Lloyd’s follows FSA with probe into motor underwriter Equity
Lloyd's has joined UK regulator the Financial Services Authority in investigating accident-prone Lime Street motor underwriter Equity Redstar and may impose sanctions.
The Lime Street insurer also revealed that the Names that provide 36 percent of the capacity on Equity's Syndicate 218 have no adverse development cover to protect against further deteriorations. Corporate backer and Australian insurance group IAG, however, did opt to take out a policy.
In addition, it confirmed that John Josiah, the Syndicate's active underwriter, is to...
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