Zurich Commutes Lloyd's Policies For $547 M
NU Online News Service, Feb. 7, 3:50 p.m. EST?Zurich Financial Services Group announced that Centre Group, a subsidiary of Zurich, will pay $547 million to Equitas to rid itself of some outstanding obligations to Lloyd's syndicates.[@@]
According to the announcement from Zurich Financial, the obligations arose from policies once purchased from Centre by the syndicates.
By entering into the commutation agreement with Equitas?the vehicle set up by Lloyd's of London to reinsure asbestos and other pre-1993 liabilities of Lloyd's syndicates?Centre has ended its commitment to the Lloyd's syndicates.
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