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.
BMA outlines expectations for legacy re/insurers assuming corporate liabilities
4th January 2024
The Bermuda Monetary Authority (BMA) has released guidelines outlining its expectations for legacy re/insurers engaged in assuming corporate liabilities, particularly those involving non-insurance corporations with risk characteristics resembling traditional insurance obligations. The regulatory framework addresses entities specialising in managing long-tailed liabilities, including those associated with historical asbestos and environmental exposures. The BMA's ... Read the full article
R&Q subjected to BMA review of legacy business, halting transactions
22nd December 2023
R&Q Insurance Holdings said this morning that the Bermuda regulator has requested an independent actuarial review of its legacy reserves, its capital and its cash flow projections, which will put on hold any legacy transaction to Bermuda based R&Q Re, including a previously announced deal. R&Q said it has been in ... Read the full article
RiverStone implements Clearwater platform to drive investment strategy
2nd October 2023
RiverStone International, the largest provider of legacy solutions in the Lloyd’s market, has successfully implemented the Clearwater platform to drive its investment strategy. Clearwater Analytics is a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions. According to the announcement, RiverStone selected the platform for its investment accounting and reporting ... Read the full article
Bermuda key for the growth and evolution of the legacy market: PwC
22nd September 2023
“We expect Bermuda will continue to play a significant role in the growth and evolution of the legacy market due to the depth of talent and also its regulator," suggests Matt Britten, Partner, Insurance, PwC Bermuda. According to PwC, the global non-life run-off market remains active, with $9.4bn of estimated gross ... Read the full article
R&Q confirms in advanced talks over sale of Accredited business to Onex
22nd September 2023
Global non-life specialty insurer R&Q Insurance Holdings has confirmed that it is now in advanced talks regarding a potential sale of its Accredited program Management business to private equity investment manager Onex Corporation. The news was reported last night and this morning R&Q has filed a stock exchange announcement confirming its ... Read the full article
Global non-life run-off market active, deal value rises: PwC
11th September 2023
With estimated gross reserves of $9.4 billion transacted across 37 deals has been publicly announced in the 12 month period to the end of June 2023, the global non-life run-off market remains active, notes PwC. When compared to the same period in the prior year, PwC notes that there's an almost ... Read the full article
Enstar enters an adverse development cover agreement with AIG
7th September 2023
Enstar Group Limited has announced one of its subsidiaries has signed an agreement with American International Group, Inc. to provide protection against adverse development on a portion of Validus Re’s loss reserves. It is one of Enstar’s wholly-owned subsidiaries that has joined this agreement. AIG retains exposure to some portion of Validus ... Read the full article
Steve Ryland joins Acrisure Re as Global Head of Legacy
1st August 2023
Steve Ryland has joined Acrisure Re, a full-service re/insurance intermediary and capital management advisor, as Global Head of Legacy. He joins from Catalina Holdings (Bermuda) Ltd., where he served in various roles which include Group Chief Commercial Officer and Group Head of Global Distribution. Ryland served as CEO of Catalina UK, prior ... Read the full article
SiriusPoint & Compre complete $1.3bn reinsurance LPT
3rd July 2023
Bermuda-based insurer and reinsurer SiriusPoint, and global legacy acquirer, Compre, have completed their previously announced $1.3 billion ground-up reinsurance loss portfolio transfer (LPT), underwritten by Pallas Reinsurance Company Ltd. This LPT was first announced in early March and sees Compre assume around $1.3 billion of reserves related to a diversified ... Read the full article
R&Q sees FY 2022 operating loss of $33m, cites adverse Legacy development
29th June 2023
Despite seeing strong growth in its Accredited business in 2022, R&Q Insurance Holdings has reported a pre-tax operating loss of $33.3 million, impacted by $32 million of adverse development and the transition to a fee-based revenue model at R&Q Legacy. R&Q's Accredited business saw Gross Written Premiums of $1.8 billion in ... Read the full article
AM Best recognizes Accredited as an Independent Rating Unit, maintains A- Financial Rating
27th June 2023
Global non-life specialty insurer R&Q Insurance Holdings Ltd. has announced that AM Best has recognized Accredited as an independent ratings unit, distinct from R&Q. AM Best has maintained the Financial Strength Rating of A- (Excellent) of Accredited Specialty Insurance Company (ASI), Accredited Surety and Casualty Company, Inc. (ASC) and Accredited Insurance ... Read the full article
R&Q raising up to $60m in equity, completes separation of program / legacy
12th June 2023
R&Q Insurance Holdings is raising up to $60 million in new equity through a preferred arrangement with one of its shareholders Scopia Capital Management, while also having announced the completion of an internal separation of its its Program Management business, Accredited, and its Legacy Insurance business. R&Q has actually confirmed raising ... Read the full article
Howden Tiger names Ruff to lead Legacy team
23rd March 2023
Seth Ruff, Head of Structured Reinsurance at Howden Tiger, the reinsurance arm of international re/insurance broker Howden Broking Group, has assumed the additional role of Head of Legacy. Furthermore, the Legacy and Investment Banking divisions have come under common management, reporting to Jarad Madea, CEO, Howden Tiger Capital Markets & Advisory ... Read the full article
SiriusPoint & Compre announce $1.3bn reinsurance loss portfolio transfer
2nd March 2023
Bermuda-headquartered re/insurer SiriusPoint and Compre, a global legacy group, have signed an agreement for a ground-up loss portfolio transfer (LPT) which covers approximately $1.3 billion of reserves underwritten by SiriusPoint's international reinsurance business in Sweden, and its Lloyd's Syndicate 1945. This LPT is subject to regulatory approvals and other conditions of ... Read the full article
Marco Capital to acquire NIIC from The Hartford
17th February 2023
European P&C run-off specialist Marco Capital has announced the acquisition of UK-based Navigators International Insurance Company (NIIC) from The Hartford. NIIC is authorised by the Prudential Regulation Authority and the Financial Conduct Authority and was first established by The Navigators Group, Inc. The Navigators Group was acquired by The Hartford in ... Read the full article
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