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Finance: Equitable Life

My Lords, I should declare an interest as a former reinsurance broker and that I am now the honorary president of a medium-sized firm of reinsurance brokers, who are not, however, specialised in this sector. In that capacity, I ask the Minister to say a little more about the circumstances surrounding the reinsurance treaty, which does not appear to have performed satisfactorily. This factor was mentioned twice in Her Majesty's Government’s Statement. I cannot pretend to have followed this saga with the attention that it may have deserved, but I think this is the first time that I have heard of a reinsurance treaty playing a part—perhaps a major part—in this unfortunate case. The simple question is why this treaty did not perform. If the noble Lord does not have the details at his fingertips, could he write to me? I am sure that his answers would be valuable to the whole sector.