Equitas reserves unchanged

An important market barometer of asbestos liabilities, the news that Lloyd’s run-off vehicle, Equitas, is not required to increase asbestos reserves is welcome. Year ending results for 31 March 2002 showed undiscounted reserves for asbestos standing at £6.4bn, payments and liabilities extinguished through commutations in the year totalling £1.1bn. Without commutations and policy buy-outs claims payments were £269mn.