Equitas Ltd., the Lloyd's runoff company for asbestos and other long-tail claims, has made progress in reducing its balance sheet exposure, according to a Standard & Poor's report on the operation's 10th anniversary.

"It would be fair to say this is an anniversary that many did not think the group would be able to celebrate when it was established in 1996," said S&P London-based analyst Marcus Rivaldi.

The Equitas group's opening balance sheet on Sept. 4, 1996 had total liabilities of $29 billion, which has been reduced to $7.6 billion as of March 31, a fall of 71 percent.

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