Equitas chair to step down

Equitas chairman Hugh Stevenson will this week announce he is stepping down after the High Court settled the dispute with former Lloyd’s Names, the Guardian reports

Stevenson said: "This transfer is the final chapter in the Equitas story, which started back in 1992. The long day's work is done. We are delighted to have achieved finality under UK law for the Names and greater security for the Lloyd's policyholders."

Equitas is looking for external candidates to replace Stevenson, who is a former chairman of Mercury Asset Management and a director of the Financial Services Authority.