Key Bridge case: $350M insurer settlement reached, trial moves forward

BALTIMORE, MD (WBFF) — ACE American Insurance Co. has reached a $350 million settlement with the owner and operator of the cargo ship that crashed into the Francis Scott Key Bridge, resolving a major insurance claim while leaving the broader, multibillion-dollar legal fight intact.

The agreement with Grace Ocean Private Ltd. and Synergy Marine Group, reached in Baltimore federal court Thursday, matches the amount ACE paid to Maryland shortly after the March 2024 collapse — the full limit of the state’s bridge insurance policy. The deal reflects a standard move, in which an insurer seeks to recover what it paid out.

The Baltimore Sun reached out to all the parties involved, but had not heard back by press time. In court documents, there were no details about the structure of the settlement.

The agreement largely resolves ACE’s effort to recoup its $350 million payout. It does not, however, settle the sweeping litigation that remains, including claims by the state of Maryland, the city of Baltimore, victims’ families and businesses affected by the collapse. Total damages are expected to exceed $5 billion.

Read the full story on the Baltimore Sun.