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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.

DARAG signs Loss Portfolio Agreement with Insr Norway

16th August 2021

Legacy acquirer DARAG's German insurance carrier, DARAG Deutschland AG, has signed a Loss Portfolio Transfer (LPT) followed by a Portfolio Transfer (PTA) with Insr Insurance Group ASA (Insr). Insr is an insurance group listed on the Oslo Stock Exchange and all of its remaining insurance business will form part of this proposed ... Read the full article

Marco Insurance PCC gains Malta licence

4th June 2021

The Malta Financial Services Authority (MFSA) has granted a licence to Marco Insurance PCC Limited to operate as a property & casualty (P&C) insurance and reinsurance company in the country. Marco Insurance PCC is a subsidiary of Marco Capital Holdings Limited, the European P&C insurance run-off group. The business was been established ... Read the full article

Reinsurance rate growth to boost run-off market: KBW

26th May 2021

According to reports from Keefe, Bruyette & Woods (KBW), industry executives are optimistic about the prospects for the run-off reinsurance market, which they say should benefit from rising pricing trends. KBW recently hosted a series of meetings with Florida and Bermuda re/insurance executives about their outlook on various sectors of the ... Read the full article

R&Q names William Spiegel Executive Chairman as Ken Randall retires

1st April 2021

Randall & Quilter Investment Holdings Ltd. has formally announced the expected change of leadership as Ken Randall has retired as Executive Chairman and William Spiegel will replace him in the role. Randall has also stepped down as a Director of the Company today. The non-life legacy and run-off acquisition and management, programme ... Read the full article

DARAG signs retrospective quota share reinsurance agreement with Protector

10th March 2021

Legacy acquirer DARAG Group Limited has announced the signing of a retrospective quota share reinsurance agreement with Protector Forsikring ASA. DARAG Deutschland AG (DAG), DARAG's German risk carrier, will be the vehicle for the transaction and assume booked reserves in excess of €180 million. Once the deal completes, DARAG will provide Protector, ... Read the full article

RiverStone Europe & Hamilton Managing Agency complete RITC transaction

5th March 2021

Legacy specialist RiverStone Europe has completed a reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2018 and prior years of account of Syndicate 4000, managed by Hamilton Managing Agency Limited. Under the arrangement, legacy Pembroke business that remained with Liberty Mutual Group following Hamilton Insurance Group's acquisition of Pembroke and ... Read the full article

Run-off market set to thrive in 2021: GILC

3rd March 2021

Insurance and legal professionals expect to see an increasing number of run-off deals in 2021, according to a new report by Global Insurance Law Connect (GILC), a network of re/insurance law firms. GILC looked at the drivers of legacy business in both mature and emerging insurance markets, helped by member firms ... Read the full article

Enstar’s net earnings rise by 89% on $1.6bn of realised & unrealised gains

1st March 2021

Legacy acquirer Enstar Group Limited has reported a rise in net earnings for 2020 to $1.7 billion from the $902.2 million reported a year earlier, driven by net realised and unrealised gains of $1.6 billion for the year. The significant level of realised and unrealised gains includes $1.3 billion relating to ... Read the full article

Legacy deal activity to remain at record levels: PwC

23rd February 2021

New data from PwC shows that participants in the legacy re/insurance market expect deal activity to remain “at record highs” this year, with the US and Lloyd’s markets set to be particularly busy. Respondents to PwC’s Global Insurance Run-off Survey reported that predicted growth in the legacy market materialized over 2020, ... Read the full article

Premia to acquire Armour Re; secures Aquiline-led equity investment

22nd February 2021

Reinsurance run-off group, Premia Holdings Ltd., has agreed to acquire Armour Re Ltd., a Bermuda-based P&C legacy reinsurer and a wholly-owned subsidiary of Armour Group Ltd., in an all-share transaction. Armour Group is an Aquiline Capital Partners LLC portfolio company and in concurrence with the acquisition, an investor group led by ... Read the full article

Compre announces completion of RITC with Coverys & AXA LM syndicate

22nd February 2021

Legacy group Compre has completed its second Lloyd's transaction, the reinsurance to close (RITC) of Syndicate 3330's 2018 year of account into Compre's Syndicate 1994. The legacy specialist's Lloyd's Syndicate 1994, which is managed by Apollo Syndicate Management, was launched last week. This latest transaction, which includes the purchase of AXA ... Read the full article

CVC’s acquisition of RiverStone Europe approved

17th February 2021

The European Commission (EC) has approved the acquisition of RiverStone Europe by CVC Strategic Opportunities Fund II, a vehicle owned and operated by CVC Capital Partners, for a purchase price of USD 750 million. The announcement, which was made in December, also noted that RiverStone Europe, which was previously owned ... Read the full article

Compre partners with Apollo to launch Lloyd’s legacy Syndicate 1994

15th February 2021

Legacy group Compre has entered into a strategic partnership with independent specialist re/insurer, Apollo Syndicate Management, to launch a new Lloyd's of London legacy business focussed Syndicate 1994, which has received approval from The Council of Lloyd's. Syndicate 1994 will have the ability to execute the full range of legacy transactions ... Read the full article

Enstar completes $690mn workers’ comp reinsurance transaction with CNA

8th February 2021

A wholly owned subsidiary of legacy acquirer, Enstar Group Limited, has completed a reinsurance transaction with Continental Casualty Company (CNA). Enstar's subsidiary has finalised a transaction to reinsure a legacy portfolio of excess workers' compensation business. Under the terms of the deal, CNA has ceded net insurance reserves to the subsidiary of ... Read the full article

Bruce Hemphill to lead Catalina as co-founder Chris Fagan departs

2nd February 2021

Chris Fagan, co-founder of legacy specialist Catalina Holdings, is to step down from his role as Chief Executive Officer (CEO) and be succeeded by Bruce Hemphill, current Chair of the Catalina Board. Fagan has led Catalina for the past 15 years since he founded the legacy firm with Dean Dwonczyk in ... Read the full article

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