Lloyd's insurer Euclidian has completed its long-awaited refinancing, raising around £120m in capital.
According to market sources, Berkshire Hathaway will provide £78m of capital, with about £24m from Everest Re and around £19m from the Royal Bank of Scotland.
The additional capital will enable Euclidian to underwrite £250m through Lloyd's in 2004. Euclidian also plans to write an additional £60m worth of motor, caravan and fleet business out of Gibraltar next year.
The involvement of Berk-shire Hathaway comes as a surprise after speculation it would retreat from Lloyd's.
Euclidian group managing director James Corrigan-Stuart declined to comment.
