Menu

Reinsurance News

Fleming Re acquires Bermuda captive Sinclair

12th October 2020 - Author: Matt Sheehan

Run-off reinsurance provider Fleming Re has agreed to acquire Sinclair Insurance Company, a Bermuda domiciled captive insurance company.

Fleming ReSinclair was utilized to provide reinsurance to the primary insurers of certain casualty risks of affiliated companies.

The acquisition provides the shareholders of Sinclair with an exit solution allowing legal finality, elimination of operating expenses, and a release of capital, Fleming Re said.

Incorporated in 1985, Sinclair has provided Workers’ Compensation, General & Products Liability and Commercial Auto line of business.

“This transaction involves a captive with more complexity as the program historically underwent several commutations and novations,” noted Fleming Re CEO Eric Haller.

“Fleming Re was able to achieve the client’s goals with a transaction that was mutually beneficial. It was a pleasure working alongside AON, who managed Sinclair, to bring about the successful close of this transaction, Haller continued.

“Fleming Re has a robust pipeline and several transactions that will be closing in the coming months”.

Ciaran McCabe, Vice President Aon Insurance Managers (Bermuda) Ltd,  also commented, “There is a vibrant legacy/run-off market in Bermuda and we have developed a comprehensive suite of finality solutions for our clients.”

“In this instance, we worked extensively with our client, in collaboration with Fleming Re, to deliver a captive sale solution that provided legal finality and enabled the return of excess capital to its shareholders.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Lloyd’s report calls for simpler insurance products

In the wake of the COVID-19 pandemic, a new report from insurance and reinsurance marketplace Lloyd’s of London has called...

Close