British reinsurer Equitas has agreed to pay $118 million to EnPro Industries Inc. — a manufacturing company based in Charlotte, N.C. — in a dispute over insurance coverage for asbestos-related claims against EnPro, says the Charlotte Business Journal.

About $30 million of the settlement will reimburse EnPro for payments it has already made on asbestos-related claims, and the rest will go into a trust for resolving other asbestos claims.

Several EnPro subsidiaries such as Garlock Sealing Technologies and The Anchor Packing Co. manufactured products containing asbestos, and EnPro has been involved in many lawsuits concerning death and injury as a result.

Lloyd’s of London underwriters hold about $130 million of EnPro’s insurance for such claims, and Equitas reinsures the company. The settlement resolves all of EnPro’s claims against Lloyd’s underwriters.

“Resolution of the dispute brings our insurance reimbursements from Equitas up to date, while establishment of the trust ensures we will continue to receive cash payments of the Equitas portion of our remaining insurance in a timely and efficient manner,” says Ernie Schaub, an EnPro chief executive.