The $7 billion reinsurance deal between Berkshire HathawaysNational Indemnity Company and Equitas was the best news for theLloyd's market in quite some time. For while Lloyd's has takengiant steps to restructure its capital base, upgrade its internalmanagement structure and streamline its operations, theres alwaysbeen a black cloud looming on the horizon.
The question was whether Equitas--Lloyds pre-1993 runoff lossfacility--would have enough money to cover the markets lingeringasbestos and environmental liabilities. Such concerns were largelylaid to rest once and for all with this agreement.
Meanwhile, thousands of individual Lloyd's Name investors canfinally achieve a sense of closure, and new investors can pony uptheir money confident the market is free from old losses atlast.
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