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Finance: Equitable Life

My Lords, as with the noble Lord, I also have some experience of reinsurance, having been involved in establishing a reinsurance company in 2001, which subsequently went on to be listed on the New York stock exchange. I believe that this was in nature a time and distance policy, which did not involve appropriate risk transfer. As such, it failed to perform the purpose that was expected or claimed to be covered by the policy. While not in any way wishing not to write to the noble Lord on this subject, he may find it helpful to read Lord Penrose’s report. It is a lengthy document that goes into this matter—finding 6 under the Parliamentary Ombudsman’s report—in excruciating detail.