Argus Group Holdings and Tremont International Insurance have reached a settlement with buyers and holders of life insurance and annuity policies lost in the Bernard Madoff fraud.

Policy holders sued the companies following Madoff’s arrest in December for running a $65 billion Ponzi scheme. He is serving a 150-year prison sentence. Bermuda-based Argus said in a statement that the settlement would incorporate loans to policy holders and assign certain Argus claims to a litigation trust. It said no financial settlement will be paid to policyholders.

The settlement document said Argus denied and disclaimed any wrongdoing or liability with the claims and allegations made against it.