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FSA looking into Equitable reinsurance deal

The FSA is investigating new evidence from Equitable Life that former management did not inform the regulator of the true value of its reinsurance deal.

A letter to Irish European Reinsurance Company from former appointed actuary Chris Headdon has come to light, showing the reinsurance contract signed in 1999 was worth substantially less than the £700m included in its statutory returns.

The FSA says it did not know about the letter and would not have accepted the deal as sufficient for its reserving burden had its contents been known.

Herbert Smith is also investigating the letter on behalf of Equitable.

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