Equity dodges £1m fine as it receives censure from Lloyd's
Equity Syndicate Management, the managing agent of Syndicate 218, has been censured by the Lloyd’s Enforcement Board regarding deficiencies in its reserving that saw the Lloyd’s player require a £311m injection from parent company Insurance Australia Group.
In addition, the company was censured with regards to the provision of management information and data by Equity to its Board regarding the adverse development of claims payments.
On 7 May 2010, as a result of its concerns as to the reliability of the Syndicate’s reserving position, Equity instructed an independent actuarial review of its reserving.
Following that review, which was finalised on 2 June 2010, Equity reported a deterioration of £311m (central estimate) in respect of net ultimate
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