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.

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

R&Q changes name, but fails on shareholder approval for capital raises

19th July 2022

At its recent annual general meeting, shareholders of R&Q approved a resolution to change its name from Randall & Quilter Investment Holdings Ltd. to a new shorter name of R&Q Insurance Holdings Ltd. The new name suggests a more focused mission and one that is really more aligned with where the ... Read the full article

R&Q shareholders reject acquisition, capital raise to proceed

26th May 2022

Shareholders of Randall & Quilter Investment Holdings Ltd (R&Q) have again rejected an acquisition of the company by Brickell PC Insurance Holdings LLC, which is backed by 777 Partners, but have instead approved plans to focus on a $100m+ capital raise. R&Q failed to gain shareholder approval for the acquisition ... Read the full article

R&Q says 777 Partners backed Brickell pulling out of acquisition

25th May 2022

Randall & Quilter Investment Holdings Ltd (R&Q) has said this morning that Brickell PC Insurance Holdings LLC, which is backed by 777 Partners, has said it aims to terminate the acquisition agreement the pair were trying to implement. The deal, which was announced at the start of April, valued Randall ... Read the full article

R&Q fails to get sufficient shareholder votes for acquisition at first attempt

20th May 2022

Shareholder voting on the proposed takeover of Randall & Quilter Investment Holdings Ltd (R&Q), the non-life global specialty insurance company focused on program management and legacy transactions, in a deal backed by investment group 777 Partners, has been adjourned as the company seeks to gain additional support for the deal. Today, ... Read the full article

“Strong momentum in run-off sector continues” – PWC

16th May 2022

Strong momentum in the non-life run-off sector last year continued into 2022 with the announcement of eleven deals, says a new report from PWC. The professional services firm said that while the number of deals announced was slightly lower than Q1 2021, the total estimated value of executed deals during Q1 ... Read the full article

R&Q to be acquired by 777 Partners backed Brickell PC Insurance

1st April 2022

Randall & Quilter Investment Holdings Ltd (R&Q), the non-life global specialty insurance company focused on program management and legacy transactions, is set to be acquired by one of its major shareholders, in an acquisition backed by investment group 777 Partners. The acquisition will value Randall & Quilter's (R&Q's) existing issued share ... Read the full article

DARAG acquires Guernsey based reinsurance captive

3rd March 2022

Legacy acquirer DARAG Group, has acquired a Guernsey based reinsurance captive which has been in run-off since 2019. The sale of the captive is part of a strategic realignment for its cedant owner, which is looking to tighten its business focus. Its key business lines are property damage, business interruption, and public ... Read the full article

RiverStone and MS Amlin enter $266m split RITC

24th February 2022

Legacy reinsurance and run-off specialist, RiverStone International, has agreed with MS Amlin Underwriting to undertake a split reinsurance-to-close (RITC) transaction of the UK property and casualty portfolio of the 2019 and prior years of account of MS Amlin’s Syndicate 2001 at Lloyd's. RiverStone International will undertake the split RITC through its ... Read the full article

Swiss Re acquires Champlain Re in legacy deal

18th February 2022

Reinsurance giant Swiss Re has acquired Champlain Reinsurance Company (Champlain Re), a Swiss based run-off reinsurance captive of Alcan Holdings Switzerland AG, a member of Rio Tinto Alcan, in a legacy transaction. Champlain Re's remaining reinsurance liabilities consist mainly of General Liability and Workers’ Compensation exposures of the Rio Tinto Alcan ... Read the full article

David Rocke to lead RiverStone International’s Bermuda office as MD

8th February 2022

Legacy reinsurance and run-off specialist, RiverStone International, has announced the appointment of David Rocke as Managing Director (MD) of its new Bermuda office. Effective February 1st, 2022, Rocke joined RiverStone International in Bermuda from his most recent role as Executive Vice President of M&A at Enstar. He's been based in Bermuda since ... Read the full article

BMS Re facilitates ADC for AMS RRG reinsured by Genesis

1st February 2022

Reinsurance broker BMS Re acted as the broker for a legacy reinsurance transaction between its long-standing client, Applied Medico- Legal Solutions Risk Retention Group (AMS RRG) and a subsidiary of Genesis Legacy Solutions. The legacy transaction is an adverse development cover (ADC) reinsured by a subsidiary of Genesis Legacy Solutions, which ... Read the full article

Marco’s RITC Syndicate 1254 at Lloyd’s approved to write business

1st February 2022

European property and casualty (P&C) run-off group, Marco Capital Holdings Limited, has reported that the specialist Lloyd's re/insurance market has granted its RITC Syndicate 1254 permission to write business. Marco Capital was granted ‘in principle’ approval to launch a reinsurance-to-close (RITC)/run-off syndicate at Lloyd's in October 2021. The formal approval process ... Read the full article

Enstar raises $500m in subordinated debt issuance

13th January 2022

A subsidiary of legacy specialist, Enstar Group Limited, has raised $500 million through the offering of Fixed-Rate Reset Junior Subordinated Notes. Enstar Finance LLC priced $500 million aggregate principal amount of 5.500% Fixed-Rate Reset Junior Subordinated Notes due 2042, fully and unconditionally guaranteed, on a junior subordinated basis, by its parent. The ... Read the full article

Fortitude Re set for growth with launch of multi-line reinsurer & U.S. platform

6th January 2022

Fortitude Re has announced the formation of a new Bermuda multi-line reinsurer and the acquisition of a U.S. life insurer, as its subsidiary obtains Reciprocal Jurisdiction Reinsurer status. Established in 2018 by international insurer AIG and global alternative asset manager, The Carlyle Group, Fortitude Re was originally set up to ... Read the full article