A pair of insurers have reached a settlement with life insurance policyholders and those with annuity policies lost through Bernard Madoff’s fraudulent Ponzi scheme.

Argus Group Holdings Ltd. and Tremont International Insurance agreed, according to Reuters, to settle a suit by policyholders following the arrest of Madoff in December 2008 for his $65 billion scheme. Madoff is serving a 150-year prison sentence after pleading guilty to running his Ponzi scheme.

The suits were filed by investors who bought or held variable universal life or deferred variable annuity policies issued by Tremont International Insurance or Argus International, and managed by Tremont Capital Management or Rye Investment Management, between May 10, 1994, and Dec. 11, 2008, according to the report.

The Tremont Group invested with Bernard L. Madoff Investment Securities’ brokerage and investment advisory unit. In court, Madoff admitted that the investment unit ran the fraudulent activity over a period of two years.

The settlement applies to the insurance litigation portion of three lawsuits that were consolidated and identified Tremont Group Holdings of Rye, N.Y., as the main defendant, according to Reuters.

Argus said in a statement that the settlement would incorporate loans to policyholders and assign certain Argus claims to a litigation trust. The Bermuda-based insurer said no financial settlement would be paid to policyholders.

A settlement document said Argus denied and disclaimed any wrongdoing or liability with the claims and allegations made against it, according to Reuters.

The settlement is still subject to approval by a judge in the U.S. District Court in Manhattan, N.Y.