Equitas Settles $200 Million in Asbestos Claims

January 10, 2005

Equitas, the runoff vehicle established in 1996 to handle Lloyd’s exposure to asbestos and environmental claims, announced that it has settled more than £105 million ($200 million) in claims with four policyholders.

One of the settlements was concluded with Dana, a U.S. auto-parts supplier, that was one of Equitas’ three biggest direct liabilities. The deals settle all claims against Lloyd’s underwriters under policies taken out by Dana and the other claimants to cover asbestos and other liabilities.

Reuters reported that Equitas anticipates further settlements. “We are in negotiations with other major policyholders and are confident that they will also result in settlements,” it quoted Simon Wright, Equitas’ head of asbestos pollution and health hazard claims, as stating.

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