The Hartford announced last week that it had reached an agreement with Equitas and all Lloyd's syndicates reinsured by the run-off entity to resolve all reinsurance payment disputes, although the terms of the deal were not disclosed.
The Hartford said it will take a $243 million pretax charge in the second quarter after a comprehensive review of all recoverables, including those from Equitas.
"The agreement is a significant step in our efforts to remove volatility from our ceded and assumed reinsurance portfolio," said Neal Wolin, general counsel for The Hartford.
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