Equitas outlines final plans for pre 1992 liability closure
Equitas has today announced the final step toward achieving its objective of delivering finality to the Lloyd's Names affected by the escalating asbestos, pollution and health hazard claims from the early 1980s - a transfer of all of their 1992 and prior year non-life liabilities to a new company and an increase in reinsurance coverage that will improve the security of their many policyholders.
If it is approved by the Court after a hearing commencing 24 June, this Part VII transfer as it is sometimes described will the largest of its kind ever undertaken.
It will see some $7.8 bn of
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