Equitas admits disappointment over US liability claims and asbestos reserves
Lloyd's run off vehicle Equitas today announced that its retained surplus fell by £18m from £476 m to £458m for the year ending 31st March 2006. Its solvency margin (retained surplus stated as a percentage of net claims outstanding) also fell marginally, from 12.2% to 12.0%. When Equitas began operations in 1996, its solvency margin was 5.6%.
But the positive operating performance generated by the group was offset by reserve increases, primarily for asbestos.
Commenting on the reserve increases seen during the year, chairman Hugh Stevenson
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