TIME EUROPE
WEB FILE - LLOYD'S OF LONDON
SPECIAL REPORT
From Michael Crall, CEO of Equitas
Mr Christopher Redman
Editor
TIME Europe
Dear Mr Redman,
Your special report on "The Decline and Fall of Lloyd's of London" [February 21] alleges that "possibble fraud at Equitas is one of the issues to be aired in the Jaffray suit and is likely to figure in the U.S. criminal investigation." This statement is false. Contrary to your report, no allegations of fraud or of any other nature have been made against Equitas in the Jaffray proceedings. In addition, Equitas is not--and never has been--the subject of a US criminal investigation. Equitas did not begin operations until 1996, years after the allegedly fraudulent acts referred to in your report.
The role of Equitas is to pay valid claims, including asbestos-related claims, under pre-1993 policies written by the Lloyd's syndicates which we reinsured in 1996 and 1997, and to do so in the best interests of the Lloyd's Names who were members of these syndicates.
Yours sincerely
Michael Crall
Chief Executive Officer, Equitas Limited
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