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.
R&Q fails to get sufficient shareholder votes for acquisition at first attempt
20th May 2022
Shareholder voting on the proposed takeover of Randall & Quilter Investment Holdings Ltd (R&Q), the non-life global specialty insurance company focused on program management and legacy transactions, in a deal backed by investment group 777 Partners, has been adjourned as the company seeks to gain additional support for the deal. Today, ... Read the full article
Catalina General takes on loss portfolio transfer from QBE Insurance Group
6th May 2022
Reinsurance firm Catalina General has agreed with QBE Insurance Group’s subsidiaries for a loss portfolio transfer of QBE’s legacy North American Excess and Surplus (E&S) lines prior accident year liabilities. The deal is still subject to regulatory approvals and certain closing conditions. Steve Ryland, group head of global distribution for Catalina, said: ... Read the full article
R&Q to be acquired by 777 Partners backed Brickell PC Insurance
1st April 2022
Randall & Quilter Investment Holdings Ltd (R&Q), the non-life global specialty insurance company focused on program management and legacy transactions, is set to be acquired by one of its major shareholders, in an acquisition backed by investment group 777 Partners. The acquisition will value Randall & Quilter's (R&Q's) existing issued share ... Read the full article
BMS makes two appointments to capital and legacy solution practices
21st March 2022
BMS has made two appointments to its capital solutions advisory and legacy solutions advisory practices. The firm said it was appointing Chris Harding and James Ferris as directors of capital and risk advisory, effective April 2022. Harding and Ferris will be based in London and Bermuda respectively, and will report to ... Read the full article
DARAG acquires Guernsey based reinsurance captive
3rd March 2022
Legacy acquirer DARAG Group, has acquired a Guernsey based reinsurance captive which has been in run-off since 2019. The sale of the captive is part of a strategic realignment for its cedant owner, which is looking to tighten its business focus. Its key business lines are property damage, business interruption, and public ... Read the full article
James River & Fortitude Re enter into $335m LPT retro agreement
1st March 2022
JRG Reinsurance Company Ltd. (JRG Re), a primary operating subsidiary of James River Group Holdings, Ltd., has entered into a $335 million loss portfolio transfer retrocession agreement with Fortitude Reinsurance Company Ltd. Under the terms of the agreement, Fortitude Re will reinsure the majority of the reserves from the firm's casualty ... Read the full article
RiverStone and MS Amlin enter $266m split RITC
24th February 2022
Legacy reinsurance and run-off specialist, RiverStone International, has agreed with MS Amlin Underwriting to undertake a split reinsurance-to-close (RITC) transaction of the UK property and casualty portfolio of the 2019 and prior years of account of MS Amlin’s Syndicate 2001 at Lloyd's. RiverStone International will undertake the split RITC through its ... Read the full article
Swiss Re acquires Champlain Re in legacy deal
18th February 2022
Reinsurance giant Swiss Re has acquired Champlain Reinsurance Company (Champlain Re), a Swiss based run-off reinsurance captive of Alcan Holdings Switzerland AG, a member of Rio Tinto Alcan, in a legacy transaction. Champlain Re's remaining reinsurance liabilities consist mainly of General Liability and Workers’ Compensation exposures of the Rio Tinto Alcan ... Read the full article
David Rocke to lead RiverStone International’s Bermuda office as MD
8th February 2022
Legacy reinsurance and run-off specialist, RiverStone International, has announced the appointment of David Rocke as Managing Director (MD) of its new Bermuda office. Effective February 1st, 2022, Rocke joined RiverStone International in Bermuda from his most recent role as Executive Vice President of M&A at Enstar. He's been based in Bermuda since ... Read the full article
Maiden’s Genesis well positioned after completing ADC for AMS RRG
4th February 2022
Genesis Legacy Solutions (GLS), part of Maiden Holdings, has agreed to provide an adverse development cover (ADC) to Arizona-based Applied Medico-Legal Solutions Risk Retention Group (AMS RRG). This ADC transaction helped accomplish AMS RRG’s goal to achieve an upgraded financial rating by AM Best and enhances AMS RRG's capital position which ... Read the full article
BMS Re facilitates ADC for AMS RRG reinsured by Genesis
1st February 2022
Reinsurance broker BMS Re acted as the broker for a legacy reinsurance transaction between its long-standing client, Applied Medico- Legal Solutions Risk Retention Group (AMS RRG) and a subsidiary of Genesis Legacy Solutions. The legacy transaction is an adverse development cover (ADC) reinsured by a subsidiary of Genesis Legacy Solutions, which ... Read the full article
Venerable & Manulife close $22bn variable annuity reinsurance transaction
1st February 2022
Manulife Financial Corporation's subsidiary, John Hancock Life Insurance Company (U.S.A.), has completed its previously announced $22 billion reinsurance transaction with Corporate Solutions Life Reinsurance Company, a subsidiary of Venerable Holdings, Inc. The arrangement see Venerable reinsure roughly $22 billion of variable annuity business from Manulife's U.S. subsidiary John Hancock. On a pro ... Read the full article
Marco’s RITC Syndicate 1254 at Lloyd’s approved to write business
1st February 2022
European property and casualty (P&C) run-off group, Marco Capital Holdings Limited, has reported that the specialist Lloyd's re/insurance market has granted its RITC Syndicate 1254 permission to write business. Marco Capital was granted ‘in principle’ approval to launch a reinsurance-to-close (RITC)/run-off syndicate at Lloyd's in October 2021. The formal approval process ... Read the full article
Enstar raises $500m in subordinated debt issuance
13th January 2022
A subsidiary of legacy specialist, Enstar Group Limited, has raised $500 million through the offering of Fixed-Rate Reset Junior Subordinated Notes. Enstar Finance LLC priced $500 million aggregate principal amount of 5.500% Fixed-Rate Reset Junior Subordinated Notes due 2042, fully and unconditionally guaranteed, on a junior subordinated basis, by its parent. The ... Read the full article
Fortitude Re set for growth with launch of multi-line reinsurer & U.S. platform
6th January 2022
Fortitude Re has announced the formation of a new Bermuda multi-line reinsurer and the acquisition of a U.S. life insurer, as its subsidiary obtains Reciprocal Jurisdiction Reinsurer status. Established in 2018 by international insurer AIG and global alternative asset manager, The Carlyle Group, Fortitude Re was originally set up to ... Read the full article
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