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.
Compre acquires Norwegian insurer Gjensidige’s legacy portfolio
21st August 2017
Independent reinsurance legacy specialist Compre has announced the acquisition of a legacy portfolio from major Norwegian insurer Gjensidige Forsikring ASA for an undisclosed sum. The legacy portfolio is made up of U.S. asbestos, pollution and health hazard (APH) risks underwritten between 1983 and 1985. Its purchase by Compre was structured as a loss portfolio ... Read the full article
R&Q completes acquisition of AstraZeneca Insurance
3rd July 2017
Randall & Quilter Investment Holdings has announced the completion of its acquisition of AstraZeneca Insurance Company, AZICO after receiving all necessary approvals from regulators. The global non-life insurer and legacy or run-off reinsurance solutions specialist intends to undertake a Part VII Transfer of AZICO's remaining insurance business to one of the Randall & ... Read the full article
Compre sets up Malta PCC for legacy deals
3rd July 2017
Independent insurance and reinsurance legacy or run-off transaction specialist Compre has established a protected cell company (PCC) in Malta, which it intends to use for transactions involving portfolios of discontinued non-life insurance and reinsurance business. Compre said this morning that it has received approval from the Maltese Financial Services Authority (“MFSA”) ... Read the full article
Former Sompo Canopius CEO named Chairman of run-off specialist, DARAG
29th June 2017
European specialist run-off insurer, DARAG, has announced that Stuart Davies has been appointed to succeed Claus Stenbaek as Chairman of the Group, effective immediately. Within the global insurance industry Davies most recently served as Group Chief Executive Officer (CEO) of Sompo Canopius, and was previously Managing Director of AEGIS London. He ... Read the full article
Aegon completes sale of two run-off businesses to Wilton Re
29th June 2017
Global insurance and financial services specialist Aegon has completed the sale of its two largest U.S. run-off insurance businesses to Wilton Re, the U.S. life reinsurance firm that specialises in the acquisition of in-force portfolios. In a transaction first announced back in May, Aegon has sold its payout annuity business ... Read the full article
R&Q assumes $43m in liabilities from California insurer in reinsurance contract
20th June 2017
Randall & Quilter Investment Holdings (R&Q) has written a loss portfolio transfer reinsurance contract to cover a California-based insurance group's livery, trucking, and contractors’ liability programme issued from 2007 to 2015. The deal includes R&Q assuming about $43 million in undiscounted liabilities as well as the carrier's claims handling. Ken Randall, Chairman ... Read the full article
Swiss Re appoints D’Andrea to Italy CEO, as Coletta takes EMEA run-off role
15th June 2017
Global reinsurance specialist Swiss Re has appointed Daniela Read the full article
Compre to acquire captive Equinox CA Europe
12th June 2017
Insurance and reinsurance legacy specialist Compre has today announced plans to acquire Equinox CA Europe, a captive insurer of global engineering and construction conglomerate SNC-Lavalin. Nick Steer, CEO of Compre, said; “I am delighted to announce this latest acquisition, our fourth this year, from a leading group in its field. "This is ... Read the full article
Aegon selling its two largest US run-off businesses to Wilton Re
22nd May 2017
Global insurance and financial services specialist Aegon is selling its two largest U.S. run-off insurance businesses to Wilton Re, the U.S. life re/insurer that specialises in the acquisition of in-force portfolios. Aegon is selling its payout annuity business and Bank Owned / Corporate Owned Life Insurance business (BOLI/COLI), to Wilton Re, ... Read the full article
Speed of execution key in Zurich annuity reinsurance deal: RGA
19th May 2017
The speed with which Reinsurance Group of America helped Zurich Insurance Group subsidiary Farmers Farmers New World Life to the recent $2.3 billion annuity reinsurance transaction was key and demonstrates the reinsurers ability, it said today. Yesterday we reported on the completion of the $2.3 billion annuity reinsurance transaction, ... Read the full article
First run-off portfolio transfer insurer established in Rhode Island
28th March 2017
The first insurance license allowing a company to undertake run-off portfolio transfer solutions has been granted in Rhode Island, a first for the state. ProTucket Insurance Company has been granted a license that sees it become the first Rhode Island domestic insurer established specifically for providing run-off portfolio transfer solutions, thanks ... Read the full article
AXA promotes Braverman to lead its Legacy business
23rd March 2017
AXA has announced the promotion of Josh Braverman, Chief Investment Officer (CIO) and Treasurer to head its Legacy Book Business, and the promotion of Steven M. Joenk to CIO. Braverman joined AXA in 2009 to lead its Derivatives & Hedging teams, which included the development and implementation of the company's derivatives and hedging strategies. Three years after joining the ... Read the full article
DARAG CEO Gossmann to leave run-off insurer
3rd March 2017
Specialist European run-off insurer DARAG is losing its CEO, after Arndt Gossmann stepped down from the role as of the 28th February 2017. Gossmann will remain with DARAG in an advisory capacity through a transition period. DARAG specialises in legacy and run-off transactions, helping other insurers to transfer portfolios of legacy business ... Read the full article
Enstar in £957m legacy UK employers’ liability reinsurance deal with RSA
8th February 2017
A subsidiary of Bermuda based insurance, reinsurance and run-off specialist Enstar Group has entered into a reinsurance agreement with RSA Insurance Group PLC to reinsure £957 million of its legacy UK employers’ liability business. The legacy reinsurance deal will see Enstar's subsidiary assuming £957 million (approximately $1.2 billion) of RSA's gross ... Read the full article
Compre completes another run-off acquistion
25th January 2017
Compre, the insurance and reinsurance legacy specialist has announced another run-off acquisition for 2017, acquiring Wüstenrot & Württembergische (W&W) AG’s Ridgwell Fox & Partners (RFP) pool legacy reinsurance business. Nick Steer, Chief Executive Officer (CEO) of Compre, said he was pleased the firm had completed its third deal "involving a German ... Read the full article
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