Lloyd's run-off vehicle Equitas will increase its asbestos reserves by £167m, it said as it announced its year end results.
“Asbestos remains the greatest single threat to Equitas,” said company chairman Hugh Stevenson. “We have strengthened our asbestos reserves on a gross discounted basis.”
It said its accumulated surplus has increased by £16m to £476m.
Its solvency margin, explained as accumulated surplus stated as a percentage of net claims outstanding, rose from 9.8% to 12.2%. When Equitas began operations in 1996, its solvency margin was 5.6%.