financial statements also recognized $6.6 million in income-tax expense, predominantly deferred tax rather than current cash taxes, contributing to the decline in equity.

The claims schedules show approximately $42.0 million in cash distributions, including $36.8 million for Category A claims and $5.1 million for Category B claims. These distributions differ from recorded claimant expense because cash payments and expense recognition occur at different times. The “Other Asbestos PI Claims” schedule lists 21,151 new filings. The payment percentage remained 7.4%, and the report stated that the COVID-19 pandemic had not materially adversely affected trust operations as of the report’s issuance.

G-I ended 2017 with $429.1 million in net claimants’ equity, down $29.2 million from $458.4 million. Interest and dividend income of $14.9 million and net investment gains of $14.3 million offset part of the year’s $57.4 million in recorded claimant expense, which increased from $50.6 million in 2016. Claims-processing costs were approximately $967,000. A $1.5 million income-tax benefit also supported the reported result, but investment earnings and the tax benefit were insufficient to cover claims and operating costs.

The claims schedules report approximately $58.3 million in cash distributions, including $50.4 million for Category A claims and $7.8 million for Category B claims. These cash distributions are separate from the claimant expense recognized in the financial statements. The “Other Asbestos PI Claims” schedule lists 21,670 new filings, with Category B representing the largest share of incoming claims and Category A accounting for most dollars distributed. The historical payment percentage remained 7.4%.

G-I ended 2015 with $495.0 million in net claimants’ equity, down $46.0 million from $541.0 million. Interest and dividend income of $18.1 million was reduced by $8.8 million in net investment losses, while recorded claimant expense increased to $52.7 million from $41.4 million. Claims-processing costs fell to approximately $959,000, but legal fees increased to approximately $709,000. Weaker investment performance and higher claimant expense contributed to a larger reduction in equity than in 2014.

The claims schedules report approximately $45.2 million in cash distributions, including $40.9 million for Category A claims and $3.9 million for Category B claims. Cash distributions reflect payment timing and differ from recorded claimant expense. The “Other Asbestos PI Claims” schedule lists 11,426 new filings, sharply below the preceding year’s 110,412, although the trust continued resolving and paying previously filed claims. The payment percentage remained 7.4%.

G-I ended 2014 with $541.0 million in net claimants’ equity, a decline of $16.2 million from $557.2 million. Interest and dividend income of $18.5 million and net investment gains of $10.2 million helped offset $41.4 million in recorded claimant expense and operating costs. Claims-processing costs were $1.5 million. The decline in equity was substantially smaller than in 2013, reflecting both improved investment results and lower claimant expense.

The claims schedules show approximately $44.3 million in cash distributions, including $36.0 million for Category A claims and $6.8 million for Category B claims. These cash payments are distinct from the expense recognized in the financial statements. New filings in the “Other Asbestos PI Claims” schedule totaled 110,412, with Category B accounting for most of that volume; filings represent incoming claims, not approvals or payments. The historical payment percentage remained 7.4%.

G-I ended 2013 with $557.2 million in net claimants’ equity, down $60.9 million from $618.1 million. Interest and dividend income of $17.0 million was partly offset by $8.2 million in net investment losses, while the financial statements recorded $66.4 million in claimant expense. Claims-processing costs were $1.6 million. Investment income therefore covered only a portion of claims and operating costs, producing a substantial reduction in the trust’s remaining equity.

The claims schedules report approximately $94.2 million in cash distributions, including $74.8 million for Category A claims and $16.3 million for Category B claims. Cash distributions differ from the claimant expense recognized in the financial statements because of payment and accrual timing. A significant operational change took effect in October: the trust eliminated its installment-payment system, paid outstanding installments, and moved future settlements to a single payment. The payment percentage remained 7.4%.