Lloyd's run-off vehicle Equitas has reassured Names that the significant asbestos claims during the ...
Lloyd's run-off vehicle Equitas has reassured Names that the significant asbestos claims during the first half of 2004 are not expected to harm the company. It believes most will prove to be invalid or overstated.
Chairman Hugh Stevenson said: "We were able to settle our asbestos liabilities on acceptable terms with a number of significant assureds during this period, and further agreements have been reached since 30 September.
"It is too early to say whether, following our detailed review, we will need to increase our asbestos reserves at the year-end."
In the six months ended 30 September, the company said claims paid amounted to £353m, compared with £357m in the first half of last year. Reinsurers' share of claims paid amounted to £64m, compared with £112m in the first half of last year.
Investment income was down from last year, largely because there was less capital to invest. Equitas also claims bond values fell slightly, while equities maintained their values.
In addition, last year investment return amounted to £184m as income was higher, equity markets rose and the value of the company's bond portfolio remained steady, according to Equitas.
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