Equitas settles asbestos claims

Equitas, the Lloyd’s run-off vehicle, has paid £472mn to Honeywell International in settlement of asbestos-related claims arising from Honeywell’s ownership until 1986 of NARCO. According to Honeywell, the Equitas deal and others will allow it to set up a trust to pay off claims against NARCO, having set aside US$900mn to cover asbestos liabilities at NARCO late last year.