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.
Run-off group Marco acquires Capita’s insurance operations
2nd November 2021
Marco Capital Holdings Limited, the European P&C insurance run-off group, has expanded its headcount to more than 300 insurance specialists via the acquisition of Capita plc's insurance businesses, Capita Commercial Insurance Services (CCIS) and Capita Managing Agency (CMA). Launched in August of last year and headquartered in Malta, Marco is a ... Read the full article
Allianz in P&C legacy transfer deal with Marco
13th October 2021
Allianz has entered into a deal with European P&C insurance run-off group Marco Capital Holdings Limited concerning the transfer of the remaining risks in Allianz Suisse’s UK Branch. The risks in Allianz Suisse’s UK Branch were underwritten by R.W. Gibbon and are therefore known as “The Gibbon Pool”. “I am pleased to ... Read the full article
Enstar closes £400mn ADC with RSA
6th October 2021
A subsidiary of legacy specialist Enstar has closed a previously announced agreement with Royal & Sun Alliance Insurance (RSA) to provide adverse development cover (ADC) for certain UK, Irish, and other business of RSA and its subsidiaries. This deal was first announced this year in July and was expected to ... Read the full article
R&Q names Andrew Pinkes as CEO of Legacy Insurance business
27th September 2021
Randall & Quilter Investment Holdings has appointed Andrew Pinkes as Global CEO of its Legacy Insurance business. The appointment follows the recent announcement of Gibson Re, a Bermuda-domiciled sidecar with $300 million of capital which will allow R&Q to support $2 billion of legacy insurance reserves. Pinkes will report into William Spiegel, ... Read the full article
DARAG signs Loss Portfolio Agreement with Insr Norway
16th August 2021
Legacy acquirer DARAG's German insurance carrier, DARAG Deutschland AG, has signed a Loss Portfolio Transfer (LPT) followed by a Portfolio Transfer (PTA) with Insr Insurance Group ASA (Insr). Insr is an insurance group listed on the Oslo Stock Exchange and all of its remaining insurance business will form part of this proposed ... Read the full article
Compre to acquire SiriusPoint legacy portfolio for $417mn
6th August 2021
Compre, the international specialist legacy group, and SiriusPoint have reached an agreement for Compre to acquire a $417 million portfolio of legacy liabilities. The transaction is structured as a loss portfolio transfer and will be underwritten by Compre's class 3A Bermudian reinsurer, Pallas Reinsurance Company Ltd. (Pallas Re). The portfolio in question ... Read the full article
Resolution Life sees commitments hit $5bn following latest capital raise
14th May 2021
Resolution Life has raised an additional $1.6 billion of capital which will be used to support its growth strategy via the acquisition and reinsurance of life insurance portfolios. This latest capital raise means that since its launch in September of 2018, Resolution Life has now secured commitments of roughly $5 billion. Investors ... Read the full article
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
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