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.
Fortitude Re finalises acquisition of AIG’s legacy insurance businesses
5th January 2022
Fortitude Group Holdings, LLC, the parent of Bermuda-based reinsurer Fortitude Re, has now completed its takeover of AIG's legacy insurance businesses following the acquisition of Fortitude Life & Annuity Solutions, Inc. (FLAS) and Fortitude P&C Solutions, Inc. (FPCS). It was announced in late November 2019 that the Carlyle Group and ... Read the full article
DARAG Bermuda in second novation agreement with Cayman reinsurer
31st December 2021
Legacy acquirer DARAG has concluded the second novation agreement with a Cayman reinsurer to provide finality for its US liability books. The transaction has been written into DARAG Bermuda and is the second completed novation with this Cayman based reinsurer for newer years. The first agreement was announced in September last ... Read the full article
Premia targets European run-off growth, completes latest acquisition
29th December 2021
Bermuda domiciled reinsurance run-off group, Premia Holdings has completed the acquisition of Navigators Holdings (Europe) NV and its associated companies from The Hartford. The associated companies included in the acquisition are Assurances Continentales – Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxembourg, known collectively as ASCO, both of ... Read the full article
Canopius and RiverStone complete $780mn LPT
29th December 2021
Specialty re/insurer Canopius Group has completed a loss portfolio transfer (LPT) agreement with legacy and run-off specialist, RiverStone International. The arrangement covers discontinued lines of insurance business underwritten by Syndicates owned by Canopius. Under the agreement, RiverStone's Syndicate 3500 indemnifies the reinsurer against potential losses in respect of net liabilities valued at ... Read the full article
DARAG to acquire Texas-based insurer
29th December 2021
Legacy acquirer DARAG Group has entered into a new agreement to purchase a Texas-based insurer in run-off. DARAG will look to use this insurer as its key US-based carrier to assume previously self-insured risk and other third-party legacy portfolios requiring licensed paper. The transaction, which has received regulatory approval, will also relieve ... Read the full article
Argo Group to sell Malta operation to Riverstone
20th December 2021
Argo Group, the US and international focused specialty insurer, has announced an agreement to sell its Malta business operations, ArgoGlobal Holdings (Malta) Ltd., to legacy and run-off specialist Riverstone Holdings Limited. The ArgoGlobal SE business unit has been unused for a time, as Argo shifted its focus back to the United ... Read the full article
DARAG Germany adds Dr. Christoph Wetzel to supervisory board
30th November 2021
Legacy acquirer DARAG Group has announced the addition of Dr. Christoph Wetzel to the supervisory board of its German insurance entity, DARAG Deutschland AG. Dr. Wetzel is currently the Chief Executive Officer (CEO) of fpb AG, a member of the ON Service Group. He has worked in the German insurance market for ... Read the full article
Brit closes $380m loss portfolio transfer with RiverStone International
18th November 2021
Specialty insurer and reinsurer Brit Ltd has announced the completion of a loss portfolio transfer (LPT) agreement with run-off specialist RiverStone International (RiverStone). The deal is for predominantly legacy years of account on certain classes and certain discontinued classes of business underwritten by Brit Syndicate 2987 and is effective from 1 ... Read the full article
Stonybrook completes Cypress and Genesis Legacy Solutions LPT
17th November 2021
Stonybrook Capital & Risk Management has completed the Loss Portfolio Transfer between Cypress Property & Casualty Insurance Company (Cypress), and Genesis Legacy Solutions (GLS), part of Maiden Holdings. This agreement reinsures Cypress’ artisan general liability portfolio written in Florida and Texas from 2008 through 2020. Cypress Group Holdings is the holding company ... Read the full article
Genesis Legacy Solutions makes first Loss Portfolio Transfer
12th November 2021
Genesis Legacy Solutions (GLS), part of the Maiden Holdings has issued its first Loss Portfolio Transfer Agreement through its Vermont cell to an affiliate of Cypress Property & Casualty Insurance Company. This agreement reinsures Cypress’ commercial general liability portfolio written in Florida and Texas from 2008 through 2020. Stonybrook Risk Management advised ... Read the full article
R&Q seeks to add takeover provisions to bye-laws, sparking rumours
12th November 2021
Randall & Quilter Investment Holdings Ltd. (R&Q), the non-life legacy and run-off insurance, programme management and investments specialist, is seeking shareholder approval to amend its Bye-laws to add certain takeover provisions that it says will protect shareholders. It's particularly interesting, as it has sparked discussion among sources that R&Q has been ... Read the full article
Compre acquires SiriusPoint legacy portfolio for $417mn
8th November 2021
International specialist legacy group, Compre, has completed the acquisition of a $417 million legacy liability portfolio from SiriusPoint, having received all necessary regulatory approvals. The transaction, which was announced in August, structured as a loss portfolio transfer, has been underwritten by Compre’s class 3A Bermudian reinsurer, Pallas Reinsurance Company. The portfolio ... Read the full article
Run-off group Marco acquires Capita’s insurance operations
2nd November 2021
Marco Capital Holdings Limited, the European P&C insurance run-off group, has expanded its headcount to more than 300 insurance specialists via the acquisition of Capita plc's insurance businesses, Capita Commercial Insurance Services (CCIS) and Capita Managing Agency (CMA). Launched in August of last year and headquartered in Malta, Marco is a ... Read the full article
Allianz in P&C legacy transfer deal with Marco
13th October 2021
Allianz has entered into a deal with European P&C insurance run-off group Marco Capital Holdings Limited concerning the transfer of the remaining risks in Allianz Suisse’s UK Branch. The risks in Allianz Suisse’s UK Branch were underwritten by R.W. Gibbon and are therefore known as “The Gibbon Pool”. “I am pleased to ... Read the full article
Enstar closes £400mn ADC with RSA
6th October 2021
A subsidiary of legacy specialist Enstar has closed a previously announced agreement with Royal & Sun Alliance Insurance (RSA) to provide adverse development cover (ADC) for certain UK, Irish, and other business of RSA and its subsidiaries. This deal was first announced this year in July and was expected to ... Read the full article
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