Equitas Announces Management Succession and Board Changes

March 27, 2003

Equitas, the specialty fund vehicle established by Lloyd’s to reinsure and run off the liabilities of London syndicates for 1992 and prior years, confirmed an announcement, originally made last December, that Michael Crall will retire as an executive of Equitas in November 2003 upon reaching the age of 60, and will be succeeded by Scott Moser.

Moser, formerly President of Envision Claims Management Corporation, VP of Environmental/Excess Claims at Aetna Casualty & Surety Company and a partner with the law firm Day, Berry & Howard, has been Equitas’ Claims Director since 1997. He will become Managing Director as of April 1, and will take over from Crall as Chief Executive when he retires.

In addition Equitas noted the following appointments to its Board:
— Glenn Brace, Head of Asbestos Pollution and Health Hazard claims (APH) becomes Claims Director and joins the Board of Equitas. A lawyer, he was previously a partner at Day, Berry & Howard and has wide experience representing and advising companies on insurance matters
— Jon Collins, Equitas’ Chief Actuary, retains his actuarial responsibilities and joins the Board of Equitas. His responsibilities include actuarial work on the company’s reserves and providing support for the commutation activity. Prior to joining Equitas, Jon worked for R. Watson & Sons consulting actuaries, now Watson Wyatt.
— Jeremy Heap, Head of Commutations, becomes Reinsurance Recoveries Director and joins the Board of Equitas. He has been Head of Commutations at Equitas since 2001 and has been employed at Equitas since its inception in 1996. A chartered accountant, formerly with Coopers & Lybrand, now PricewaterhouseCoopers, he has worked on the Reconstruction and Renewal project for Lloyd’s of London since March 1994.

Hugh Stevenson, Chairman of Equitas, commented: “Equitas is fortunate to have attracted and developed an excellent team of well qualified people. These appointments are part of a planned process of management succession, and serve to recognise the contribution of senior executives of exceptional calibre.”

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