Equitas

What Equitas does

Equitas Limited is a London-based insurance run-off company established in September 1996 to reinsure and manage the 1992 and prior years' non-life liabilities of Names (individual Underwriters) at Lloyd's of London. Following a transformative agreement reached in November 2006 with National Indemnity Company, a member of the Berkshire Hathaway group, all of Equitas' liabilities were reinsured by National Indemnity, and Resolute Management Services Limited (RMSL), another Berkshire affiliate, assumed responsibility for claims handling. On 25 June 2009 the High Court, presided over by Mr Justice Blackburne, sanctioned the transfer of all 1992 and prior non-life business under Part VII of the Financial Services and Markets Act 2000 to a newly formed FSA-authorised subsidiary, Equitas Insurance Limited, with the transfer taking effect on 30 June 2009. This statutory mechanism provides Names with finality for their pre-1993 non-life Lloyd's liabilities under English law.

Equitas' operational architecture centres on three workflows: reinsurance administration, Part VII transfer processing, and return premium administration, with regulatory/financial reporting (Annual Reports and Solvency & Financial Condition Reports) published online. Claims-related enquiries are directed to Resolute Management Services Limited at 4th Floor, The St Botolph Building, 138 Houndsditch, London, EC3A 7AW, and Equitas itself retains only one full-time employee following the Berkshire Hathaway transaction. Two regulated legal entities comprise the group: Equitas Limited (England, registered number 3173352) and Equitas Insurance Limited. Equitas does not operate a software platform, has no APIs or SDKs, and offers no separately branded products or modules.

The business model is administered-run-off rather than commercial: Equitas does not sell products or services, has no pricing model, and does not pursue new customers. Revenue mechanics flow from the management of the transferred reinsurance pool and the residual economics of the agreement with National Indemnity Company, which provides up to $7 billion of total reinsurance cover (an additional $1.3 billion was committed at Phase II completion for a further premium of up to £40 million) over and above Equitas' 31 March 2006 carried reserves. The customer base consists exclusively of open and closed year Lloyd's Names and former Names whose 1992 and prior year liabilities were incepted by Equitas at Reconstruction and Renewal in 1996. Ownership sits within the Berkshire Hathaway group, with no public listing, no external funding rounds, and no venture or private equity investment.

Name

Equitas

Legal name

Equitas Limited

Website

https://equitas.co.uk

Company type

Private

Founded year

1996

Operating status

Operating

Short description

Equitas is a London-based run-off insurance company managing the 1992 and prior years' non-life liabilities of Lloyd's of London Names via a Part VII statutory transfer to its subsidiary Equitas Insurance Limited, fully reinsured by Berkshire Hathaway's National Indemnity Company.

Ownership category

akta.pro rank

Product category

Reinsurance Run-Off Management

NAICS

Insurance Carriers (5241), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Reinsurance Run-off Acquisitions & Portfolio Transfers (LPT/Adverse Development Cover) (FSAOAJAH)

akta.pro secondary industries

Run-off / Legacy P&C Reinsurance Portfolio Management (FSAOAJAA), Run-off Actuarial Reserving & Financial Reporting (IFRS 17/US GAAP/Solvency II) (FSAOAJAK)

Keywords

• Reinsurance run-off management
• Legacy liability administration
• Lloyd's Names reinsurance
• Part VII statutory transfer
• Non-life liability run-off

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Reinsurance Operations: Equitas generates revenue through reinsurance arrangements, specifically by maintaining and managing the run-off of reinsured non-life insurance liabilities from Lloyd's of London Names. The company also receives reinsurance coverage from National Indemnity Company (Berkshire Hathaway) and manages the associated financial obligations.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Equitas manages the run-off of 1992 and prior years' non-life insurance liabilities of Names (Underwriters) at Lloyd's of London. Its core activity is administering the reinsurance obligations inherited at the 1996 Reconstruction and Renewal, executing the Part VII statutory transfer of those liabilities to Equitas Insurance Limited, and processing return premiums to Reinsured Names following the National Indemnity Company reinsurance transaction.

Product overview

Equitas is a single-service insurance run-off company offering liability management services for the 1992 and prior years' non-life business of Lloyd's of London Names. The company does not operate a platform-plus-modules architecture; rather, it provides a unified set of run-off management services centered on reinsurance administration, Part VII statutory transfer processing, return premium payments, and regulatory reporting. These services function as distinct operational workflows rather than separately branded products or modules.

Differentiator

Problem solved

Functional benefit

Products and services

• Insurance Run-Off Management Services Management and administration of the run-off of 1992 and prior years' non-life insurance liabilities of Names at Lloyd's of London, including reinsurance administration and coordination of claims handling with Resolute Management Services Limited.
• Part VII Transfer Administration Statutory transfer under Part VII of the Financial Services and Markets Act 2000, moving 1992 and prior non-life Lloyd's liabilities from Equitas Reinsurance Limited to Equitas Insurance Limited, providing finality for Names regarding their underwriting liabilities.
• Return Premium Processing Administration and payment of return premiums to Reinsured Names following completion of the reinsurance transaction with National Indemnity Company, including verification and estate processing for deceased Names.

Quantifiable outcome

• Names achieved finality in respect of their 1992 and prior year non-life Lloyd's liabilities under English law
• +1 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor and core.

• Lioncover Insurance Company LimitedminorOthers · 30 June 2009Business of PCW syndicates reinsured by Lioncover Insurance Company Limited was included in the Part VII transfer to Equitas Insurance Limited.
• Centrewrite LimitedminorOthers · 30 June 2009Business of Warrilow syndicates reinsured by Centrewrite Limited was included in the Part VII transfer to Equitas Insurance Limited.
• Equitas Insurance LimitedcoreOthers · 25 June 2009Newly formed FSA authorised insurance company within the Equitas Group. The High Court approved the transfer under Part VII of the Financial Services & Markets Act 2000 of the 1992 and prior non-life business to Equitas Insurance Limited on 25 June 2009, effective 30 June 2009.
• Resolute Management Services LimitedcoreStrategic or Co-development Partner · 1 November 2006Resolute Management Services Limited took over responsibility for the run-off of Equitas following the agreement with National Indemnity Company. RMSL handles all claims-related enquiries and serves as the Data Protection Officer contact for Equitas Insurance Limited.
• Resolute Management LimitedcoreStrategic or Co-development PartnerListed as an agent of Equitas in the privacy notice. Works alongside Resolute Management Services Limited to manage the run-off operations and data processing activities.

Scale indicators4 records

Recent moves7 records

Expansion highlights3 records

Broad incumbents

• Munich Re: Munich Re is a global Tier 1 reinsurer that operates a dedicated run-off/legacy management capability alongside its broader reinsurance franchise. It is comparable to Equitas as a broad incumbent with a run-off function, though Equitas is a pure-play run-off vehicle whereas Munich Re is a diversified global reinsurer.
• Swiss Re: Swiss Re operates a closed-block legacy book as part of its broader reinsurance and insurance franchise, and has historical involvement in Lloyd's legacy matters. It is a broad incumbent comparable to Equitas in managing long-tail non-life liabilities, though within a much larger diversified group.

Others

• Resolute Management Services Limited: RMSL is the Berkshire Hathaway-affiliated run-off manager that operates Equitas' day-to-day claims and administration. It is an operational partner rather than a competitor, but is a key ecosystem participant and a direct peer in the run-off services space, working on multiple Berkshire legacy books.
• National Indemnity Company: National Indemnity Company (a Berkshire Hathaway group member) is the reinsurer that provides the $7 billion of cover backing Equitas' run-off. It is the upstream capital provider and counterparty to the Equitas structure, rather than a competitor, and a key ecosystem participant for any analysis of the entity.

Direct peers

• Enstar Group: Enstar is a leading run-off and legacy insurance acquirer that purchases and manages portfolios of legacy non-life insurance and reinsurance liabilities. It is the most direct global peer to Equitas in terms of run-off/legacy portfolio management for non-life reserves, though Enstar is publicly listed and operates at materially greater scale.
• DARAG Group: DARAG is a specialist run-off insurance and reinsurance group that acquires and manages legacy non-life portfolios across Europe. It is a direct peer to Equitas, operating in the same niche of legacy non-life liability management and Part VII-style portfolio transfers.
• Randall & Quilter Investment Holdings: R&Q is a London-listed legacy insurance specialist that acquires and manages run-off insurance and reinsurance companies, with deep Lloyd's market heritage. It is a direct peer to Equitas given its focus on legacy non-life portfolios, including those originating at Lloyd's.
• Catalina Holdings: Catalina is a Bermuda-based run-off acquirer specialising in legacy insurance and reinsurance portfolios. It is a direct peer to Equitas, focused on the same core activity of managing and resolving legacy non-life liabilities, with a similar reinsurance-backed structure.
• Compre Group: Compre (formerly Hardy Underwriting Bermuda and subsequently the HPIC run-off platform) is a run-off and legacy specialist focused on European non-life insurance and reinsurance liabilities. It is a direct peer to Equitas in legacy non-life run-off management.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Equitas