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Equitas Cites Asbestos ‘Threat’ London Editor

London

While asbestos claims continue to threaten the long-term stability of Equitas, further reserve strengthening was not required during the year ended March 31, 2002, according to the financial results released by the company.

“Asbestos claims continue to be the greatest single threat to the stability of Equitas,” said Equitas Chairman Hugh Stevenson. In the two years ended March 31, 2001, the London-based Equitas increased gross undiscounted provisions for future asbestos claims (undiscounted asbestos reserves) by a total of 3.2 billion ($4.6 billion at current exchange rates). Equitas was set up to reinsure and run off pre-1993 non-life liabilities of Lloyds of London.

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