Equitas Boosts AsbestosReserves By 27 Percent
London Editor
During the past year, Equitas strengthened undiscounted asbestos reserves, gross of reinsurance, by 1.7 billion ($2.4 billion), a 27 percent boost to 8 billion ($11.4 billion), according to the groups financial results for the year ended March 31, 2001.
Before releasing its results last week, including the reserve growth, Equitas along with other London insurers in May announced tightened documentation requirements for asbestos-related claims that took effect June 1 (see NU, May 14, page 1).
"The increase in asbestos reserves has more than offset the entirety of the gains produced in all other areas of the business and has accounted for the decrease in accumulated surplus and solvency margin," said Equitas Chairman Hugh Stevenson, in a statement.
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