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Run-off

R&Q’s pre-tax operating profit up 30%; COVID-19 dents investment result in H1

14th October 2020

Randall & Quilter Investment Holdings Ltd. (R&Q) has reported a 30% rise in pre-tax operating profit to £10.4 million (USD 13.4mn) for the first half of the year, while the impact of the COVID-19 pandemic on financial markets dented the firm's investment performance in the period. Pre-tax operating profit increased from ... Read the full article

Fleming Re acquires Bermuda captive Sinclair

12th October 2020

Run-off reinsurance provider Fleming Re has agreed to acquire Sinclair Insurance Company, a Bermuda domiciled captive insurance company. Sinclair was utilized to provide reinsurance to the primary insurers of certain casualty risks of affiliated companies. The acquisition provides the shareholders of Sinclair with an exit solution allowing legal finality, elimination of operating ... Read the full article

Ian Patrick named CFO of Compre as Simon Hawkins returns to COO role

12th October 2020

Specialist legacy acquirer, Compre has revealed a number of management changes as the company targets future growth, including the appointment of Ian Patrick as Group Chief Financial Officer (CFO), effective immediately. Patrick takes over as Group CFO from Simon Hawkins, who has held the position since December 2018. He brings a ... Read the full article

Premia to acquire Navigators Holdings (Europe) from The Hartford

5th October 2020

Bermuda domiciled reinsurance run-off group, Premia Holdings Ltd., has reached an agreement to acquire Navigators Holdings (Europe) NV and its associated companies from The Hartford, subject to regulatory approvals. The associated companies included in the acquisition are Assurances Continentales - Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxembourg, ... Read the full article

AFG completes Lloyd’s market exit with sale of Neon to RiverStone

28th September 2020

American Financial Group, Inc. (AFG) is set to complete its previously announced exit from the Lloyd's of London re/insurance marketplace via the sale of GAI Holding Bermuda and its subsidiaries, which comprises the legal entities that own its Neon business, to RiverStone Holdings Limited. AFG announced at the start of ... Read the full article

R&Q in Loss Portfolio Transfer & Insurance Business Transfer with Allianz

24th September 2020

Randall & Quilter Investment Holdings Ltd. (R&Q) has transacted a Loss Portfolio Transfer (LPT) with Allianz SE, Germany, with the close assistance of Black Forest Reinsurance Consulting (BFRC). With this reinsurance transaction, the reinsurance is being provided by Accredited Insurance (Europe) limited, R&Q's rated carrier based in Malta. The transaction provides Allianz ... Read the full article

Premia adds Lloyd’s expertise with addition of Colin Grint from AJG

16th September 2020

Bermuda domiciled reinsurance run-off group, Premia Holdings Ltd., has appointed Arthur J. Gallagher's (AJG) Colin Grint as Chief Executive Officer (CEO) of Premia Managing Agency Ltd. Subject to regulatory approvals, Grint is expected to join Premia on October 1st, 2020 and will take oversight of all of the company's operations in ... Read the full article

DARAG concludes reinsurance business transfer with Malta’s Axeria Re

15th September 2020

Legacy acquirer DARAG has concluded the transfer of reinsurance business with Axeria Re, part of the April Group, and the original insurer domiciled in France. The conclusion of this reinsurance transaction delivers economic, operational, and legal effect to Maltese reinsurance company, Axeria Re. The deal will be conducted via DARAG Malta Insurance ... Read the full article

R&Q to provide adverse development cover for RenRe’s Syndicate 1458

8th September 2020

Randall & Quilter Investment Holdings Ltd. (R&Q) said this morning that it has entered into an agreement with RenaissanceRe Syndicate Management Limited (RSML) that will see it reinsuring Casualty reserves from the 2009 to 2017 years of account for RenRe's Lloyd’s Syndicate 1458. This arrangement had been out for tender to ... Read the full article

P&C run-off provider Marco acquires UK non-life insurer from Allianz

25th August 2020

Marco Capital Holdings Limited, the recently launched European Property & Casualty run-off player, has announced its first deal after reaching an agreement to purchase British Reserve Insurance Company Ltd (BRIC) from Allianz. The transaction remains subject to regulatory approval, and, provides the basis of the company's regulated platform for future run-off ... Read the full article

Marco launches as P&C run-off specialist with €500m capital

21st August 2020

Marco Capital Holdings Limited, a new Malta-headquartered European Property & Casualty run-off solutions provider, has launched with €500 million in committed initial equity capital. The group, whose majority investor is US alternative investment management firm Oaktree, will pursue run-off opportunities located in/emanating from the Continental Europe, the UK and Lloyd's of London. Marco's initial committed ... Read the full article

Blue Capital Re sees Irma loss creep trigger aggregate ILW

18th August 2020

Blue Capital Reinsurance Holdings Ltd., a Bermuda-based holding company currently winding up its operations, has announced the notification of an aggregate catastrophe loss related to 2017's hurricane Irma. The collateralised reinsurer, which is owned by Sompo International Holdings, Ltd., has been in the process of being run-off and its shares liquidated ... Read the full article

Arig to cease writing reinsurance business

17th August 2020

Arab Insurance Group (Arig), a Bahrain-domiciled treaty and facultative reinsurance provider, is to cease writing reinsurance business and could look for a buyer to take over the firm while it's in run-off. After two downgrades from ratings agencies over a nine month period, the Central Bank of Bahrain uncovered “glaring ... Read the full article

R&Q finalises NationsBuilders acquisition

13th August 2020

A statement has been released by Randall & Quilter Investment Holdings Ltd. (R&Q) disclosing the completion of its acquisition of NationsBuilders Insurance Company (NBIC). Back in June, R&Q declared that it was entering into a stock purchase agreement to acquire NationsBuilders Insurance Company. Paul Corver, Group Head of M&A at R&Q, ... Read the full article

DARAG acquires auto & travel insurer Arisa

10th August 2020

Legacy acquirer, DARAG Group Limited has announced the acquisition of Arisa Assurances SA. Arisa is an automobile and travel insurance company based in Luxembourg and is a subsidiary of ADAC Versicherung AG. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and remains subject to regulatory ... Read the full article

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