Equitas and Names have refuted suggestions that proposed US asbestos legislation could lead to the insolvency of the Lloyd's reinsurance vehicle.

The draft bill proposes to set up a $140bn compensation fund for asbestos victims, designed to settle all claims.

The insurance industry is expected to contribute about $46bn.

An Equitas spokesman said: "We expect our remaining share of US liabilities to be under 5% of the $46bn. We are quite confident that our reserves are adequate and appropriate, and if we get fair assessment we would be able to pay in full."

He added: "The Bill is a very similar proposal to the one worked on last year and that failed to get through. So it is far from certain that this one will get through."

A spokesman from the Association of Lloyd's Members said: "The Asbestos Resolution Bill does provide an opportunity to solve the huge problem of asbestos litigation in the US, but it is a Bill about which there are many conflicting views.

"We believe that the reserves of Equitas are sufficient."

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.