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Article: EQUITAS ENCOURAGED BY BOOST IN SOLVENCY RATING.
- Article from:
- Business Insurance
- Article date:
- November 9, 1998
- Author:
CopyrightCOPYRIGHT 1998 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON -- Equitas Ltd., the runoff reinsurer for Lloyd's of London's pre-1993 liabilities, has started investing some of its surplus in equity markets, but executives still cannot say when, or if, a return premium may be made to stakeholders.
``There would have to be a very considerable surplus before we even consider a return of premium,'' said David Newbigging, Equitas chairman.
Mr. Newbigging was responding to questions at an open meeting of reinsured Lloyd's names last month. Many Lloyd's names -- private investors -- suffered large losses during the years reinsured by Equitas.
Equitas was established in September 1996 to protect the ...