Swan Transportation Asbestos Trust Annual Reports, 2010–2025

Swan ended 2025 with net claimants’ equity of $4.8 million, down $613,360 from $5.4 million. Dividend and interest income of $212,989 and investment gains of $54,039 exceeded $113,588 of operating expenses, leaving an operating surplus of $153,440. With no insurance contributions reported, $766,800 of claimant distributions recognized against equity caused the overall decline despite the surplus.

Cash payments to claimants were $1.02 million, including the $255,600 payable at the end of 2024; no claims payable remained at year-end 2025. Net investment sales helped fund the outflow, while cash and equivalents fell to $238,431 and investments to $4.6 million. The claims-disposition exhibit lists two lung-cancer claims, but does not tie the payment total to those dispositions. Financial figures cover the combined asbestos, silica, and mixed-dust trust and should not be presented as asbestos-only payments.

Swan reported net claimants’ equity of $5.4 million at year-end 2024, down $903,845 from $6.3 million. Dividend and interest income of $279,436 and investment gains of $16,796 exceeded operating expenses of $155,275, producing a $140,957 operating surplus. Approximately $1.0 million of insurance contributions provided additional funding, but $2.04 million of claimant distributions recognized against equity outweighed those additions.

Cash payments to claimants were $1.79 million, with $255,600 remaining payable at year-end. Cash and equivalents fell from $2.5 million to $665,961 as the trust also purchased investments; investments ended at $5.0 million. The claims-disposition exhibit lists two lung-cancer dispositions, but does not allocate the financial payment totals to those claims. The financial statements cover the combined asbestos, silica, and mixed-dust trust, so their distribution figures are not asbestos-only totals.

The document saved for Swan’s 2023 annual report is a claims-disposition filing without the referenced audited financial statements. The relevant listed categories include seven asbestosis claims, ten severely impaired asbestosis claims, one colon-cancer claim, one laryngeal-cancer claim, three lung-cancer claims, and four pleural-disease claims disposed of; no mesothelioma dispositions are listed. Disposition counts do not establish payment amounts or whether every resolved claim was paid.

The notice states that audited financials would be provided later, so the attachment alone does not support a full annual financial analysis. The later 2024 report includes comparative 2023 figures, but the financial exhibits for this 2023 record still need to be obtained. No separate silica or mixed-dust analysis has been prepared.

The attachment saved for Swan’s 2022 annual report contains only a notice and claims-disposition summary. Among the categories relevant to this review, it lists one severely impaired asbestosis claim, one colon-cancer claim, nine lung-cancer claims, and one mesothelioma claim disposed of. These counts describe dispositions and should not be treated as numbers of paid claims or as evidence of payment amounts.

The filing says audited financial statements would be supplied later; none are included in the saved attachment. A financial analysis of year-end assets, income, expenses, and claimant distributions must therefore await those statements. This is a limited claims summary, and no separate silica or mixed-dust analysis has been prepared.

The document saved for Swan’s 2021 annual report is a notice and summary of claims disposed of, not a complete annual financial report. It lists one asbestosis claim, one severely impaired asbestosis claim, and one lung-cancer claim disposed of during the year. These are disposition counts; the attachment does not provide payment amounts or establish that each disposition resulted in a payment.

The notice states that audited financial statements would be supplied later, but those statements are not included in this attachment. Assets, investment results, operating costs, and changes in net claimants’ equity therefore cannot be analyzed from this filing. The missing audited financials are needed to complete the annual financial summary. No separate silica or mixed-dust analysis has been prepared.

Swan ended 2020 with net claimants’ equity of $24.2 million, down $3.4 million from $27.6 million. Dividend and interest income of $428,755, less $14,863 of investment losses, generated $413,892 of revenue. After $216,406 of operating expenses, the trust had a $197,486 operating surplus, but claimant distributions recognized against equity totaled $3.58 million and insurance contributions were only $24,000.

Actual cash payments to claimants were $3.50 million, with the remaining $82,560 recorded as claims payable at year-end. Net investment sales helped increase cash and equivalents to $4.9 million, while investments declined to $19.5 million. The operating surplus should not be mistaken for overall asset growth because claim distributions are shown separately from operating expenses. These amounts cover the combined asbestos, silica, and mixed-dust trust and do not isolate asbestos-only payments.

Swan reported net claimants’ equity of $27.6 million at year-end 2019, compared with a $26.0 million opening balance on the report’s special-purpose basis. Dividend income of $788,046 and investment gains of $324,649 exceeded $513,375 of operating expenses. Insurance contributions of $1.04 million and combined claimant distributions of $68,800 produced a net increase of approximately $1.6 million. Cash and equivalents ended at $2.0 million, alongside $25.6 million of investments.

This report uses a materially different accounting presentation from the earlier consolidated fund-deficit statements. Claims liabilities are recognized for offers and settled but unpaid claims at expected pro-rata payment amounts, while future filings and claims without offers are not accrued. The positive equity balance therefore should not be interpreted as a reversal of the nearly $1 billion deficit reported under the earlier approach. All financial figures cover Swan’s combined asbestos, silica, and mixed-dust trust.

Swan ended 2018 with investments of $26.0 million, compared with $25.8 million a year earlier. Its investment-movement statement reports $677,713 of investment earnings, no insurance receipts, $452,630 of operating and legal cash outflows, and $42,400 of combined claim payments. The consolidated operating statement separately records $316,024 of operating and legal expense and $149,838 of unrealized investment losses.

The reported fund deficit narrowed from $973.2 million to $968.1 million, principally through a $4.9 million downward adjustment to accrued claims. Year-end accrued claims were $994.2 million and included both existing claims and forecast future claims, so the deficit was not a measure of current cash payments. The report states a 6.88% payment percentage for 2018. These are combined asbestos, silica, and mixed-dust figures; no asbestos-only allocation of the financial totals is provided.

Swan’s investments increased modestly to $25.8 million at year-end 2017, from $25.6 million. The investment-movement statement reports $631,268 of net investment earnings and $45,000 of insurance receipts, exceeding $394,893 of operating and legal cash outflows and $27,520 of combined claim payments. Operating and legal cash costs fell substantially from the preceding year.

The consolidated fund deficit narrowed much more sharply, from $989.4 million to $973.2 million, mainly because of a $15.9 million downward adjustment to accrued claims. The operating statement also recognized $531,376 of investment income, $99,892 of unrealized gains, and $440,752 of operating and legal expense. The reduction in the deficit was therefore primarily a change in recognized liabilities, not a comparable increase in available investments. The report covers combined asbestos, silica, and mixed-dust finances.

Swan ended 2016 with investments of $25.6 million, up $1.7 million from $23.9 million. The investment-movement statement reports $2.1 million of insurance receipts and $652,919 of net investment earnings, offset by $986,814 of operating and legal cash outflows and $41,280 of combined claim payments. Insurance receipts were the main source of the increase, while operating and legal cash costs were substantially higher than in 2015.

The consolidated fund deficit improved from $992.9 million to $989.4 million. In addition to insurance and investment results, the improvement included a $1.74 million downward adjustment to accrued claims; that was an accounting change rather than new cash funding. The operating statement recognized $882,661 of operating and legal expenses and $38,625 of advance funds for TSI legal expenses. These financial figures cover the combined asbestos, silica, and mixed-dust trust and should not be attributed exclusively to asbestos claims.

Swan’s investments fell from $25.0 million to $23.9 million in 2015. The investment-movement statement reports only $97,340 of net investment earnings and no insurance receipts, compared with $964,320 of combined claim payments and $225,586 of operating and legal cash outflows. The absence of the prior year’s substantial insurance funding meant distributions and administration drew down the investment balance.

The consolidated fund deficit narrowed slightly, from $993.2 million to $992.9 million. That result included a $435,625 downward adjustment to accrued claims, $506,970 of investment income, $409,630 of unrealized investment losses, and $234,402 of operating and legal expense. The small improvement in the deficit should therefore be distinguished from the $1.1 million reduction in investments. The statements report combined asbestos, silica, and mixed-dust finances and do not establish an asbestos-only payment total.

Swan ended 2014 with investments of $25.0 million, up $2.1 million from $22.9 million. Approximately $3.0 million of insurance receipts was the principal source of growth. The investment-movement statement also reports $195,502 of net investment earnings, offset by $912,640 of combined claimant payments and $218,429 of operating and legal cash outflows. Insurance funding, rather than investment earnings alone, supported the increase in assets.

The consolidated fund deficit nevertheless widened from $991.1 million to $993.2 million, largely because of a $5.1 million increase in accrued claims. The operating statement recognized $361,501 of investment income and a $166,000 unrealized loss. These combined-trust results illustrate why changes in estimated claims liabilities must be separated from cash receipts and distributions: the trust’s invested assets grew even as its reported deficit increased. The financial totals are not allocated between asbestos, silica, and mixed-dust claims.

Swan’s investments declined from $23.5 million to $22.9 million during 2013. The investment-movement statement reports $274,650 of net investment earnings, no insurance receipts, $441,440 of combined claim payments, and $378,017 of operating and legal cash outflows. Those outflows exceeded investment earnings by approximately $545,000, reducing the assets held for claims and administration.

At the same time, the consolidated fund deficit improved from $995.8 million to $991.1 million, driven principally by a $4.9 million downward adjustment to accrued claims. The operating statement separately reports $425,044 of investment income, a $150,394 unrealized investment loss, and $413,960 of operating and legal expense. The improvement in the deficit therefore did not represent growth in invested resources. All figures cover the combined asbestos, silica, and mixed-dust trust, rather than asbestos-only activity.

Swan ended 2012 with investments of $23.5 million, up $2.4 million from $21.1 million. Its investment-movement statement reports $2.54 million of insurance receipts and $743,670 of investment earnings, offset by $431,040 of combined claimant payments and $492,774 of operating and legal cash outflows. The insurance receipts included collection of the $2.4 million insurance receivable recorded at the end of 2011, so the full cash receipt was not new 2012 income.

The consolidated fund deficit narrowed from $1.003 billion to $995.8 million, primarily because a $6.6 million downward adjustment to accrued claims improved the accounting balance. That adjustment was distinct from investment earnings or cash received. These are figures for Swan’s combined asbestos, silica, and mixed-dust trust. Its deficit includes estimated claims liabilities and should not be read as the amount of cash expended or the balance of investments remaining.

The combined 2009–2010 report shows Swan’s investments increasing from $17.5 million at the end of 2009 to $24.9 million at the end of 2010, largely supported by $12.5 million of insurance proceeds received in 2010. The investment-movement statement reports $4.1 million of claim payments and $1.2 million of operating and legal cash outflows in 2010. In 2009, investments had fallen from $23.5 million to $17.5 million, with $5.9 million of claim payments and $633,027 of operating and legal cash outflows against much smaller inflows.

The reported fund deficit nevertheless widened from $762.1 million in 2009 to $940.5 million in 2010, principally because of a $190.0 million upward adjustment to accrued claims. That adjustment represents recognized claim liabilities, not cash paid during the year. These consolidated figures cover the combined asbestos, silica, and mixed-dust trust; they do not isolate asbestos-only assets or payments. The large deficit and the positive investment balance measure different aspects of the trust’s position.