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.

Brit closes $380m loss portfolio transfer with RiverStone International

18th November 2021

Specialty insurer and reinsurer Brit Ltd has announced the completion of a loss portfolio transfer (LPT) agreement with run-off specialist RiverStone International (RiverStone). The deal is for predominantly legacy years of account on certain classes and certain discontinued classes of business underwritten by Brit Syndicate 2987 and is effective from 1 ... Read the full article

Markel to wind down retro ILS fund manager Lodgepine

16th November 2021

Markel Corporation has announced it will be winding down Lodgepine Capital Management Limited, its Bermuda-based retrocessional insurance-linked securities (ILS) fund manager. Markel launched Lodgepine in 2019, with product offerings focused on property catastrophe retrocessional investments. Within the past year, the ILS fund manager wrote a portfolio of property retrocessional business that consisted ... Read the full article

R&Q seeks to add takeover provisions to bye-laws, sparking rumours

12th November 2021

Randall & Quilter Investment Holdings Ltd. (R&Q), the non-life legacy and run-off insurance, programme management and investments specialist, is seeking shareholder approval to amend its Bye-laws to add certain takeover provisions that it says will protect shareholders. It's particularly interesting, as it has sparked discussion among sources that R&Q has been ... Read the full article

Run-off group Marco acquires Capita’s insurance operations

2nd November 2021

Marco Capital Holdings Limited, the European P&C insurance run-off group, has expanded its headcount to more than 300 insurance specialists via the acquisition of Capita plc's insurance businesses, Capita Commercial Insurance Services (CCIS) and Capita Managing Agency (CMA). Launched in August of last year and headquartered in Malta, Marco is a ... Read the full article

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

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