Equitas raises asbestos provisions

Lloyd’s run-off vehicle Equitas has raised its provisions to cover asbestos-related claims again. Equitas’ gross asbestos reserves were boosted by £296mn to £4bn in the year to end-March. Equitas also said that it had reached three commutation agreements over the period to settle asbestos claims for three of its five largest direct asbestos exposures and its largest reinsurance exposure. Its solvency margin improved to 9.8% from a year-earlier 8.7%.