The proposal to set up the Equitas structure formed part of the Lloyd's "Reconstruction and Renewal" (R&R) plan. It was accepted by 90% of the 34,000 "Names" who had underwritten policies at Lloyd's, and it became mandatory for all members to reinsure their non-life insurance liabilities into Equitas on business allocated to the 1992 and prior years of account. When Equitas started it had £15 billion of liabilities at net present value, which were expected to take up to 40 years to settle. It also had assets amounting to 105% of the liabilities, making it the largest start-up company to date. Equitas is not allowed to take on new business but it remains the largest solvent run-off reinsurer globally.