Raytech Asbestos Trust Annual Reports, 2010–2025

Raytech reported year-end net claimants’ equity of $20.6 million, down $1.3 million from $21.9 million. Investment additions of $375,496 were outweighed by $767,592 of operating and claims-processing expenses. Unrealized gains of $920,664 and $5,866 of class-action and Raymark distributions produced comprehensive income of $534,434 before claim payments. The financial statements then deducted $1,824,126 in payments. Securities ended the year at $20.0 million, alongside $165,634 of cash and equivalents and $582,394 of invested cash.

The narrative reports 2,188 new filings and 1,190 paid claims totaling $1,887,093, a higher payment total than the financial statements. The claims exhibits also disagree on cumulative paid claims: 52,776 in the status table versus 52,504 in the payment roll-forward. These figures have not been silently reconciled. The 1.35% payment percentage remained unchanged during 2025. Higher claim payments and operating costs increased the draw on resources despite positive unrealized investment gains.

Raytech ended 2024 with net claimants’ equity of $21.9 million, down $171,409 from $22.1 million. Investment additions of $584,472 were below $696,026 of operating and claims-processing expenses, but $986,530 of unrealized investment gains and $1,279 of class-action receipts produced comprehensive income of $876,255 before claim payments. Payments of $1,047,664 exceeded that income, causing the modest decline in net assets. Year-end securities were $21.0 million, with a further $972,934 in cash and invested cash.

The trust received 1,963 new filings and paid 1,094 claims. Following a review, the payment percentage increased from 0.92% to 1.35% effective November 14, 2024. The report also describes continued use of the refundable filing fee introduced in 2023. Although unrealized gains supported the year-end balance, investment additions excluding those gains did not cover operating costs before claimant payments.

Raytech’s 2023 narrative reports 2,412 new claim filings and 1,058 paid claims totaling $1,023,462. The payment percentage did not change during the year. Effective June 1, 2023, the trust introduced a $75 refundable filing fee intended to reduce deficient filings; the fee is refundable when a claimant accepts a settlement payment. The trustees also described continuing efforts to lower professional, investment-advisory, and claims-processing costs.

The attachment saved for 2023 contains only the seven-page narrative and omits the referenced financial statements and claims exhibits. Accordingly, this is an operational summary rather than a full financial analysis of that report. The narrative describes a portfolio allocated primarily to fixed income and protected variable annuities and says continued operation was expected for the foreseeable future, while acknowledging that operating costs relative to assets and payments would influence eventual termination. The missing exhibits are needed to complete the financial review.

Raytech reported year-end net claimants’ equity of $27.0 million, down just $61,707 from $27.1 million. Investment additions of $985,625 exceeded $739,027 of operating and claims-processing expenses. A separate $1.1 million unrealized investment gain helped bring comprehensive income before claim payments to $1.3 million. Payments of $1,365,152 then slightly exceeded that income, leaving resources nearly unchanged overall.

The narrative and financial statements agree on the payment total, with 1,659 paid claims and 3,189 new filings reported for the year. Investment appreciation again played a substantial role in funding the economic cost of claims and administration. The report describes continued monitoring of the 0.92% payment percentage following the 2020 review, with another analysis planned for 2022.

Raytech ended 2020 with net claimants’ equity of $27.1 million, down $122,518 from $27.2 million. Investment additions of $789,580 narrowly exceeded $762,989 of operating and claims-processing expenses. A further $1.1 million of unrealized investment gains and $18,080 of insurance distributions brought comprehensive income before claim payments to $1.13 million. Claim payments of $1.25 million then left a modest reduction in the year-end balance.

Unrealized gains were therefore important to maintaining the trust’s reported resources; the operating surplus before those gains and claim distributions was only about $27,000. The report’s comprehensive-income figure is presented before claim payments and should not be read as the final increase in assets available to claimants. The payment percentage was reviewed during 2020 and remained at 0.92%.

Raytech reported year-end net claimants’ equity of $27.2 million, an increase of $814,492 from $26.4 million. Investment additions of $2.1 million, including substantial realized gains, and unrealized gains of $739,512 more than offset $731,365 of operating and claims-processing expenses and $1.35 million of claim payments. Class-action settlement receipts of $25,782 also contributed. The increase in resources marked a recovery from the investment losses reported in 2018.

The narrative reports 3,668 new filings and 1,621 paid claims totaling $1,346,498, compared with $1,346,127 in the financial statements. Those figures are close but not identical. The year’s improvement depended heavily on investment gains: ongoing investment income of $538,800 alone would not have covered administration and claims processing, before any claimant distributions.

Raytech ended 2018 with net claimants’ equity of $26.4 million, down $2.6 million from $29.0 million. Investment additions of $548,939 did not cover $758,983 of operating and claims-processing expenses, and unrealized investment losses of $1.3 million compounded the effect of $1.1 million of claim payments. The dissolution of Raytech Corporation produced a final cash distribution of $1.45 million, but only $20,911 represented an increase over the investment’s existing carrying value; the entire distribution was not new income. Class-action receipts added another $16,259.

The payment percentage increased from 0.84% to 0.92% effective February 1, 2018. The narrative reports 4,351 new filings and 1,383 paid claims totaling $1,154,959, while the financial statements record $1,147,451 in claim payments. Those payment totals differ. Market losses and continued distributions both contributed to the year’s reduction in resources.

Raytech reported net claimants’ equity of $29.0 million at year-end 2017, only $75,664 below the prior year’s $29.1 million. Investment additions of $1.9 million, driven largely by realized gains, covered $748,262 of operating and claims-processing expenses and approximately $1.1 million of claim payments. A $27,037 class-action settlement receipt also contributed. However, $218,770 of unrealized investment losses turned the surplus before other comprehensive income into a modest decline in the final balance.

The trust received 3,290 new filings and reported 1,437 paid claims. The narrative gives payments of $1,056,492, slightly above the financial statements’ $1,056,146. Following a payment-percentage review, trustees approved an increase from 0.84% to 0.92%, effective February 1, 2018. That increase was a subsequent effective change, rather than the rate applying throughout 2017.

Raytech ended 2016 with net claimants’ equity of $29.1 million, down $1.3 million from $30.4 million. Investment additions of $233,535 fell short of $783,816 of operating and claims-processing expenses. Claim payments of $1.1 million further reduced resources, while $333,307 of unrealized investment gains and $24,562 of Raymark insurance proceeds provided a partial offset. The insurance receipt was separate from investment income.

The narrative reports 2,945 new filings and 1,603 paid claims totaling $1,149,219, compared with $1,149,201 in the financial statements. The difference is small but remains a source discrepancy. Operating costs and claim payments both declined from 2015; nevertheless, the combination of those costs exceeded the year’s investment results and other receipts.

Raytech reported year-end net claimants’ equity of $30.4 million, down $2.2 million from $32.6 million. Investment additions of $490,399 were insufficient to cover $832,520 of operating and claims-processing expenses. Claim payments of $1.6 million and a separate $243,819 unrealized investment loss accounted for the rest of the reduction. Both payments and operating costs were lower than in 2014, but weaker investment results meant that resources continued to decline.

The trust received 3,398 new filings. The narrative’s 38,606 paid claims and $26.3 million are cumulative totals through year-end; annual payments in the financial statements were $1,614,188. In January 2015, trustees approved inflation-related adjustments to scheduled disease values, which should be distinguished from a change to the payment percentage. The claims exhibit also identified 1,028 approved claims with outstanding offers or awaiting payment, totaling approximately $648,000.

Raytech ended 2014 with net claimants’ equity of $32.6 million, down $2.3 million from $34.9 million. Investment additions of $1.1 million were slightly below $1.2 million of operating and claims-processing expenses. A separate $538,016 unrealized investment gain cushioned the decline, but the trust also paid $2.8 million in claims. The final change in equity includes that unrealized gain and is smaller than the $2.9 million decrease presented before other comprehensive income.

The narrative reports 4,466 new filings and no recommended payment-percentage change. Its figures of 36,233 paid claims and $24.7 million reflect cumulative activity, rather than annual distributions; the financial statements record $2,770,428 of payments for 2014. Trustees also pursued lower professional and investment-advisory fees. Operating and claims-processing expenses declined from $1.5 million in 2013, although claim payments continued to draw down the trust’s resources.

Raytech reported net claimants’ equity of $34.9 million at year-end 2013, down $4.7 million from $39.6 million. Investment additions of $2.9 million exceeded $1.5 million of operating and claims-processing expenses, but the resulting surplus was insufficient to cover $5.9 million of claim payments. A $271,561 unrealized investment loss further reduced resources, partly offset by a $75,038 increase in the carrying value of Raytech Corporation. Unlike 2012, no federal tax refund was recorded.

The trust received 3,833 new filings, and the payment percentage remained unchanged during the year. The narrative’s 31,252 paid claims and $21,961,707 describe cumulative payments through December 2013, as shown in the accompanying claims exhibit; they are not the year’s payment activity. Annual claim payments in the financial statements were $5,940,966. The trust also adopted alternative dispute resolution procedures during 2013.

Raytech ended 2012 with net claimants’ equity of $39.6 million, down $7.8 million from $47.4 million. Claim payments of $10.1 million were the largest use of resources. Investment additions of $834,443, a separate $1.6 million unrealized investment gain, and $1.5 million in federal tax refunds partly offset those payments and $1.4 million of operating and claims-processing expenses. A $150,000 reduction in the value assigned to Raytech Corporation also reduced equity. The tax refund was a separate receipt, not recurring portfolio income.

The narrative reports 6,224 new filings and 17,101 paid claims, reflecting substantial payment activity relative to new filings. Its payment total of $10,074,665 differs slightly from the financial statements’ $10,074,484. Including unrealized gains is important when reading the statements: the $9.3 million decrease shown before other comprehensive income becomes a $7.8 million reduction in the final year-end balance.

Raytech reported year-end net claimants’ equity of $47.4 million, a $4.0 million decline from $51.4 million. Investment results of $825,406, including $471,560 of unrealized gains, did not cover $1.4 million of operating and claims-processing expenses and $3.4 million of claim payments. Realized investment losses of approximately $1.0 million reduced the benefit of interest income and other investment gains.

The trust received 61,404 new filings and reduced its payment percentage from 2% to 0.84% on November 29, 2011, after which settlement offers resumed. The narrative’s 3,600 paid claims and $5,945,990 are cumulative figures through year-end, as confirmed by the claims exhibit; annual payments in the financial statements were $3,426,176. The report also describes a change to procedures for deficient claims, addressing the cost and forecasting uncertainty associated with a large volume of incomplete filings.

Raytech ended 2010 with net claimants’ equity of $51.4 million, down $1.6 million from $53.0 million. Investment results contributed $1.8 million, including unrealized gains, and a $500,000 increase in the carrying value of Raytech Corporation provided an additional accounting benefit. These additions only partly offset $2.5 million of claim payments and approximately $1.4 million of administration, legal, tax, and claims-processing costs. The corporate valuation increase should be distinguished from cash received or recurring investment income.

The trust began accepting and processing claims on January 15, 2010, following adoption of an initial 2% payment percentage. Its narrative reports 49,709 filings and 1,562 paid claims totaling $2,519,814. This was therefore the first year of active claims processing and payments, with investment earnings covering part of the distributions and operating costs.