Equitas improves position despite poor investment performance

Equitas has managed to strengthen its overall financial position despite a massive fall in its investment income from £714mn (US$1.06bn) in 1999 to £178mn for the year ended 31 March. Michael Crall, Equitas’ chief executive described the result as satisfactory in the light of investment market conditions. The company is the reinsurance and run-off vehicle set up in 1996 to settle the 1992 and prior year liabilities of Lloyd’s syndicates.