The $7 billion reinsurance deal between Berkshire Hathaways National Indemnity Company and Equitas was the best news for the Lloyd's market in quite some time. For while Lloyd's has taken giant steps to restructure its capital base, upgrade its internal management structure and streamline its operations, theres always been a black cloud looming on the horizon.
The question was whether Equitas--Lloyds pre-1993 runoff loss facility--would have enough money to cover the markets lingering asbestos and environmental liabilities. Such concerns were largely laid to rest once and for all with this agreement.
Meanwhile, thousands of individual Lloyd's Name investors can finally achieve a sense of closure, and new investors can pony up their money confident the market is free from old losses at last.
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