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 enters legacy reinsurance deal with Bermuda captive
22nd August 2019
Randall & Quilter Investment Holdings Ltd. (R&Q), the Bermudian specialist non-life re/insurance investor, has announced a new legacy reinsurance deal with a Bermuda domiciled captive. The agreement will see R&Q assume the legacy liabilities from the Bermudian captive of a US based airline. R&Q’s A- rated carrier and wholly owned subsidiary, Accredited ... Read the full article
DARAG names James Insley CFO, as Halley departs
21st August 2019
Legacy acquirer DARAG Group Limited has announced the appointment of James Insley as Group Chief Financial Officer (CFO), effective from September 2. He will succeed outgoing CFO James Halley, who is due to leave the business in mid-September. Insley joins DARAG from the Warranty Group, where he most recently served as European ... Read the full article
Enstar completes Maiden’s ADC reinsurance deal for AmTrust business
6th August 2019
Enstar Group Limited has now completed the adverse development cover (ADC) reinsurance agreement with Maiden Holdings that covers a quota share arrangement between Maiden Re and AmTrust Financial Services. Enstar's Bermuda operating company Cavello Bay Reinsurance Limited has effected the adverse development cover reinsurance transaction with Maiden Reinsurance Ltd. Maiden ... Read the full article
DARAG in legacy portfolio transfer with German re/insurer SOVAG
5th August 2019
Legacy acquirer DARAG Group Limited has announced a new Portfolio Transfer Agreement with German insurer and reinsurer, SOVAG. The legacy book, which comprises direct insurance and inwards reinsurance business, will be transferred to DARAG's German subsidiary, DARAG Versicherungs- und Ruckversicherungs-AG. The legacy portfolio transfer is part of SOVAG's ongoing restructuring, and DARAG ... Read the full article
SOBC DARAG expands with new Bermuda office
1st August 2019
SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced the significant expansion of its Bermuda and U.S operations with the launch of its new Bermuda office. The firm's new Bermuda subsidiary will be fully operational from the 1st of August, 2019 and will ... Read the full article
Reputation of the vibrant, claims-focused run-off market is growing: RiverStone
29th July 2019
The insurance and reinsurance run-off sector has matured into a healthy, vibrant, claims-focused marketplace, supported by a growing reputation, according to legacy specialist RiverStone. The RiverStone Group is a Fairfax company that specialises in the management of legacy and run-off re/insurance businesses and portfolios. As of the end of March 2019 ... Read the full article
DARAG announces second UK acquisition in as many weeks
22nd July 2019
Legacy acquirer DARAG Group is set to acquire The Underwriter Insurance Company, a UK-based insurer in run-off. This move will see DARAG further its expansion into the UK following its purchase last week of London-based non-life reinsurer One Re. The transaction, subject to regulatory approval, will be completed through DARAG Deutsche ... Read the full article
DARAG announces retro quota share reinsurance deal with Protector
16th July 2019
Legacy acquirer DARAG Group Limited has entered into a retrospective quota share reinsurance agreement with Scandinavian insurer Protector Forsikring. As per the deal, DARAG will provide Protector with reinsurance on liabilities arising from the Change of Ownership business underwritten between 1 June 2004 and 31 March 2019. DARAG will also provide cover ... Read the full article
SOBC DARAG’s Peachtree completes first assumption of legacy business
26th June 2019
SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced that Peachtree Casualty Insurance Company has completed its first assumption of legacy business. Peachtree, which was acquired by SOBC DARAG in November 2018, will also look to complete more assumption of legacy ... Read the full article
Tokio Marine Kiln’s UK insurer to be placed into run-off
20th June 2019
It's been announced that Tokio Marine Kiln Insurance (TMKI), the UK insurance operation of Tokio Marine Kiln, as well as portfolios of UK property, liability, marine, and engineering risks currently underwritten through TMKI, will be placed into run-off. Effective July 1st, 2019 TMKI will stop accepting new business, with the exception ... Read the full article
Compre completes trio of run-off acquisitions
14th June 2019
Insurance and reinsurance legacy specialist, Compre has signed three transactions involving the share of the Gibbon Pools held by Basler Versicherung AG (Baloise), Helvetia Swiss Insurance Company Ltd. (Helvetia), and an undisclosed European insurance group. Under the transactions, Compre has acquired each company's shares of the Gibbon Pools, which is made ... Read the full article
Activity in the European insurance run-off market to increase, says S&P
21st May 2019
International financial services rating agency, S&P Global Ratings, expects stable to gradually increasing activity in Europe's property and casualty (P&C) run-off market. More so for longer tail lines, S&P expects annual growth in liabilities in run-off of between 1% and 2% until the year 2020. Over the next few years, the ratings ... Read the full article
AIG working on sale or deconsolidation of legacy play Fortitude Re
17th May 2019
Global primary insurance giant AIG is actively working on some kind of a sale or deconsolidation of the legacy book and run-off play Fortitude Re, as it seeks to go further than a simple separation of the start-ups operating model from the parent. AIG officially launched the legacy and run-off ... Read the full article
R&Q completes takeover of GLOBAL U.S Holdings from AXA LM
6th May 2019
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the completion of its acquisition of GLOBAL U.S. Holdings Inc (Global US). Global U.S is an investment vehicle managed by AXA Liabilities Managers SAS (AXA LM), the AXA unit that specialises in the management of legacy insurance ... Read the full article
DARAG completes acquisition of DONAU’s Italian portfolio
3rd May 2019
Legacy acquirer DARAG Group Limited has announced that its acquisition of the Italian portfolio of DONAU Versicherung AG has been approved by the Austrian financial authority, Finanzmarktaufsicht (FMA). The purchase agreement was initially signed in December 2018, and now, with the approval of the Italian Istituto per la vigilanza sulle assicurazioni, DARGA has ... Read the full article
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