Reinsurance News
Run-off news
News about the insurance and reinsurance run-off market, where legacy liabilities are transferred or acquired in run-off transactions, allowing their original holders or underwriters to achieve finality on those books of business.
Global non-life run-off reserves exceed $1 trillion for first time: PwC UK
27th March 2024
As per research conducted by PwC UK, global non-life run-off reserves are estimated to have reached $1.014 trillion, marking a $53 billion increase since its last survey published in September of 2022. Respondents to PwC UK’s recent survey of non-life legacy insurance market participants expect the strong pipeline of global deals ... Read the full article
DARAG concludes two additional captive legacy transactions
14th February 2024
DARAG Group, a company specialising in acquiring legacy insurance portfolios, has announced the conclusion of two captive legacy transactions while keeping the details undisclosed. In these agreements, insurance liabilities were transferred from the captives to DARAG through novation, along with their respective fronting carriers. In the first transaction, DARAG assumed the insured ... Read the full article
R&Q subjected to BMA review of legacy business, halting transactions
22nd December 2023
R&Q Insurance Holdings said this morning that the Bermuda regulator has requested an independent actuarial review of its legacy reserves, its capital and its cash flow projections, which will put on hold any legacy transaction to Bermuda based R&Q Re, including a previously announced deal. R&Q said it has been in ... Read the full article
Bermuda key for the growth and evolution of the legacy market: PwC
22nd September 2023
“We expect Bermuda will continue to play a significant role in the growth and evolution of the legacy market due to the depth of talent and also its regulator," suggests Matt Britten, Partner, Insurance, PwC Bermuda. According to PwC, the global non-life run-off market remains active, with $9.4bn of estimated gross ... Read the full article
Global non-life run-off market active, deal value rises: PwC
11th September 2023
With estimated gross reserves of $9.4 billion transacted across 37 deals has been publicly announced in the 12 month period to the end of June 2023, the global non-life run-off market remains active, notes PwC. When compared to the same period in the prior year, PwC notes that there's an almost ... 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
R&Q raising up to $60m in equity, completes separation of program / legacy
12th June 2023
R&Q Insurance Holdings is raising up to $60 million in new equity through a preferred arrangement with one of its shareholders Scopia Capital Management, while also having announced the completion of an internal separation of its its Program Management business, Accredited, and its Legacy Insurance business. R&Q has actually confirmed raising ... Read the full article
Marco Capital to acquire NIIC from The Hartford
17th February 2023
European P&C run-off specialist Marco Capital has announced the acquisition of UK-based Navigators International Insurance Company (NIIC) from The Hartford. NIIC is authorised by the Prudential Regulation Authority and the Financial Conduct Authority and was first established by The Navigators Group, Inc. The Navigators Group was acquired by The Hartford in ... 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
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
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
United P&C placed into run-off
25th August 2022
United Insurance Holdings Corp. (UPC Insurance) has confirmed that it is effectively placing its personal lines subsidiary into run-off due to concerns over a lack of available reinsurance capacity. UPC reported last month that its Board had initiated a review to explore range of strategic and capital raising alternatives, including ... 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