SYDNEY (Bloomberg) — CSR Ltd., Australia’s biggest processor of raw sugar, will receive A$120 million ($94 million) from Ace Ltd. after settling litigation related to asbestos liability insurance.CSR sued Bermuda-based Ace and other insurers in 1995, claiming on policies between 1978 and 1989, the Sydney-based company said in a statement yesterday. The agreement concludes the company’s claims against all the defendants, other than those CSR believe are insolvent.

After excluding legal costs, CSR will record a one-time gain of about A$103 million in the 12 months ended March 31.

“Since commencing this litigation in 1995, settlements have totalled A$279 million before legal costs,” chief executive officer Alec Brennan said in the statement.

CSR shares rose three cents to A$3.58 at 1.07 p.m. in Sydney, extending their gain for the year to 2.9 percent.