The insurance carrier that paid out $350 million to the state of Maryland for the collapse of the Francis Scott Key Bridge has reached a settlement with the companies that own and operate the ship that destroyed the bridge.

Attorneys for ACE American Insurance Company and the company that owns the container ship Dali, Grace Ocean Private Ltd., announced the deal at a hearing Thursday in federal court in Baltimore.

They did not reveal details of the settlement — one of the first to be reached among the many parties with claims against Grace Ocean and the Dali’s operator, Synergy Marine Group.

With a civil trial set to begin in two months, there could be more settlements in the coming weeks.

The state of Maryland remains a part of the case and is still pursuing claims against the Singaporean companies.

When an insurance company pays out a claim, it can go to court to try to recoup its losses, but the insured party — in this case, the state — can also pursue a claim for losses that exceed the payout from the insurance company.

ACE, an American subsidiary of the insurance giant Chubb, paid $350 million following the Key Bridge collapse, reaching the limit of the state’s policy. But the damages in the case far exceed $350 million, and the state still appeared poised to go to trial. The cost of rebuilding the Key Bridge could top $5 billion.

The Dali smashed into the Key Bridge on the early morning of March 26, 2024, killing six construction workers who were filling potholes on the roadway and sending the span tumbling into the Patapsco River. Rebuilding the bridge is expected to take until 2030.

The trial, set to begin June 1, will determine whether the Dali’s owner and operator can cap their liability in the disaster.

Grace Ocean and Synergy Marine Group filed what’s called a “limitation of liability” action days after the crash, seeking to restrict the amount they could be required to pay at $44 million — a fraction of the cost to rebuild.

The companies previously settled a lawsuit with the U.S. Department of Justice over the crash, paying out $102 million. But claims brought by the families of the victims and local businesses are still pending, in addition to the state’s claim.

The trial is expected to last several weeks in federal court in Baltimore. Senior U.S. District Judge James K. Bredar will hear the case, which will not go before a jury.

The National Transportation Safety Board found last year that a series of errors led to the bridge collapse, including a single loose wire that caused electrical failures on the Dali.

Attorneys at the trial will not be able to cite the NTSB’s findings, but they can use evidence the agency gathered during its investigation, along with information gathered during hundreds of hours of depositions during the civil case.

The state has blamed the shipping companies for poor operations aboard the ship, while Grace Ocean and Synergy have claimed that Maryland is at fault for failing to adequately protect its bridge.