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.

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

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