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.
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
Weed killer & diesel fumes among top legacy concerns: Clyde & Co
2nd March 2020
Analysts at global law firm Clyde & Co believe that weed killer, diesel fumes and opioid addiction could be among key legacy concerns for UK re/insurers in 2020. The firm reported that claims relating to exposure to glyphosate and diesel fumes during the course of an individual’s employment could be set ... Read the full article
AXA LM acquires reinsurance portfolio from German unit
28th February 2020
AXA Liabilities Managers (AXA LM), a division of AXA and an acquirer and manager of legacy re/insurance business, has received regulatory approval for the acquisition of a legacy assumed treaty reinsurance portfolio from AXA Versicherung AG. German regulator BaFin gave the green light for AXA LM to move ahead with the ... Read the full article
RiverStone assumes reinsurance portfolio from Aioi Nissay Dowa
26th February 2020
RiverStone, the insurance run-off management firm owned by Fairfax, has assumed a portfolio of reinsurance business from the UK branch of Aioi Nissay Dowa Insurance Company, Ltd (ADI). The portfolio was transferred under Part VII of the Financial Services and Markets Act 2000 and is effective from January 31, 2020. The UK ... Read the full article
DARAG bolsters UK presence with two acquisitions
12th February 2020
Legacy specialist DARAG Group Limited has completed its acquisition of The Underwriter Insurance Company Limited, and also its Sale and Purchase Agreement with One Re Ltd. Both transactions were completed via DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, the legacy specialist's German operation. The Underwriter, which is a UK domiciled company that is in ... Read the full article
SCOR’s Channel Syndicate completes RITC transaction with RiverStone
11th February 2020
The Channel Syndicate at Lloyd’s of London, which is part of global re/insurer SCOR’s Specialty Insurance platform, has completed its reinsurance to close (RITC) transaction with legacy specialist, RiverStone. Effective January 1st, 2020 the transaction covers the 2017 and prior years of account of Syndicate 2015. First announced in November of ... Read the full article
AXA LM acquires RenRe’s UK run-off business
4th February 2020
AXA Liabilities Managers (AXA LM), a division of AXA and an acquirer and manager of legacy re/insurance business, has announced an agreement to acquire RenaissanceRe (UK) Limited from Bermuda-based reinsurer, RenaissanceRe Holdings Ltd. RenaissanceRe (UK) Limited, a company in run-off, was formerly known as Tokio Millennium Re (UK) Limited, and ... Read the full article
R&Q completes portfolio transfer from Swedish captive
30th January 2020
Accredited Insurance (Europe) Limited, a wholly owned subsidiary of Randall & Quilter Investment Holding Ltd. (R&Q), has completed the transfer of business from Lansen Försäkringsaktiebolag (Lansen), a wholly owned subsidiary of SAAB Aktiebolag. R&Q states that the portfolio transfer is designed to enable SAAB to close its captive insurer that it ... Read the full article
DARAG concludes reinsurance arrangement with Lloyd’s Syndicate
15th January 2020
Legacy acquirer, DARAG Group Limited has today announced the completion of a transaction with a leading Lloyd's of London syndicate, to provide reinsurance for a book of U.S. liability business. Under the terms of the agreement, DARAG'S Malta-based risk carrier, DARAG Malta Insurance and Reinsurance PCC Ltd., will provided the reinsurance. Tom ... Read the full article
R&Q’s Joint CEO Roger Sellek resigns
15th January 2020
Changes at the top continue at non-life legacy and run-off investor and capacity provider to program business Randall & Quilter Investment Holdings Ltd. (R&Q), with one of its Joint CEO's resigning and set to depart immediately. The company said this morning that Roger Sellek has resigned from his position at R&Q ... Read the full article
DARAG completes legacy portfolio transfer with SOVAG
20th December 2019
Legacy acquirer DARAG Group Limited has announced the completion of its portfolio transfer deal with German insurer and reinsurer, SOVAG. The deal, which was first announced in August 2019, sees the portfolio transferred to DARAG’s German subsidiary, DARAG Versicherungs- und Ruckversicherungs-AG. The legacy book consisted of both direct insurance and inwards ... Read the full article
Catalina to acquire Asia Capital Re, targets run-off growth in Asia
5th December 2019
Catalina Holdings, the Bermuda-headquartered non-life run-off and legacy insurance and reinsurance specialist, is set to acquire Asia Capital Reinsurance Group in a strategic move aiming for growth in Asia. The acquisition marks the first time Catalina has entered the Asian run-off market and the company aims to leverage the acquisition of ... Read the full article
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