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News - Equitas settles with Hartford.
(From Reinsurance)
Equitas has announced that it has reached a comprehensive settlement of policies existing between the Hartford Financial Services Group and a group of underwriters at Lloyd's who were reinsured by Equitas. The settlement resolves current and future claims made both by The Hartford against the reinsured underwriters and vice versa.
The Blanket Casualty Treaty, which was the focus of the litigation, is a multi-layered reinsurance programme that provided for excess-of-loss coverage for The Hartford in various amounts from the 1930s to the 1980s. The upper layers of the treaty were first put in place in 1950, primarily with London Market reinsurers, including Lloyd's syndicates. The Blanket Casualty Treaty litigation continues with the other upper-layer reinsurers under the treaty.
"This agreement is a significant step in our efforts to remove volatility from our ceded and assumed reinsurance portfolio," said Neal Wolin, executive ...
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LONDON-Equitas Ltd. has made significant progress in...Scott Moser. Mr. Moser explained that Equitas has paid more than L7 billion ($11...still wait to be settled, according to Equitas estimates. Mr. Moser was speaking at...