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Lloyd's members approve £90 million contribution to Equitas Transaction
At an Extraordinary General Meeting held on 22 February 2007, the membership of Lloyd's of London has approved a £90 million contribution to the transaction between Equitas and Berkshire Hathaway Inc. Once completed the Equitas transaction will end the residual legal liabilities of Lloyd’s and bring finality to Names reinsured by Equitas. The transaction will provide a further £3.8 billion ($7 billion) of reinsurance cover to Equitas and, when finalised, will end liabilities for Names under policies reinsured by Equitas. The conclusion of the transaction is subject to the satisfaction of certain conditions agreed by the parties. The final decision on whether the Lloyd's contribution is to be made now rests with the Council of Lloyd's. The vote was held on a capacity-weighted basis in accordance with Lloyd's rules. According to figures released by the Electoral Reform Services (ERS), the result of the vote on a capacity-weighted basis is as follows:
For: 99.77% Against: 0.23% Turnout on a capacity-weighted basis was 65.7%.
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Syndicate Reports and Accounts
Lloyd's Members approve a resolution to consent to HMT's proposals to amend the Lloyd's Act 1982.
Lloyd's members approve £90 million contribution to Equitas Transaction.
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