Equitas, the London-based runoff entity for Lloyd's, announced it has completed its reinsurance transaction with the Berkshire Hathaway subsidiary National Indemnity Corp.
As a result, National Indemnity now reinsures all of Equitas' liabilities and provides a further $5.7 billion of reinsurance cover to Equitas.
The current management of Equitas will remain in place to conduct the runoff operations, according to the announcement.
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