Faced with a huge book of volatile, long-tailed claims and the possibility of running out of money to pay them, Equitas has emerged with a deal that benefits everyone concerned, according to a company spokesperson.
Jon Nash, with Equitas in London, told National Underwriter that reports of the possibility that the Equitas-Berkshire Hathaway deal almost didn't happen because of a sentence in a British law are "exaggerated." He noted, "I think there was a period where there was a problem, and they set to work on the problem and it was resolved. We were always optimistic."
Equitas, he said, is a "complex setup." As well as its executive management, it also has trustees who own the shares of Equitas, like shareholders, "and their primary interest is the Reinsured Names–the individuals who sit behind us."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
