Reinsurance News
loss portfolio transfers
Enstar completes $400m LPT with SiriusPoint
1st October 2024
A wholly owned subsidiary of legacy specialist Enstar Group has closed the previously announced $400 million loss portfolio transfer (LPT) with a subsidiary of Bermuda-based insurer and reinsurer, SiriusPoint. This transaction sees Enstar's subsidiary reinsure a $400 million portfolio of workers’ compensation business, covering the underwriting years 2018 to 2023. Under ... Read the full article
Enstar agrees $376m ground-up LPT with QBE
9th August 2024
One of global insurer Enstar Group Limited’s wholly-owned subsidiaries has agreed to provide a ground-up Loss Portfolio Transfer (LPT) with certain subsidiaries of QBE Insurance Group Limited (QBE), covering a diversified portfolio of US commercial liability and workers’ compensation business, largely underwritten on recently discontinued programs. Under the terms of the ... Read the full article
James River enters into LPT and ADC reinsurance agreement with State National
10th July 2024
Bermuda-domiciled insurance holding company, James River Group Holdings, has announced that two of its principal subsidiaries have entered into a combined loss portfolio transfer (LPT) and adverse development cover (ADC) reinsurance agreement with State National Insurance Company, Inc. Under the terms of the agreement, State National is set to provide $160 ... Read the full article
Howden Re and Keenan complete LPT for a large California workers’ compensation JPA
2nd July 2024
Reinsurance broker Howden Re and Keenan have completed a strategic Loss Portfolio Transfer (LPT) between one of the largest California workers’ compensation joint powers authorities (the JPA) and a top-ten global reinsurer. Howden Re was responsible for facilitating the commutation with historical markets and brokered the loss portfolio transfer for the ... Read the full article
Enstar and SiriusPoint agree $400m LPT
1st May 2024
A wholly owned subsidiary of legacy specialist Enstar Group has agreed a $400 million loss portfolio transfer (LPT) with a subsidiary of Bermuda-based re/insurer SiriusPoint to reinsure a portfolio of Workers’ Compensation business covering underwriting years 2018 to 2023. Under the agreement, SiriusPoint will cede net reserves of roughly $400 million, ... Read the full article
Carrick Group enters loss portfolio transfer with IRB(Re)
17th January 2024
Bermuda-based international non-life legacy insurance firm Carrick Group Limited has announced that Carrick Re Limited, a Bermuda class 3A reinsurer, has entered into a loss portfolio transfer (LPT) with IRB(Re), on behalf of its UK Branch, ahead of a Part VII transfer. Carrick UK Services Limited is set to assume the ... Read the full article
R&Q signs $80m LPT reinsurance agreement with UK motor insurer
26th October 2023
Non-life specialty insurer R&Q Insurance Holdings has signed a Loss Portfolio Transfer (LPT) reinsurance agreement with a UK motor insurer covering net reserves of around $80 million. According to R&Q, the transaction is subject to regulatory approvals and other conditions of closing. Huw Battrick, Co-Head of Legacy M&A at R&Q, commented, “We ... 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
Marco Capital announces UK motor Loss Portfolio Transfer with Markel
21st March 2023
European P&C insurance run-off specialist Marco Capital has announced a Loss Portfolio Transfer (LPT) transaction regarding a portfolio of UK Motor insurance claims. Marco will provide a cover of up to £200m in claims reserves, while its Syndicate 1254 will provide cover to reinsured business stemming from Markel. The firm states that ... 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
Enstar to enter Loss Portfolio Transfer with RACQ
22nd February 2023
Enstar Group has announced that one of its wholly-owned subsidiaries has signed a Loss Portfolio Transfer (LPT) agreement with RACQ Insurance to reinsure 80% of RACQ’s motor vehicle Compulsory Third Party (CTP) insurance liabilities covering accident years 2021 and prior. RACQ will cede net reserves of approximately AUD$360 million, while Enstar’s ... Read the full article
QBE reports FY net profit of $770m, cites resilient underwriting performance
17th February 2023
Australian headquartered insurer QBE has reported a net profit of $770m in its full year 2022 results, a $20m increase from the previous year. Adjusted cash profit after tax increased to $847m from $805m in 2021, resulting in an adjusted cash return on equity of 10.5%. QBE states that despite heightened inflation, ... Read the full article
Enstar to enter $1.9bn Loss Portfolio Transfer with QBE
17th February 2023
Enstar Group has announced that its wholly-owned subsidiaries have reached an agreement for a ground-up Loss Portfolio Transfer (LPT) with certain subsidiaries of QBE on a diversified portfolio of business. Enstar states that this business covers International and North American financial lines, European and North American reinsurance portfolios, and several US discontinued ... Read the full article
RiverStone Intl. finalises £1.2bn RITC & LPT agreements with MS Amlin
15th February 2023
Legacy acquirer and reinsurer RiverStone International has completed a reinsurance-to-close (RITC) and a loss portfolio transfer (LPT) with MS Amlin Underwriting Limited, with net technical provisions of £1.2 billion. Under the agreement, RiverStone provides MS Amlin Syndicate 2001 with a RITC of the 2018 and prior years of account, and a ... Read the full article
AXIS gets $605m loss portfolio transfer from RiverStone
16th December 2022
RiverStone International has announced that it has entered into loss portfolio transfer (LPT) reinsurance agreements with affiliates of AXIS Capital, which cover several of its professional lines and liability insurance portfolios, mostly in relation to 2019 and prior accident years. The transaction covers net reserves for losses and loss expenses of ... Read the full article
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