Equitas, based in London, was established in September 1996 to reinsure and run-off the 1992 and prior years' non-life liabilities of Names, or Underwriters, at Lloyd's of London.
The Company was transformed when it entered into an agreement in November 2006 under which National Indemnity Company, a member of the Berkshire Hathaway group of companies, reinsured its liabilities and another member of the Berkshire Hathaway group, Resolute Management Services Limited ("RMSL"), took over responsibility for the run-off. This first phase of this transaction was completed in March 2007.
The second phase of the transaction was completed when the High Court made an order on 25 June 2009 approving the transfer under Part VII of the Financial Services & Markets Act 2000 of the 1992 and prior non-life business of members and former members of Lloyd's to Equitas Insurance Limited. The transfer covers all the business reinsured by Equitas at the time of Reconstruction and Renewal in 1996, and includes the PCW syndicates' business reinsured by Lioncover Insurance Company Limited and the Warrilow syndicates' business reinsured by Centrewrite Limited. The transfer took effect on 30 June 2009, and means that Names are no longer liable for their 1992 and prior years' underwriting liabilities at Lloyd's as a matter of UK law.
You can obtain further information about it here (opens in new window).
Equitas continues to be responsible for ensuring that the run-off is managed in the best interests of Names, consistent with their obligations to policyholders. Equitas does not, however, manage claims. Any claims related enquiries should be directed to RMSL whose contact details are as follows:
Resolute Management Services Limited
London Underwriting Centre
6th Floor , 3 Minster Court
London EC3R 7DD
Tel: +44 (0) 20 7342 2000
Fax: +44 (0) 20 7342 2001