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.

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

Swiss Re acquires Champlain Re in legacy deal

18th February 2022

Reinsurance giant Swiss Re has acquired Champlain Reinsurance Company (Champlain Re), a Swiss based run-off reinsurance captive of Alcan Holdings Switzerland AG, a member of Rio Tinto Alcan, in a legacy transaction. Champlain Re's remaining reinsurance liabilities consist mainly of General Liability and Workers’ Compensation exposures of the Rio Tinto Alcan ... Read the full article

David Rocke to lead RiverStone International’s Bermuda office as MD

8th February 2022

Legacy reinsurance and run-off specialist, RiverStone International, has announced the appointment of David Rocke as Managing Director (MD) of its new Bermuda office. Effective February 1st, 2022, Rocke joined RiverStone International in Bermuda from his most recent role as Executive Vice President of M&A at Enstar. He's been based in Bermuda since ... Read the full article

BMS Re facilitates ADC for AMS RRG reinsured by Genesis

1st February 2022

Reinsurance broker BMS Re acted as the broker for a legacy reinsurance transaction between its long-standing client, Applied Medico- Legal Solutions Risk Retention Group (AMS RRG) and a subsidiary of Genesis Legacy Solutions. The legacy transaction is an adverse development cover (ADC) reinsured by a subsidiary of Genesis Legacy Solutions, which ... Read the full article

Marco’s RITC Syndicate 1254 at Lloyd’s approved to write business

1st February 2022

European property and casualty (P&C) run-off group, Marco Capital Holdings Limited, has reported that the specialist Lloyd's re/insurance market has granted its RITC Syndicate 1254 permission to write business. Marco Capital was granted ‘in principle’ approval to launch a reinsurance-to-close (RITC)/run-off syndicate at Lloyd's in October 2021. The formal approval process ... Read the full article

Enstar raises $500m in subordinated debt issuance

13th January 2022

A subsidiary of legacy specialist, Enstar Group Limited, has raised $500 million through the offering of Fixed-Rate Reset Junior Subordinated Notes. Enstar Finance LLC priced $500 million aggregate principal amount of 5.500% Fixed-Rate Reset Junior Subordinated Notes due 2042, fully and unconditionally guaranteed, on a junior subordinated basis, by its parent. The ... Read the full article

Fortitude Re set for growth with launch of multi-line reinsurer & U.S. platform

6th January 2022

Fortitude Re has announced the formation of a new Bermuda multi-line reinsurer and the acquisition of a U.S. life insurer, as its subsidiary obtains Reciprocal Jurisdiction Reinsurer status. Established in 2018 by international insurer AIG and global alternative asset manager, The Carlyle Group, Fortitude Re was originally set up to ... Read the full article

Fortitude Re finalises acquisition of AIG’s legacy insurance businesses

5th January 2022

Fortitude Group Holdings, LLC, the parent of Bermuda-based reinsurer Fortitude Re, has now completed its takeover of AIG's legacy insurance businesses following the acquisition of Fortitude Life & Annuity Solutions, Inc. (FLAS) and Fortitude P&C Solutions, Inc. (FPCS). It was announced in late November 2019 that the Carlyle Group and ... Read the full article

DARAG Bermuda in second novation agreement with Cayman reinsurer

31st December 2021

Legacy acquirer DARAG has concluded the second novation agreement with a Cayman reinsurer to provide finality for its US liability books. The transaction has been written into DARAG Bermuda and is the second completed novation with this Cayman based reinsurer for newer years. The first agreement was announced in September last ... Read the full article

Premia targets European run-off growth, completes latest acquisition

29th December 2021

Bermuda domiciled reinsurance run-off group, Premia Holdings has completed the acquisition of Navigators Holdings (Europe) NV and its associated companies from The Hartford. The associated companies included in the acquisition are Assurances Continentales – Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxembourg, known collectively as ASCO, both of ... Read the full article

Canopius and RiverStone complete $780mn LPT

29th December 2021

Specialty re/insurer Canopius Group has completed a loss portfolio transfer (LPT) agreement with legacy and run-off specialist, RiverStone International. The arrangement covers discontinued lines of insurance business underwritten by Syndicates owned by Canopius. Under the agreement, RiverStone's Syndicate 3500 indemnifies the reinsurer against potential losses in respect of net liabilities valued at ... Read the full article