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 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
R&Q on track to substantially exceed profit expectations in 2018
20th September 2018
Specialist non-life insurance and reinsurance investor, legacy or run-off transaction service provider and underwriting manager, Randall & Quilter Investment Holdings Ltd. (R&Q), has reported that its first-half 2018 pre-tax profits increased by 40% year-on-year, with full-year profits expected to "substantially exceed market expectations". The firm's solid performance in the first-half of the ... Read the full article
James Halley named Group CFO of DARAG
16th August 2018
Legacy acquirer DARAG has announced the appointment of James Halley as Group Chief Financial Officer (CFO), effective September 3rd, 2018. Halley replaces Mike Trotman, whose role was to deliver a recently completed €260 million capital raise with Aleph Capital Partners and Crestview Partners, and follows the appointment of Tom Booth as CEO. He ... Read the full article
R&Q hires Darren Bailey to develop run-off and legacy business
15th August 2018
Randall & Quilter (R&Q) has added Darren Bailey to its Mergers & Acquisitions (M&A) Business Development team, where he will be tasked with helping to develop the company’s run-off and legacy transactions. Bailey will develop solutions that support R&Q’s innovative approach to the legacy insurance and reinsurance investments sector, and which ... Read the full article
DARAG forms joint venture with SOBC, announces first U.S acquisition
13th August 2018
European legacy acquirer DARAG has announced the formation a joint venture with run-off specialist SOBC Sandell, to facilitate an expansion into the U.S and Bermuda/Caribbean run-off markets. Concurrently, SOBC DARAG has confirmed the acquisition of Peachtree Casualty Insurance Company - a Florida-domiciled non-standard auto insurer in run-off - expected to close ... Read the full article
CNO secures reinsurance from Wilton Re on long-term care policies block
2nd August 2018
Bankers Life and Casualty Company, a subsidiary of CNO Financial Group, has secured reinsurance on its long-term care policies written prior to 2003, with reserves of approximately $2.7 billion, through 100% indemnity coinsurance. Wilton Re, a U.S life re/insurer that specialises in the acquisition of in-force portfolios, has agreed to take ... Read the full article
AIG partners with Carlyle Group to build DSA Re into a standalone reinsurer
1st August 2018
American International Group (AIG) has entered into a strategic partnership with The Carlyle Group, a global alternative asset manager, to build AIG’s recently established Bermudian legacy reinsurance platform, DSA Re, into a standalone provider of reinsurance. DSA Re was launched by AIG in February 2018 as a composite reinsurer of ... Read the full article
DARAG secures €260mn equity funding for growth plans
30th July 2018
European legacy acquirer DARAG has secured equity funding of up to €230 million (US $269 million) from Aleph Capital and Crestview Partners in support of its global growth plans. DARAG said the capital commitment follows a period of significant strategic development for the company, during which it grew substantially in the ... Read the full article
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