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Run-off

Enstar completes four reinsurance-to-close deals with AmTrust Syndicates

15th February 2019

Enstar Group Limited has announced that its Lloyd's of London managing agency, Syndicate 2008, has completed four reinsurance-to-close transactions for the 2016 and prior years of accounts of Syndicates 1206, 1861, 2526, and 5820, which are managed by AmTrust Syndicates Limited. According to an announcement, these transactions were completed on February ... Read the full article

R&Q looks to fund growth with £107m capital raise

7th February 2019

Randall & Quilter Investment Holdings Ltd. (R&Q), a Bermuda-based specialist non-life insurance and reinsurance investor, has raised approximately £100 million in an effort to support growth and assist in maintaining the AM Best credit and financial strength ratings of the Accredited companies. The capital raise features the placement of over 65 ... Read the full article

Fleming Re completes first run-off transaction

7th January 2019

Bermuda-based class 3A insurance company, Fleming Reinsurance Ltd., has announced the completion of its first run-off transaction with the novation of all liabilities from Cayman-based captive insurer United SPC Segregated Portfolio #4. According to an announcement, Fleming Re has acquired all the outstanding P&C liabilities from Sequre Underwriters, and, the preferred ... Read the full article

Enstar completes purchase of Maiden Re North America

28th December 2018

Bermuda based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has announced that it has completed its acquisition of Maiden Re North America from a subsidiary of Maiden Holdings. The net consideration paid in the transactions was $272.4 million, which represents the adjusted purchase price less the ceding commission. Domiciled in ... Read the full article

Generali gets regulatory go-ahead for UK legacy portfolio transfer to Compre

20th December 2018

Italian insurance giant Generali has received regulatory approval for the non-life legacy portfolio transfer of its UK branch to independent re/insurance legacy specialist Compre. The transaction, which was signed last December and also included the non-life run-off portfolio of Generali’s U.S branch, was structured as an upfront reinsurance solution by ... Read the full article

Zurich announces $2bn legacy portfolio transfer to Catalina

17th December 2018

Zurich Insurance, a subsidiary of Zurich Insurance Group, has entered into an agreement with Catalina Holdings that will see the majority of Zurich’s UK employers’ liability (UK EL) policies for 2006 and prior underwriting years transferred to Catalina. This major portfolio transfer represents a significant step forward in Zurich’s efforts to ... Read the full article

Enhanzed Re reinsurer launched by Enstar, Allianz & Hillhouse Capital

12th December 2018

Enhanzed Reinsurance Ltd. (Enhanzed Re) is a new joint-venture life and P&C reinsurer that is being launched by a partnership formed by Enstar, Allianz and investor Hillhouse Capital. Bermuda-based insurance, reinsurance and run-off specialist Enstar Group has invested in newly established Bermuda-based Class 4 and Class E reinsurer Enhanzed Reinsurance Ltd. ... Read the full article

R&Q ties up two run-off transactions in California

28th November 2018

Randall & Quilter Investment Holdings has announced the completion of a transaction to provide full finality to a California based self-insurer by R&Q’s wholly owned subsidiary, Accredited Surety and Casualty Company. This deal marks the second transaction with a self-insurer in California and the fifth nationwide over the past two years. “We ... Read the full article

New Nordic places Qudos into liquidation with help of DARAG

28th November 2018

New Nordic Advisors, the investment management company, has placed its wholly-owned insurance subsidiary Qudos Insurance into liquidation, effective immediately. This decision follows a comprehensive review of the insurance company’s position. New Nordic had entered into a number of retrospective reinsurance treaties with legacy specialist DARAG, in order to de-risk Qudos and ... Read the full article

Qatar General Insurance to place Dubai branch into run-off

26th November 2018

Qatar General Insurance and Reinsurance Company (QGIRCO) has announced that it is to cease issuing any new insurance policies from its branch in Dubai, United Arab Emirates (UAE) and begin the process of placing the business into run-off. The news follows the company’s decision to exit the insurance market in Dubai, ... Read the full article

DARAG acquires SOBC Services, takes on four in run-off insurers

20th November 2018

DARAG Guernsey has announced that its wholly owned subsidiary, SOBC DARAG Holdings Ltd, has now acquired the entire share capital of SOBC Services in an agreement that will also see it take on four in run-off U.S carriers and a Bermuda-based cell. The announcement follows the formation of SOBC DARAG ... Read the full article

Enstar and Maiden agree to $2.7bn loss portfolio transfer

12th November 2018

Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has signed an agreement that will see a subsidiary assume loss reserves of approximately $2.675 billion associated with Maiden Re’s quota share reinsurance contracts with AmTrust Financial Services and its subsidiaries. The retrocession will apply to losses arising and/or claims made ... Read the full article

Monument Re acquires run-off life portfolio from Enstar’s Alpha Insurance

8th November 2018

Bermudian reinsurer Monument Re has announced the acquisition of a run-off portfolio of traditional life and credit life business from Belgian composite insurer Alpha Insurance S.A., a wholly owned subsidiary of Enstar Group Limited. Monument Re said that the portfolio would be transferred to its Belgian carrier, Monument Assurance Belgium NV, ... Read the full article

SOBC DARAG acquires Florida insurer in U.S expansion move

5th November 2018

SOBC DARAG, the newly-formed joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has completed its acquisition of Florida-based Peachtree Casualty Insurance Company. The acquisition, which was first announced in August 2018, marks SOBC DARAG’s first U.S acquisition and represents part of the initial stage of the ... Read the full article

Gossmann launches innovative legacy product with Munich Re backing

19th October 2018

Arndt Gossmann, the founder and owner of Gossmann & Cie, has announced the establishment of Expiring Policy Roll-Over (working title), a product that, with Munich Re as a reinsurance partner, allows the ongoing transfer of insurance contracts expiring in the future to an external risk carrier. This enables insurers to release ... Read the full article

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