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.
DARAG acquires auto & travel insurer Arisa
10th August 2020
Legacy acquirer, DARAG Group Limited has announced the acquisition of Arisa Assurances SA. Arisa is an automobile and travel insurance company based in Luxembourg and is a subsidiary of ADAC Versicherung AG. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and remains subject to regulatory ... Read the full article
DARAG hires Goss as new Head of Claims from TMK
30th July 2020
Legacy acquirer DARAG has announced the appointment of Elliot Goss as Group Head of Claims. With over 17 years of re/insurance experience, Goss has specialised in long tail classes such as International Casualty. He most recently served as Head of Casualty and Specialty Claims at Tokio Marine Kiln, where he led the ... Read the full article
DARAG in loss portfolio transfer deal with Hallmark Financial
20th July 2020
Legacy acquirer DARAG has entered into a loss portfolio transfer reinsurance deal with certain property and casualty (P&C) insurance subsidiaries of Hallmark Financial Services. DARAG Bermuda Ltd. and DARAG Insurance (Guernsey) Limited entered into the deal with American Hallmark Insurance Company of Texas, Hallmark Specialty Insurance Company, Hallmark Insurance Company, Hallmark ... Read the full article
Compre signs further legacy transaction with QBE
3rd July 2020
Leading specialist legacy acquirer Compre has today announced the signing of its second legacy transaction with QBE for an undisclosed sum. This transaction follows Compre’s acquisition of QBE’s share of the Ridgwell Fox & Partners pool legacy reinsurance business in 2016. “I am extremely pleased to announce the conclusion of our second ... Read the full article
DARAG completes transfer of Zurich’s German A&E PI portfolio
1st July 2020
Legacy acquirer DARAG Group Limited has completed the previously announced acquisition of Zurich Insurance's German architects and engineers (A&E) professional indemnity insurance (PI) portfolio. The legal transfer of the portfolio to DARAG's German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, structured initially as an LPT or retrospective reinsurance, has now received ... Read the full article
Fleming Re announces novation of legacy liabilities from Duarte Nursery
1st July 2020
Run-off provider Fleming Reinsurance Ltd. (Fleming Re) has announced that it recently completed the novation of the workers compensation deductible layer of Duarte Nursery, Inc. Duarte Nursery is a family owned and operated nursery located near Modesto in California. It's the largest permanent crops nursery in the U.S. and has a ... Read the full article
Compre eyes growth with launch of Class 3A reinsurer in Bermuda
24th June 2020
Compre, the independent specialist legacy acquirer, has received regulatory approval in principle to establish a Class 3A reinsurer in Bermuda. Over the coming weeks, Compre is set to work with the Bermuda Monetary Authority (BMA) to finalise the registration and licensing of the reinsurer. The company says that this new platform will ... Read the full article
Monument Re completes takeover of Cattolica Life
5th June 2020
Bermudian reinsurer Monument Re has completed its previously announced acquisition of Cattolica Life DAC from Cattolica Assicurazioni. Cattolica Life is a life insurer domiciled in Ireland which ceased new activity since 2017. The transaction, first announced back in December 2019, was completed following receipt of regulatory approval from the Central Bank ... Read the full article
Enstar completes ADC reinsurance deal with Aspen
2nd June 2020
Legacy acquirer Enstar Group Limited has completed its previously announced adverse development cover (ADC) reinsurance transaction with Bermuda domiciled re/insurer Aspen. Under the terms of the transaction, one of Enstar’s wholly owned subsidiaries has assumed reinsurance losses incurred by Aspen on or prior to December 31, 2019. The losses relate to ... Read the full article
Call for Watford to be sold as reinsurer falls “horribly short of expectations”
19th May 2020
In a recent letter, the principal of investment firm Capital Returns Management, Ronald Bobman, has called for Bermuda-based reinsurer Watford Holdings Ltd to consider selling itself, potentially to a runoff specialist. A letter that was sent on Friday highlighting unprofitable underwriting returns and poor investment results at the company, called for ... Read the full article
Enstar posts $516.8mn Q1 loss as COVID-19 dents investment portfolio
8th May 2020
Enstar Group Limited recently announced a net loss of almost $517 million for the opening quarter of 2020, driven by $612.6 million of unrealised investment losses owing to COVID-19 related financial market turmoil. Enstar's sizeable Q1 2020 net loss compares with net earnings of $358.8 million reported in the first-quarter of ... Read the full article
Intelligent insurance ecosystem launched by EIS and PwC
24th April 2020
EIS Group, an insurance software company, has collaborated with PwC to launch an intelligent digital insurance ecosystem designed to enable insurers taking a greenfield approach to get closer to their customers and better understand their needs. As the world becomes ever more interconnected through advanced technology and heightened levels of digitisation, ... Read the full article
Enstar CFO Guy Bowker to resign
15th April 2020
Legacy acquirer Enstar Group Limited has announced that its Chief Financial Officer (CFO) and principal accounting officer, Guy Bowker, has informed the company of his intention to resign. Enstar states that Bowker will remain with the firm for an extended period (expected to be until March 2021) in order to ensure ... Read the full article
Enstar to reinsure $465mn of Lyft’s legacy automobile business
1st April 2020
A wholly owned U.S. subsidiary of legacy acquirer Enstar Group Limited has entered into a novation agreement with affiliates of ridesharing company Lyft, Inc. and certain underwriting companies of Zurich North America, a division of global insurer Zurich. Under the terms of the novation agreement, Enstar will reinsure legacy automobile business ... Read the full article
Catalina Holdings takes control of Asia Capital Re
31st March 2020
Bermuda-based insurance and reinsurance run-off and legacy specialist, Catalina Holdings, has completed its previously announced acquisition of Singapore headquartered reinsurer, Asia Capital Reinsurance Group Pte. Ltd. The change of control of the Asian reinsurer is effective March 31st, 2020 and marks the completion of Catalina's first acquisition in Asia, with ... Read the full article
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