The insurers and the estate of the Ferrari driver involved in the crash that killed a taxi driver and his passenger and injured two others, have reached a settlement.
In joint statement on Friday, AXA Insurance Singapore and the estate of the late Mr Ma Chi, 31, said they have agreed to settle, based on terms and conditions mutually agreed by both parties.
"Under the terms of the settlement agreement, in addition to settling all financial claims between the parties, all third party victims or their families will receive due compensation, which is not compromised in any way," said the statement, emailed to The Straits Times from law firm Drew & Napier, who is representing the family of Mr Ma.
"AXA Insurance Singapore will not look towards the estate of the late Ma Chi for any payment of compensation made to the third party victims or their families."
Both parties have also agreed that "will have no further claims against each other... and all other details of the settlement including any settlement sum are to remain confidential".
Last September, lawyers for the family of Mr Ma - who died in the May crash have criticised the insurer's move to reject claims made under the vehicle's policy.
They argued, in court papers filed on Sept 18, that the circumstances of the crash would qualify the case as an accident and not a collision.
This after AXA Insurance Singapore had given notice to Mr Ma's family that it regards the incident as a collision. This means it will not provide insurance coverage for his family, although it will settle claims of third-party victims and then seek to be reimbursed by the family
In the May 12 crash, Mr Ma is said to have run a red light along Victoria Street. His car hit a taxi which then hit a motorcycle. The cabby and his passenger - a Japanese woman - died while two others were injured.
The notice also stated that any payouts it makes to third parties for damages under the law will be billed to the Ma estate.
The insurer's move at the time had raised concerns among motorists.
Lawyer Anthony Wee, acting for AXA Insurance Singapore, however, told reporters after a coroner's inquiry last November that the insurer had paid the claims of Ms Wu Weiwei, 23, a student from China who was a passenger in the Ferrari.
He did not disclose the amount at the time.