Stunning Berkshire Hathaway Equitas buy-out to bring finality to names
Berkshire Hathaway announced today that it has reached an agreement in principle on a structure in which National Indemnity Company, a member of the Berkshire Hathaway group of insurance companies, will reinsure all Equitas' liabilities and provide up to a further $7bn of reinsurance cover to Equitas as well as take on the staff and operations of Equitas and conduct the run-off of Equitas' liabilities.
Berkshire said the transaction will occur in two phases:
In Phase I National Indemnity Company will provide reinsurance cover to Equitas of $5.7bn over and above the 31 March 2006 reserves ($8.7bn) of
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