Reinsurance News
Legacy insurance and reinsurance news
News about the legacy insurance and reinsurance market, where legacy liabilities are run-off, transferred or acquired in legacy transactions, allowing their original holders or underwriters to achieve finality on those books of business.
R&Q names William Spiegel Executive Chairman as Ken Randall retires
1st April 2021
Randall & Quilter Investment Holdings Ltd. has formally announced the expected change of leadership as Ken Randall has retired as Executive Chairman and William Spiegel will replace him in the role. Randall has also stepped down as a Director of the Company today. The non-life legacy and run-off acquisition and management, programme ... Read the full article
DARAG signs retrospective quota share reinsurance agreement with Protector
10th March 2021
Legacy acquirer DARAG Group Limited has announced the signing of a retrospective quota share reinsurance agreement with Protector Forsikring ASA. DARAG Deutschland AG (DAG), DARAG's German risk carrier, will be the vehicle for the transaction and assume booked reserves in excess of €180 million. Once the deal completes, DARAG will provide Protector, ... Read the full article
RiverStone Europe & Hamilton Managing Agency complete RITC transaction
5th March 2021
Legacy specialist RiverStone Europe has completed a reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2018 and prior years of account of Syndicate 4000, managed by Hamilton Managing Agency Limited. Under the arrangement, legacy Pembroke business that remained with Liberty Mutual Group following Hamilton Insurance Group's acquisition of Pembroke and ... Read the full article
Run-off market set to thrive in 2021: GILC
3rd March 2021
Insurance and legal professionals expect to see an increasing number of run-off deals in 2021, according to a new report by Global Insurance Law Connect (GILC), a network of re/insurance law firms. GILC looked at the drivers of legacy business in both mature and emerging insurance markets, helped by member firms ... Read the full article
Enstar’s net earnings rise by 89% on $1.6bn of realised & unrealised gains
1st March 2021
Legacy acquirer Enstar Group Limited has reported a rise in net earnings for 2020 to $1.7 billion from the $902.2 million reported a year earlier, driven by net realised and unrealised gains of $1.6 billion for the year. The significant level of realised and unrealised gains includes $1.3 billion relating to ... Read the full article
Legacy deal activity to remain at record levels: PwC
23rd February 2021
New data from PwC shows that participants in the legacy re/insurance market expect deal activity to remain “at record highs” this year, with the US and Lloyd’s markets set to be particularly busy. Respondents to PwC’s Global Insurance Run-off Survey reported that predicted growth in the legacy market materialized over 2020, ... Read the full article
Premia to acquire Armour Re; secures Aquiline-led equity investment
22nd February 2021
Reinsurance run-off group, Premia Holdings Ltd., has agreed to acquire Armour Re Ltd., a Bermuda-based P&C legacy reinsurer and a wholly-owned subsidiary of Armour Group Ltd., in an all-share transaction. Armour Group is an Aquiline Capital Partners LLC portfolio company and in concurrence with the acquisition, an investor group led by ... Read the full article
Compre announces completion of RITC with Coverys & AXA LM syndicate
22nd February 2021
Legacy group Compre has completed its second Lloyd's transaction, the reinsurance to close (RITC) of Syndicate 3330's 2018 year of account into Compre's Syndicate 1994. The legacy specialist's Lloyd's Syndicate 1994, which is managed by Apollo Syndicate Management, was launched last week. This latest transaction, which includes the purchase of AXA ... Read the full article
Compre partners with Apollo to launch Lloyd’s legacy Syndicate 1994
15th February 2021
Legacy group Compre has entered into a strategic partnership with independent specialist re/insurer, Apollo Syndicate Management, to launch a new Lloyd's of London legacy business focussed Syndicate 1994, which has received approval from The Council of Lloyd's. Syndicate 1994 will have the ability to execute the full range of legacy transactions ... Read the full article
Enstar completes $690mn workers’ comp reinsurance transaction with CNA
8th February 2021
A wholly owned subsidiary of legacy acquirer, Enstar Group Limited, has completed a reinsurance transaction with Continental Casualty Company (CNA). Enstar's subsidiary has finalised a transaction to reinsure a legacy portfolio of excess workers' compensation business. Under the terms of the deal, CNA has ceded net insurance reserves to the subsidiary of ... Read the full article
Bruce Hemphill to lead Catalina as co-founder Chris Fagan departs
2nd February 2021
Chris Fagan, co-founder of legacy specialist Catalina Holdings, is to step down from his role as Chief Executive Officer (CEO) and be succeeded by Bruce Hemphill, current Chair of the Catalina Board. Fagan has led Catalina for the past 15 years since he founded the legacy firm with Dean Dwonczyk in ... Read the full article
DARAG announces reinsurance agreement with US retailer
6th January 2021
Legacy acquirer DARAG has completed a transaction with a major US retailer to provide finality to its legacy workers compensation liabilities. The transaction was conducted through one of DARAG North America’s insurance entities. Tom Booth, Chief Executive Officer of DARAG, said the transaction demonstrates DARAG’s ambitions in the US market and how ... Read the full article
Catalina Re hires Tom Duggan as Senior Investment Manager
4th January 2021
Catalina Re, the reinsurance arm of Bermuda-based insurance and reinsurance run-off and legacy specialist, Catalina Holdings, has appointed Tom Duggan as Senior Investment Manager. Duggan joined Catalina Re in January, 2021 from his role as Senior Vice President (SVP), Manager Research, at investment consultancy Redington. During his time with Redington, which commenced ... Read the full article
Fleming Re establishes LPT reinsurance facility for BevCap
31st December 2020
Bermuda-based, run-off reinsurance provider, Fleming Reinsurance Ltd. (Fleming Re), has announced the formation of a new custom reinsurance facility for BevCap P&C Protected Cell, Inc. (BevCap). The new, innovative loss portfolio transfer (LPT) facility provides BevCap's members with the ability to remove seasoned risks by providing full economic and legal finality ... Read the full article
Maiden sets up Genesis Legacy Solutions unit
4th December 2020
Bermuda-based re/insurer Maiden Holdings has announced the formation of a new legacy solutions unit that will specialise in providing services to small US insurance entities. Genesis Legacy Solutions (GLS) will focus in particular on clients in run-off or with blocks of reserves that are no longer core. The Genesis team will be ... Read the full article
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