The contract is worth GBP35 million over four years and includes 140 staff with specific skills in IBM, Unix and the internet, transferring to ITNET.
Equitas was created to deal with the 1992 and prior year liabilities of Lloyd’s of London syndicates. Its core activities consist of managing claims, collecting reinsurance proceeds and investing assets. Equitas believes that by outsourcing its IT requirements to an IT specialist, the company will be able to focus on its core business and maximise the cost-efficiency of its IT operations.
ITNET will receive GBP13 million in the first year for the provision of applications management and development services, and IT operations, including desktop, server and mid-range systems support. These will be delivered from two sites in London and Farnborough. The full service will go live on October 1,2000.
