Equitas has green light to pursue other LMX reinsurers
Randall & Quilter (R&Q)'s confidential LMX commutation with Equitas may be welcomed by the firm's investors, but will do little to cheer other (re)insurers that were also delaying settlement with the Berkshire Hathaway-owned Lloyd's run-off vehicle.
Last month, Judge Gross sent shockwaves through the London legacy market when he ruled that Equitas' actuarial model was legitimate proof of the losses it has suffered. R&Q - which acquired Ace's LMX Brandywine liabilities in 2006 - was resisting settlement on up to...
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