Lloyd’s censures Equity over reserves
The Enforcement Board of Lloyd’s has censured motor insurer Equity and demanded it pay £95 000 costs over its under-reserving of claims, but has spared the syndicate an expected £1m fine.
Lloyd's said Equity had raised the issue and fully cooperated, its parent company IAG had suffered financial costs recapitalising the syndicate and said: "Any financial penalty would only serve to
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