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’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
Pioneer Syndicate 1980 to be placed into run-off
14th November 2019
Pioneer Underwriters has announced that following a strategic review it has determined that the cost of capital within the structure of its Lloyd's syndicate, Pioneer Syndicate 1980, is no longer economically efficient when compared with its other capital arrangements, and will therefore be placing the syndicate into run-off. Syndicate 1980 is ... Read the full article
Compre announces second legacy reinsurance transaction with AG Insurance
8th November 2019
Legacy specialist Compre has announced the signing of agreements to transfer an inwards reinsurance portfolio from Belgian insurer AG Insurance SA, for an undisclosed sum. The transaction involves the transfer of a portfolio comprised of business in run-off across numerous lines and territories, predominantly U.S. The legacy portfolio transfer is the firm's ... Read the full article
Enstar acquires legacy asbestos & environmental liabilities
30th October 2019
Bermuda-based re/insurance, run-off and legacy specialist, Enstar Group Limited, has announced that its Enstar Holdings (US) LLC division has acquired BorgWarner Morse TEC, LLC (Morse TEC) from BorgWarner Inc. This the second time that Enstar has purchased a non-insurance company, following its $91.5 million acquisition of Dana Companies, LLC for ... Read the full article
RiverStone acquires two Cayman-based captives
30th October 2019
Legacy specialist RiverStone has announced the acquisitions of GMPCI Insurance Company, Ltd. and Seaside Indemnity Alliance Company, Ltd., which are both Cayman-based captives. Seaside Indemnity Alliance was established in 2013 in order to assume hospital and physician professional liabilities. GMPCI Insurance was launched in 2005 to provide insurance to anaesthesiologists, certified registered ... Read the full article
Karl Wall launches new reinsurance run-off provider, The Carrick Group
21st October 2019
Karl Wall, who previously served as President and Chief Executive Officer (CEO) of Enstar (US) Inc., has announced plans to launch a new international non-life legacy business called The Carrick Group. The Carrick Group will initially be based in the U.S., UK, and Bermuda, and will provide reinsurance and run-off management ... Read the full article
Legacy market set to go “from strength to strength”: DARAG’s Tom Booth
18th October 2019
The legacy re/insurance market is gearing up for further growth and is ready to go “from strength to strength,” according to Tom Booth, Chief Executive Officer (CEO) at DARAG. Speaking in an interview with Reinsurance News, Booth said that legacy re/insurers continue to enjoy an “active, vibrant marketplace” with no shortage ... Read the full article
Enstar completes $500mn reinsurance transaction with Zurich NA
2nd October 2019
Bermuda domiciled re/insurance, run-off and legacy specialist Enstar Group, has announced that one of its wholly-owned subsidiaries has completed a transaction to reinsure a book of US asbestos and environmental liability insurance portfolios of Zurich North America. The transaction, which saw Enstar's subsidiary assume gross insurance reserves of roughly $500 million ... Read the full article
Re/insurers’ increasing use of structured solutions to persist: S&P
20th September 2019
Analysts at S&P Global Ratings expect global insurers and reinsurers to increasingly leverage structured solutions to mitigate exposure to legacy business and prune unprofitable non-core products. The global re/insurance market remains competitive and challenging, and as a result, it's expected that companies will continue to strive for improved risk-adjusted returns by ... Read the full article
AXA LM acquires Munich Re Malaysia’s non-life legacy portfolio
19th September 2019
AXA Liabilities Managers (AXA LM), the non-life re/insurance legacy arm of AXA, has completed the acquisition of the non-life legacy portfolio of Munich Re Malaysia. The portfolio transfer is effective from October 1st, 2019 and was made through AXA LM's fund, AXA DBIO II, which invests in run-off portfolios and firms. The ... Read the full article
Gossmann & Cie’s Munich Re backed ExPRO demonstrates reduction in cost of capital
10th September 2019
Expiring Policy Roll-Over (ExPRO), the previously announced legacy product from Gossmann & Cie., which is backed by reinsurer Munich Re, has been piloted in selected insurance portfolios over the last months and has demonstrated a reduction in cost of capital. Announced in the second-half of last year, ExPRO allows the ongoing ... Read the full article
DARAG to acquire Zurich’s German architects & engineers professional indemnity portfolio
8th September 2019
Legacy acquirer DARAG Group Limited has entered into an agreement with Zurich Insurance plc to acquire Zurich's German architects and engineers professional indemnity insurance portfolio. Upon effectiveness of the transfer, which remains subject to relevant regulatory and court approvals, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, the firm's German risk carrier, will assume ... Read the full article
Opportunities ahead for expanding legacy market, but caution needed: IRLA
3rd September 2019
The legacy market continues to show an uptick in both deal size and volume, with many promising opportunities ahead, but re/insurers also need to exercise restraint to ensure they aren’t pushing for transactions at unrealistic levels. This is according to directors at the Insurance & Reinsurance Legacy Association (IRLA), who sat ... Read the full article
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.
