Equitas has removed its exposure to Centre Group through a $547m commutation agreement.
In a statement Equitas said the agreement would "commute policies purchased from Centre by Lloyd's syndicates reinsured by Equitas."
The reinsurer said almost $500m of the total was related to financial reinsurance bought by reinsured syndicates at Lloyd's.
Equitas finance director Jane Barker said: "This agreement crystallises nearly 90% of the remaining financial reinsurances in the Equitas balance sheet, as well as realizing over $50m in respect of our conventional reinsurance asset."
