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Run-off

General Electric looks to sell failing insurance business

25th May 2018

General Electric Co (GE) has been working with investment bankers to explore ways to shed its struggling insurance business, amid shareholder lawsuits and an investigation by U.S regulators, according to sources at Reuters. In January, GE announced that it would take a $6.2 billion after-tax charge and set aside a further ... Read the full article

DARAG and New Nordic conduct first transaction under new partnership

14th May 2018

DARAG, the European legacy acquirer, and New Nordic Advisors, a London-based investment management company, are to conduct their first transaction following the formation of a strategic partnership in March 2018. This first transaction will see the partners acquire two portfolios of Qudos Insurance A/S, which New Nordic gained control of ... Read the full article

Catalina reinsures U.S. P&C legacy portfolio for Arch

24th April 2018

Bermuda domiciled insurer and reinsurer, Arch Reinsurance Ltd. (Arch) has entered into a reinsurance transaction with Catalina Holdings (Bermuda) Ltd subsidiary, Catalina General Insurance Ltd (Catalina), which sees the latter assume a portfolio of U.S. property & casualty (P&C) liabilities in run-off from Arch. The U.S. P&C legacy portfolio assumed by ... Read the full article

Monument Re acquires run-off portfolio from Ethias S.A.

17th April 2018

Monument Re has announced an agreement that will see it acquire a run-off portfolio of flexible premium retail life insurance contracts from Belgian insurer Ethias S.A., known as the First A Portfolio. The portfolio will be taken over by Laguna Life DAC, an Irish domiciled re/insurer and wholly owned subsidiary of ... Read the full article

Monument Re completes acquisition of ABN AMRO life run off vehicle

28th March 2018

Monument Re, a Bermuda Class E reinsurer that specialises in acquisitions of run-off, closed and asset-intensive insurers, has completed the acquisition of ABN AMRO Life Capital Belgium (AALCB) following receipt of regulatory approval by the National Bank of Belgium. AALCB has now been renamed Monument Assurance Belgium N.V. Manfred Maske, Group Chief ... Read the full article

Trebuchet (Armour) leads on acquisition of BICO’s legal expense insurance business

12th March 2018

Trebuchet Group Holdings Limited, an investment vehicle owned by the founders and principals of Bermudian insurance and reinsurance services, investing, run-off and legacy specialists Armour Group, is leading the acquisition of a controlling interest in the legal expense insurance business of Canadian firm BICO Risk Management Inc. A consortium led by ... Read the full article

AIG sets up legacy reinsurance unit, as it takes $6.7bn tax act charge

9th February 2018

Insurer American International Group (AIG) announced its results yesterday, revealing continuing issues with legacy business, resulting in another reserve charge, but also the launch of a Bermudian legacy reinsurance platform. The insurer also announced a one-off charge of $6.7 billion related to the enactment of the Tax Cuts and Jobs Act, ... Read the full article

RenaissanceRe takes minority shareholding in run-off specialist Catalina

19th January 2018

Bermudian reinsurance firm RenaissanceRe is to make a minority shareholding investment in non-life insurance and reinsurance run-off and consolidation specialist Catalina Holdings. RenaissanceRe will become a minority shareholder in Catalina, with the share investment being made through the reinsurers Ventures unit. Aditya Dutt, President of Renaissance Underwriting Managers, Ltd., will take ... Read the full article

Non-life run-off market will continue to grow after exceeding $700bn: PwC

17th January 2018

The trend of strong non-life run-off transaction activity continued in 2017 with the global insurance run-off market exceeding U.S. $700 billion and PwC predicts disposal of legacy business will continue in coming years. The majority of all global respondents in the PwC survey say they will undertake restructuring or exit activity in the ... Read the full article

General Electric hit with $6.2 billion charge on legacy insurance portfolio

16th January 2018

General Electric has been hit with a GAAP after-tax charge of $6.2 billion, or $7.5 billion when adjusted to the new tax rate, tied to a legacy insurance portfolio. In addition, the company's finance unit will make statutory reserve contributions of $15 billion over seven years to fill a shortfall in ... Read the full article

CEO in-waiting Booth to depart Randall & Quilter

8th January 2018

Non-life legacy and run-off acquisition and management, programme services and investments specialist Randall & Quilter Investment Holdings Ltd. has announced that its CEO in-waiting Tom Booth is departing the company. Randall & Quilter had announced back in October that Booth, the current Chief Financial Officer of the firm, was expected to ... Read the full article

R&Q acquires Constantia Insurance Company for £1.5mn

2nd January 2018

Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the acquisition of Constantia Insurance Company (Guernsey) Limited, from Old Mutual plc for £1.5 million (US$2mn). R&Q has received regulatory approval to acquire the company, which is now in run-off, and Constantia will be amalgamated into Capstan Insurance Company Limited, R&Q's consolidation vehicle domiciled ... Read the full article

Enstar completes sale of Pavonia Life business

2nd January 2018

Enstar Group Limited has announced that it has now completed the sale of its subsidiary, Pavonia Holdings (US), Inc., to an affiliate of Global Bankers Insurance Group, LLC. Enstar has completed the previously announced transaction for a total purchase price of $120 million, and is a good example of Enstar capitalising on its ability ... Read the full article

Enstar to reinsure $100 million of Allianz legacy business

29th December 2017

An Enstar Group subsidiary has entered into an agreement to reinsure about $100 million, or 50%, of Allianz SE's legacy business portfolio with effect from December 31, 2017. The subsidiary will assume net reinsurance reserves of approximately $0.1 billion in order to reinsure 50% of certain U.S. workers' compensation and asbestos, ... Read the full article

Re/insurers in Europe to focus on selling run-off business in 2018: Clyde & Co

27th December 2017

A wave of run-off activity is expected in 2018 as re/insurers in Europe adjust to Solvency II and seek to minimise capital requirements through optimising management of legacy business or selling books of business in run-off, according to Clyde & Co. The arrival of Solvency II was expected to bring a greater ... Read the full article

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