When was equitas formed

Stock Price Quotes. Markets Data. Market Moguls. Expert Views. Technicals Technical Chart. Commodities Views News. Forex Forex News. Currency Converter. ET Change: Volume:. Open: Prv. Bid: Offer:. Company History - Equitas Holdings Ltd. It is yet another diversion of the EquitasRe-assured-at-Lloyd's away from his true quarry and recourse, the Lloyd's enterprise, for there is no reason in English or any other law why the EquitasRe-assured-at-Lloyd's need concern himself with any aspect of Equitas Re's personal financial condition, especially including its formal insolvency and whatever companies, trusts and other devices appear to be on his side.

There is simply no instrument—contract, trust deed, statute, statutory instrument, regulation, byelaw 26 or anything else—depriving an EquitasRe-assured-at-Lloyd's of his full securitisation at Lloyd's or requiring him to in any way treat or be concerned with Equitas Re.

Equitas Re's formal insolvency is a back-office affair solely between the Lloyd's enterprise and Equitas Re of—at least for as long as the entire Lloyd's enterprise remains solvent—no formal relevance, concern or interest to any Lloyd's EquitasRe-assured-at-Lloyd's.

Equitas Re's personal financial condition is particularly utterly irrelevant to the Lloyd's enterprise's liability to pay claims on insurance contracts sold at Lloyd's, whoever happens to have subsequently reinsured that liability.

In reality, the EquitasRe-assured-at-Lloyd's has never been a creditor of, and has no legal relationship whatever with, Equitas Re. He can and should recourse for payment of percent of his valid claim directly to Lloyd's enterprises, which, under pressure from angry EquitasRe-assureds-at-Lloyd's, will likely be forced to make its own claims-handling facilities available to them rather than compel their recourse to an insolvent and irrelevant Equitas Re.

Readmitting this surreptitiously engineered underclass of Lloyd's policyholder to the proper claims-handling facilities at Lloyd's will be one of the immediate challenges following Equitas Re's apparently imminent insolvency.

What recoveries from Equitas Re on behalf of the EquitasRe-reinsured member of Lloyd's may eventually accrue to a dedicated protected pot is a question entirely irrelevant to any EquitasRe-assured-at-Lloyd's. Such recoveries may help the Lloyd's enterprise in the back office, but they are no substitute for its own full and immediate payment in the front office of every valid claim on every EquitasRe-reinsured insurance contract.

Equitas Re's formal overt 27 insolvency—which itself habitually foretells in settlement discussions, as a negotiation ploy—thus promises to be an insurance insolvency lawyer's jamboree of years of inappropriate front-office, mid-office and back-office 28 litigation and arbitration, and pandemic obfuscation, confusion, misunderstanding and misconception if the insurance insolvency bar is not careful.

Lawyer beware. ISBN 1 41 9. Return to article. Where appropriate, the phrase "Equitas Re" as used in this article refers to Equitas Ltd. At least the latter, purporting since to do business as usual, has fresh premium income. Equitas Re, on the other hand, has no premium income. Mary Axe; see Gilbert, W. See, also, of possible relevance to the Lloyd's enterprise more generally, Ibid.

Wells : "Sir, it is our leading article. Ours in an old-established house with a large family connection, and every assurance held out in the advertisement is fully realised. The specialist lawyer is often stuck for an honest answer when asked whether the client has made a fully informed decision to be materially shortchanged at Equitas Re—in particular, whether the client has been fully informed and advised 1 that he is still fully securitised at Lloyd's, 2 that the standard Equitas Re line is materially incorrect, and 3 of the existence, sufficiency, availability and accessibility of relevant trust fund monies furnished by the Lloyd's enterprise specifically to pay his claim in full.

In the present context, "Byelaw" means a byelaw made by the Council of Lloyd's see Lloyd's Act , s. In any event, the provisions are probably ultra vires.

See the relevant provisions at RRC 4, Sch. Skip to main content. Help Center. Barker said she hopes auditors might improve their view of the quality of Equitas' data as the reinsurer improves its claims information and systems. Equitas has several projects under way to streamline claims handling. For example, Equitas plans to reduce the number of runoff management contractors to 44 from 69 by the end of the year.

The Equitas Claims Unit also is surveying hundreds of law firms and other claims service providers that were inherited when it assumed the syndicate liabilities to ensure they meet its performance, cost and efficiency criteria.

Meanwhile, Equitas is only weeks away from assuming the runoff business of Syndicate Underwriting Management Ltd. The ALM welcomed Equitas' caution that Lioncover would only be reinsured "if the terms are in the interests of Equitas. These certificates, which are not shareholder certificates, will explain to each member what percentage he or she contributed to the reinsurer's total Pursuant to the Demerger Scheme, a resolution was passed by the Shareholders on January 30, and the name of the Company was changed to Equitas Holdings Private Limited and a fresh certificate of incorporation consequent to change of name was issued by the RoC on February 29, Thereafter, pursuant to a special resolution passed by the Shareholders on June 12, , the Company was converted into a public limited company and the name was changed to Equitas Holdings Limited.

The RoC issued a fresh certificate of incorporation consequent to change of name on June 18, Major events and milestones of the Company : -Incorporation of the Company.