Ingalls, insurer reach settlement

PASCAGOULA, Miss. -- Huntington Ingalls Industries has agreed to release an insurance claim in exchange for a cash payment of $180 million. In a filing with the U.S. Securities and Exchange Commission on Monday, the company said it previously disclosed it has been pursuing legal action against an insurer, FM Global. The filing said the claims were related to losses as a result of Hurricane Katrina, which hit the company's shipyards in Pascagoula and Avondale, La., in 2005. On Sept. 6, Huntington Ingalls entered into a confidential settlement agreement, according to the filing. (Source: Sun Herald, Mississippi Press, 09/10/13)