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.
AXA’s legacy arm acquires majority stake in Emirates Re
17th July 2018
Specialist run-off acquirer and manager AXA Liabilities Managers has signed its 19th acquisition on the external market with the purchase of a majority stake in Dubai-headquartered Emirates Re. “We are delighted to pursue our external development with the acquisition of Emirates Re,” said Sylvain Villeroy de Galhau, Chief Executive Officer (CEO), ... Read the full article
Legacy long-term care blocks remain top concern for life insurers: Moodys
22nd June 2018
Life insurers’ exposure to older legacy blocks of long-term care (LTC) insurance remains a top credit concern for the industry, particularly as LTC actuarial assumption reviews approach, Moody’s Investors Service says in a new report. Actuarial assumption reviews for LTC insurance, which provides financial support for individuals unable to care for ... Read the full article
Monument Re acquires €500m run-off portfolio from Metlife Europe DAC
21st June 2018
Bermudian reinsurer Monument Re has announced the acquisition of a run-off portfolio consisting of linked and traditional life insurance business from Ireland-domiciled Metlife Europe DAC. Monument Re is to act as a reinsurance vehicle for the deal initially, with the risk portfolio ultimately set to be transferred to its subsidiary Laguna ... Read the full article
U.S. life insurers to continue shedding legacy business throughout 2018, Moody’s
11th June 2018
A new report by Moody’s Investors Service has shown that legacy blocks of annuity, life, and employee benefits business are set to be further divested by life insurers in the U.S. with a desire to focus on value optimisation amid modestly favourable economic and market fundamentals. Moody's Vice President Laura Bazer ... Read the full article
DARAG and New Nordic conduct first transaction under new partnership
14th May 2018
DARAG, the European legacy acquirer, and New Nordic Advisors, a London-based investment management company, are to conduct their first transaction following the formation of a strategic partnership in March 2018. This first transaction will see the partners acquire two portfolios of Qudos Insurance A/S, which New Nordic gained control of ... Read the full article
Compre appoints QBE’s Simon Hawkins as COO
11th May 2018
Compre, the independent European re/insurance legacy acquirer, has announced that QBE’s Simon Hawkins is to join the company as Group Chief Operating Officer (COO). Hawkins is currently Group Head of Retrospective Solutions at QBE, and is expected to take up his new position at Compre in the third quarter of 2018, ... Read the full article
Catalina reinsures U.S. P&C legacy portfolio for Arch
24th April 2018
Bermuda domiciled insurer and reinsurer, Arch Reinsurance Ltd. (Arch) has entered into a reinsurance transaction with Catalina Holdings (Bermuda) Ltd subsidiary, Catalina General Insurance Ltd (Catalina), which sees the latter assume a portfolio of U.S. property & casualty (P&C) liabilities in run-off from Arch. The U.S. P&C legacy portfolio assumed by ... Read the full article
Compre appoints Bridger and Lawson as joint CEOs
11th April 2018
Independent European legacy acquirer Compre has announced that Will Bridger and Mark Lawson have succeeded Nick Steer to become joint Chief Executive Officers (CEOs) of the company. As co-leaders, Bridger and Lawson will support Compre as it prepares for strong, sustained growth, having exited its third-party servicing business in 2017 and ... Read the full article
Monument Re completes acquisition of ABN AMRO life run off vehicle
28th March 2018
Monument Re, a Bermuda Class E reinsurer that specialises in acquisitions of run-off, closed and asset-intensive insurers, has completed the acquisition of ABN AMRO Life Capital Belgium (AALCB) following receipt of regulatory approval by the National Bank of Belgium. AALCB has now been renamed Monument Assurance Belgium N.V. Manfred Maske, Group Chief ... Read the full article
DARAG partners with New Nordic on legacy management cell
26th March 2018
European legacy acquirer DARAG has announced the formation of a strategic partnership with New Nordic Advisors, a London-based investment management company, which will combine the parties’ legacy and asset management expertise in a new jointly owned cell. DARAG and New Nordic expect their joint initiatives to commence imminently, and plan to ... Read the full article
Trebuchet (Armour) leads on acquisition of BICO’s legal expense insurance business
12th March 2018
Trebuchet Group Holdings Limited, an investment vehicle owned by the founders and principals of Bermudian insurance and reinsurance services, investing, run-off and legacy specialists Armour Group, is leading the acquisition of a controlling interest in the legal expense insurance business of Canadian firm BICO Risk Management Inc. A consortium led by ... Read the full article
DARAG completes IKANO Försäkring deal
6th March 2018
DARAG Group Limited has announced the completion of its acquisition of the total shares of Swedish captive insurance company IKANO Försäkring AB, a subsidiary of IKANO Group. IKANO gains legal and economic finality from this deal in relation to its insurance business, and has already received approval from the Swedish Financial ... Read the full article
Randall & Quilter completes reinsurance-to-close of Hamilton legacy book
19th February 2018
Randall & Quilter (R&Q) has announced the completion of its previously announced agreement to provide capital in conjunction with AXA DBIO to support the Reinsurance to Close (RITC) of Hamilton Underwriting's Syndicate 3334’s 2014 and prior years of account. The RITC consists of net reserves of about £30 million and ... Read the full article
Enstar finalises reinsurance-to-close of Neon legacy liabilities
19th February 2018
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of a previously disclosed reinsurance-to-close transaction between its Lloyd's managing agency, StarStone Underwriting, and Neon Underwriting for Enstar’s Syndicate 2008. The transaction will see Enstar assume the liabilities of Neon’s Syndicate 2468, amounting to net reinsurance reserves ... Read the full article
AIG sets up legacy reinsurance unit, as it takes $6.7bn tax act charge
9th February 2018
Insurer American International Group (AIG) announced its results yesterday, revealing continuing issues with legacy business, resulting in another reserve charge, but also the launch of a Bermudian legacy reinsurance platform. The insurer also announced a one-off charge of $6.7 billion related to the enactment of the Tax Cuts and Jobs Act, ... Read the full article
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