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.
Enstar to reinsure $500m US asbestos portfolio for Zurich
17th April 2019
A subsidiary of Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has signed an agreement with a subsidiary of global insurer Zurich that will see it reinsure a book of US asbestos and environmental liability insurance portfolios. Roughly $500 million of gross insurance reserves related to 1986 and prior ... Read the full article
Donegal to expand adoption of Guidewire services
19th March 2019
Donegal Insurance Group has selected Guidewire Software’s Insurance Platform Core and Data products to replace legacy systems, in a move designed to modernise the way it does business. Donegal says it will implement the products for all of its lines of business, beginning with workers’ compensation, followed by its other commercial ... Read the full article
Enstar completes four reinsurance-to-close deals with AmTrust Syndicates
15th February 2019
Enstar Group Limited has announced that its Lloyd's of London managing agency, Syndicate 2008, has completed four reinsurance-to-close transactions for the 2016 and prior years of accounts of Syndicates 1206, 1861, 2526, and 5820, which are managed by AmTrust Syndicates Limited. According to an announcement, these transactions were completed on February ... Read the full article
R&Q looks to fund growth with £107m capital raise
7th February 2019
Randall & Quilter Investment Holdings Ltd. (R&Q), a Bermuda-based specialist non-life insurance and reinsurance investor, has raised approximately £100 million in an effort to support growth and assist in maintaining the AM Best credit and financial strength ratings of the Accredited companies. The capital raise features the placement of over 65 ... Read the full article
DARAG acquires Italian non-life portfolio from DONAU
22nd January 2019
Legacy acquirer DARAG Group Limited has announced an agreement to acquire a portfolio of Italian non-life business from DONAU Versicherung AG, subject to regulatory approval. The portfolio consists primarily of motor third party liability business, and the transaction also comprises a going concern transfer from DONAU into DARAG Italia S.p.A., the firm's ... Read the full article
Compre appoints Simon Hawkins as CFO
8th January 2019
Compre, the independent European re/insurance legacy acquirer, has announced the appointment of Simon Hawkins as Chief Financial Officer (CFO), effective immediately. He succeeds outgoing CFO Paul Matson, who held the role for the previous three years and completed a four-month handover to Hawkins before departing at the end of 2018. Hawkins joined ... Read the full article
Fleming Re completes first run-off transaction
7th January 2019
Bermuda-based class 3A insurance company, Fleming Reinsurance Ltd., has announced the completion of its first run-off transaction with the novation of all liabilities from Cayman-based captive insurer United SPC Segregated Portfolio #4. According to an announcement, Fleming Re has acquired all the outstanding P&C liabilities from Sequre Underwriters, and, the preferred ... Read the full article
Enstar completes purchase of Maiden Re North America
28th December 2018
Bermuda based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has announced that it has completed its acquisition of Maiden Re North America from a subsidiary of Maiden Holdings. The net consideration paid in the transactions was $272.4 million, which represents the adjusted purchase price less the ceding commission. Domiciled in ... Read the full article
Generali gets regulatory go-ahead for UK legacy portfolio transfer to Compre
20th December 2018
Italian insurance giant Generali has received regulatory approval for the non-life legacy portfolio transfer of its UK branch to independent re/insurance legacy specialist Compre. The transaction, which was signed last December and also included the non-life run-off portfolio of Generali’s U.S branch, was structured as an upfront reinsurance solution by ... Read the full article
Zurich announces $2bn legacy portfolio transfer to Catalina
17th December 2018
Zurich Insurance, a subsidiary of Zurich Insurance Group, has entered into an agreement with Catalina Holdings that will see the majority of Zurich’s UK employers’ liability (UK EL) policies for 2006 and prior underwriting years transferred to Catalina. This major portfolio transfer represents a significant step forward in Zurich’s efforts to ... Read the full article
R&Q ties up two run-off transactions in California
28th November 2018
Randall & Quilter Investment Holdings has announced the completion of a transaction to provide full finality to a California based self-insurer by R&Q’s wholly owned subsidiary, Accredited Surety and Casualty Company. This deal marks the second transaction with a self-insurer in California and the fifth nationwide over the past two years. “We ... Read the full article
New Nordic places Qudos into liquidation with help of DARAG
28th November 2018
New Nordic Advisors, the investment management company, has placed its wholly-owned insurance subsidiary Qudos Insurance into liquidation, effective immediately. This decision follows a comprehensive review of the insurance company’s position. New Nordic had entered into a number of retrospective reinsurance treaties with legacy specialist DARAG, in order to de-risk Qudos and ... Read the full article
Enstar and Maiden agree to $2.7bn loss portfolio transfer
12th November 2018
Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has signed an agreement that will see a subsidiary assume loss reserves of approximately $2.675 billion associated with Maiden Re’s quota share reinsurance contracts with AmTrust Financial Services and its subsidiaries. The retrocession will apply to losses arising and/or claims made ... Read the full article
Gossmann launches innovative legacy product with Munich Re backing
19th October 2018
Arndt Gossmann, the founder and owner of Gossmann & Cie, has announced the establishment of Expiring Policy Roll-Over (working title), a product that, with Munich Re as a reinsurance partner, allows the ongoing transfer of insurance contracts expiring in the future to an external risk carrier. This enables insurers to release ... Read the full article
Named peril casualty cover is $90bn per year opportunity, says Praedicat CEO
17th October 2018
Robert Reville, Chief Executive Officer (CEO) of Praedicat, an InsurTech risk modelling and analytics firm, has claimed that developing named peril casualty cover is currently the biggest opportunity in re/insurance, representing a potential $90 billion annual growth opportunity. Praedicat analyses scientific literature to model more than 60,000 potential disease litigation scenarios, ... Read the full article
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