Switzerland’s Zurich Financial Services Group announced that Centre Group, a subsidiary of Zurich, and Equitas have reached an agreement to commute policies purchased from Centre by Lloyd’s syndicates reinsured by Equitas.
Equitas is the Lloyd’s vehicle set up in 1996 to runoff asbestos and environmental claims, accrued before 1992.
Zurich said: “As a result of the agreement, Centre paid Equitas USD 547 million. The commutation effectively eliminates the Centre Group’s exposure to syndicates reinsured by Equitas. Centre previously recognized these liabilities on its balance sheet in the regular course of business in accordance with the applicable accounting policies. This commutation represents significant progress in the overall run-off of Centre’s liabilities.”
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