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Run-off

Bermuda’s Fleming Re acquires AggCap II

20th December 2019

Fleming Re Holdings LLC has announced the acquisition of AggCap Insurance Ltd,  - AggCap II, a group captive that is in run-off providing workers compensation coverage for a large membership of California-based agribusinesses. AggCap Insurance Ltd is a Bermuda-based segregated accounts company that has provided workers comp insurance, loss control services, ... Read the full article

DARAG completes legacy portfolio transfer with SOVAG

20th December 2019

Legacy acquirer DARAG Group Limited has announced the completion of its portfolio transfer deal with German insurer and reinsurer, SOVAG. The deal, which was first announced in August 2019, sees the portfolio transferred to DARAG’s German subsidiary, DARAG Versicherungs- und Ruckversicherungs-AG. The legacy book consisted of both direct insurance and inwards ... Read the full article

MS Amlin puts UK P&C classes into run-off

19th December 2019

Global re/insurer MS Amlin has confirmed that it will cease underwriting certain lines of UK property and casualty (P&C) business from January 31, 2020, in line with its new strategic direction. Corporate Property, Real Estate, Casualty and Package Binders are among the classes the company plans to exit. The move follows the ... Read the full article

Catalina to acquire Asia Capital Re, targets run-off growth in Asia

5th December 2019

Catalina Holdings, the Bermuda-headquartered non-life run-off and legacy insurance and reinsurance specialist, is set to acquire Asia Capital Reinsurance Group in a strategic move aiming for growth in Asia. The acquisition marks the first time Catalina has entered the Asian run-off market and the company aims to leverage the acquisition of ... Read the full article

Hamilton puts Acappella syndicate into run-off

18th November 2019

Bermuda-based reinsurer Hamilton Insurance Group has announced that it is placing Acappella Syndicate 2014 into run-off with immediate effect. Group CEO Pina Albo explained that the third-party capital-supported Lloyd's syndicate was not expected to produce an adequte return on capital. Hamilton took on the syndicate as part of its recent acquisition ... Read the full article

Pioneer Syndicate 1980 to be placed into run-off

14th November 2019

Pioneer Underwriters has announced that following a strategic review it has determined that the cost of capital within the structure of its Lloyd's syndicate, Pioneer Syndicate 1980, is no longer economically efficient when compared with its other capital arrangements, and will therefore be placing the syndicate into run-off. Syndicate 1980 is ... Read the full article

Compre announces second legacy reinsurance transaction with AG Insurance

8th November 2019

Legacy specialist Compre has announced the signing of agreements to transfer an inwards reinsurance portfolio from Belgian insurer AG Insurance SA, for an undisclosed sum. The transaction involves the transfer of a portfolio comprised of business in run-off across numerous lines and territories, predominantly U.S. The legacy portfolio transfer is the firm's ... Read the full article

Vibe places Syndicate 5678 into run-off

8th November 2019

Vibe Syndicate Management has announced that Syndicate 5678 at Lloyd’s will be placed into run-off from December 31, 2019. CEO Joe England explained that Vibe had been unable to secure the support it needed to grow the Lloyd’s platform to an adequate scale. “It was with considerable regret that our board reached ... Read the full article

Enstar acquires legacy asbestos & environmental liabilities

30th October 2019

Bermuda-based re/insurance, run-off and legacy specialist, Enstar Group Limited, has announced that its Enstar Holdings (US) LLC division has acquired BorgWarner Morse TEC, LLC (Morse TEC) from BorgWarner Inc. This the second time that Enstar has purchased a non-insurance company, following its $91.5 million acquisition of Dana Companies, LLC for ... Read the full article

RiverStone acquires two Cayman-based captives

30th October 2019

Legacy specialist RiverStone has announced the acquisitions of GMPCI Insurance Company, Ltd. and Seaside Indemnity Alliance Company, Ltd., which are both Cayman-based captives. Seaside Indemnity Alliance was established in 2013 in order to assume hospital and physician professional liabilities. GMPCI Insurance was launched in 2005 to provide insurance to anaesthesiologists, certified registered ... Read the full article

Karl Wall launches new reinsurance run-off provider, The Carrick Group

21st October 2019

Karl Wall, who previously served as President and Chief Executive Officer (CEO) of Enstar (US) Inc., has announced plans to launch a new international non-life legacy business called The Carrick Group. The Carrick Group will initially be based in the U.S., UK, and Bermuda, and will provide reinsurance and run-off management ... Read the full article

Legacy market set to go “from strength to strength”: DARAG’s Tom Booth

18th October 2019

The legacy re/insurance market is gearing up for further growth and is ready to go “from strength to strength,” according to Tom Booth, Chief Executive Officer (CEO) at DARAG. Speaking in an interview with Reinsurance News, Booth said that legacy re/insurers continue to enjoy an “active, vibrant marketplace” with no shortage ... Read the full article

Enstar completes $500mn reinsurance transaction with Zurich NA

2nd October 2019

Bermuda domiciled re/insurance, run-off and legacy specialist Enstar Group, has announced that one of its wholly-owned subsidiaries has completed a transaction to reinsure a book of US asbestos and environmental liability insurance portfolios of Zurich North America. The transaction, which saw Enstar's subsidiary assume gross insurance reserves of roughly $500 million ... Read the full article

AXA LM acquires Munich Re Malaysia’s non-life legacy portfolio

19th September 2019

AXA Liabilities Managers (AXA LM), the non-life re/insurance legacy arm of AXA, has completed the acquisition of the non-life legacy portfolio of Munich Re Malaysia. The portfolio transfer is effective from October 1st, 2019 and was made through AXA LM's fund, AXA DBIO II, which invests in run-off portfolios and firms. The ... Read the full article

Opportunities ahead for expanding legacy market, but caution needed: IRLA

3rd September 2019

The legacy market continues to show an uptick in both deal size and volume, with many promising opportunities ahead, but re/insurers also need to exercise restraint to ensure they aren’t pushing for transactions at unrealistic levels. This is according to directors at the Insurance & Reinsurance Legacy Association (IRLA), who sat ... Read the full article

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