Berkshire makes Equitas offer; Unit would reinsure runoff liabilities and assume operations.(News)(Berkshire Hathaway Inc.) From: Business Insurance | Date: October 23, 2006 | COPYRIGHT 2006 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright information

Byline: SARAH VEYSEY and GLORIA GONZALEZ

LONDON-A proposed multi-billion dollar deal by Berkshire Hathaway Inc. to reinsure and runoff the liabilities of Equitas Ltd. would mark an end to the long-tail liability of individuals reinsured by Equitas and eliminate any potential exposure of Lloyd's of London to the runoff vehicle.

Under the arrangement, announced last week, the liabilities of Equitas Ltd., the runoff reinsurer for the pre-1993 long-tail liabilities of Lloyd's syndicates, will be transferred to Berkshire Hathaway unit National Indemnity Co.

If the deal ...

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