News & Views
| 15 June 2003 | Equitas Results The key features of the results announced by Equitas for the year ending 31st March 2003 included:- 2003 2002 Retained Surplus £527m £679m Increased Asbestos Reserves £399m £0m Claim Payments £1.1bn £1.4bn R/I Recoveries £222m £424m Total Investment Return £693m £277m Operating Expenses £101m £114m Equitas Chairman, Hugh Stevenson continues to describe asbestosis as "the greatest single threat to Equitas". He went on to say "the balance sheet of Equitas is weaker than it was a year ago, and we still face significant uncertainties arising from matters over which we have little or no control". However, Equitas achieved several policy buy-outs during the year and continued its policy of commuting reinsurance contracts where possible, completing a total of 83 in the 2002-03 fiscal year. Equitas Chief Executive, Michael Crall is due to retire in November to be succeeded by the current Managing Director, Scott Moser. |
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