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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Lloyd’s/London
Beazley rejects Zurich’s latest offer
Beazley's board and shareholders have confirmed it has rejected Zurich’s latest offer to buy it outright for around £7.67bn.
Q&A: Tom Hughes, IUA
Tom Hughes, appointed director of underwriting at the International Underwriting Association last year, outlines the company market body’s priorities from an underwriting perspective for 2026.
Throwback Thursday: Broker goes bust; Lloyd’s loss
Insurance Post’s Throwback Thursday steps back in time to January 1991 to remind you what was going on this week in insurance history when a broker went bust and Lloyd’s was less buoyant than it is now.
Is Beazley set to reject Zurich in hopes of a better offer?
Analysts have suggested that while Zurich’s public proposal to acquire Beazley for around £7.7bn is attractive, shareholders may feel they can hold out for a higher offer.
Zurich submits proposal to acquire Beazley
Zurich has submitted a proposal to acquire Beazley outright for a price of 1280p per share, which values the specialty insurer at approximately £7.7bn.
PWC’s Bichard replaces Cliff as Lloyd’s CFO
Lloyd’s chief financial officer Alexandra Cliff is set to leave her position and be replaced by Jim Bichard, who is currently head of PWC’s global insurance practice.
Why women are disappearing from senior underwriting roles
Trade Voice: Fiona Temple, people, culture and academy director at the Lloyd’s Market Association, explains why the organisation is sounding the alarm about slowing career progression among female underwriters, and what can be done to reverse the trend.
Lloyd’s survey shows culture continuing to improve
Lloyd’s 2025 culture survey found the market has outperformed financial services industry standards, with 26 out of 28 comparable questions scoring above the financial services benchmark.