The Hartford announced today it reached an agreement with Equitas and all Lloyd's syndicates reinsured by the runoff entity, which resolves all reinsurance payment disputes. Terms of the deal were not released.

The Hartford-based company said it will take a $243 million pre-tax charge in the second quarter after a comprehensive review of all recoverables, including those from Equitas.

Equitas is the mechanism established by the Lloyd's market to run-off liabilities of Lloyd's syndicates prior to 1993. Those liabilities include asbestos and environmental liabilities.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.