Lloyd's Reinsurer Equitas Reports Surplus Decline
NU Online News Service, June 11, 8:57 a.m. EDT? Equitas, a reinsurance vehicle set up in 1996 to reinsure non-life liabilities of Lloyd's of London syndicates, said in its annual results that it added another ?296 million (approx. $545 million) into reserves against asbestos, bringing its overall asbestos reserves to ?2.8 billion ($5.2 billion).[@@]
At the same time, Equitas' accumulated surplus?the funds from which it draws reserves?fell from ?527 million ($971 million) to ?460 million ($847 million) over the past year, according to the annual results for the year ended March 31, 2004.
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