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.
Allianz and Marco complete P&C legacy transfer deal
23rd January 2023
European P&C insurance run-off group Marco Capital Holdings Limited has completed its Part VII transfer of Allianz Suisse liabilities concerning the remaining risks in Allianz Suisse’s UK Branch, known as The Gibbon Pool. According to the announcement, Marco received approval from the High Court to transfer the remaining risks in The ... Read the full article
R&Q and Obra Capital form new JV to acquire MSA Safety’s legacy liabilities
6th January 2023
R&Q Insurance Holdings Ltd. and Obra Capital, Inc., the recently rebranded Vida Capital, have invested in a new joint venture to acquire a wholly owned subsidiary of global safety equipment manufacturer, MSA Safety Incorporated. In connection with the closing of the deal, MSA Safety contributed roughly $341 million in cash to the ... Read the full article
DARAG announces $15m reinsurance agreement
30th December 2022
Legacy acquirer DARAG Group has announced the conclusion of a reinsurance agreement with an undisclosed large US carrier. The transaction value at the reference date was approximately $15 million, and the deal has been written into DARAG Bermuda. It will provide the carrier with reinsurance cover for its workers’ compensation book of ... Read the full article
Monument Re completes acquisition of portfolio from AXA Belgium
2nd November 2022
Life insurance and reinsurance holding company, Monument Re, through its Belgian subsidiary Monument Assurance Belgium (MAB) has completed the acquisition of a run-off life insurance portfolio with BEGAAP provisions of €2.6 billion from AXA Belgium. The acquisition was completed following regulatory approval from the National Bank of Belgium. Talks of the ... Read the full article
Venerable & Manulife close $1.6bn variable annuity reinsurance transaction
4th October 2022
Venerable Holdings, a provider of innovative risk transfer solutions to variable annuity issuers, has announced the completion of a reinsurance transaction with Manulife Financial Corporation, a Canadian multinational insurance company and financial services provider. According to the announcement, the transaction involves the reinsurance of a block of New York variable annuity ... Read the full article
McDonald’s heads to Bermuda for its insurance arrangements
27th September 2022
Fast-food giant McDonald’s is moving its global insurance operation to Bermuda from Dublin and is tailing off its Irish vehicle, says a report from the Irish Independent. Managed by Aon in Ireland, the Irish unit, Golden Arches Insurance, has directed McDonald’s global insurance unit for nearly three decades. The report affirmed that ... Read the full article
Inver Re hires former Enstar CFO Guy Bowker to lead Legacy Solutions proposition
14th September 2022
Inver Re, the reinsurance broking of The Ardonagh Group, has hired Guy Bowker, formerly of Enstar, to lead its entry into the legacy sector. Bowker has been appointed to launch the reinsurance broker's new Legacy Solutions proposition, which will support carriers looking to transfer books of liabilities to improve capital and ... Read the full article
PwC’s Michael Cook foresees “divergence” in run-off strategies
13th September 2022
Michael Cook, Partner and Claims Advisory Leader at PwC UK, has said that he expects to see a “divergence” in the strategies employed by run-off insurers in the coming years, as more firms begin to favor short-term agility as an alternative to longer-term stability. Cook addressed the industry during a briefing ... Read the full article
Global non-life run-off reserves rise 11% to $960bn: PwC
12th September 2022
The global non-life run-off market continues to grow, says PwC, with estimated liabilities rising 11% to $960bn since the beginning of 2021, according to its latest Global Insurance Run-off Survey. PwC estimates that since the last survey, over 50% of the growth has emanated from North America, with an increasing number ... Read the full article
DARAG acquires North American captive insurance company for $30mn
30th August 2022
Legacy acquirer, DARAG Group concluded a new agreement with an undisclosed captive insurance company, with a transaction value of approximately $30 million. The transaction, written into DARAG Bermuda, allows the original insurer full legal finality, with DARAG facing the original fronting insurer. Its structure was a novation of its 03-06 and 15/16 ... Read the full article
Run-off sector deals continue to rise, says PWC
4th August 2022
Non-life insurance run-off deals continue to increase, with the announcement of 18 deals and an estimated $5.4bn disclosed gross liabilities transacted through the first half of 2022. The sector has continued to see a variety of deal sizes with deals ranging in the first half of the year from $10m to ... Read the full article
R&Q changes name, but fails on shareholder approval for capital raises
19th July 2022
At its recent annual general meeting, shareholders of R&Q approved a resolution to change its name from Randall & Quilter Investment Holdings Ltd. to a new shorter name of R&Q Insurance Holdings Ltd. The new name suggests a more focused mission and one that is really more aligned with where the ... Read the full article
Global non-life legacy market ‘buoyant’ – AM Best
20th June 2022
Activity within the global non-life legacy insurance market is ‘buoyant’, according to a new note from AM Best. The firm said that demand and supply side factors are driving high levels of activity in the legacy insurance market, with transaction volumes elevated throughout 2021 and into 2022. It also said that ... Read the full article
R&Q shareholders reject acquisition, capital raise to proceed
26th May 2022
Shareholders of Randall & Quilter Investment Holdings Ltd (R&Q) have again rejected an acquisition of the company by Brickell PC Insurance Holdings LLC, which is backed by 777 Partners, but have instead approved plans to focus on a $100m+ capital raise. R&Q failed to gain shareholder approval for the acquisition ... Read the full article
R&Q says 777 Partners backed Brickell pulling out of acquisition
25th May 2022
Randall & Quilter Investment Holdings Ltd (R&Q) has said this morning that Brickell PC Insurance Holdings LLC, which is backed by 777 Partners, has said it aims to terminate the acquisition agreement the pair were trying to implement. The deal, which was announced at the start of April, valued Randall ... Read the full article
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