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Run-off

DARAG strengthens core team with three senior appointments

7th September 2017

European run-off insurer DARAG has announced three senior appointments, naming Mike Trotman as new Chief Financial Officer (CFO) Alex Roth as Head of M&A and Jim Wilson as new Group Chief Actuarial Officer. The firm said the three appointments are key to the future of the Group and its position as ... Read the full article

Compre acquires AXA Insurance run-off legacy portfolio

4th September 2017

Re/insurance legacy specialist Compre has acquired a legacy portfolio of re/insurance in run-off from AXA Insurance for an undisclosed sum. The portfolio was initially underwritten by RW Gibbon & Son between 1962-1964; it's the 26th portfolio deal completed by Compre to date. Nick Steer, CEO of Compre, said; “I am extremely pleased ... Read the full article

Monument Re acquires Laguna Life DAC

31st August 2017

Monument Re has acquired Laguna Life DAC, the Irish life assurance operations of Enstar Group, subject to regulatory approval and satisfaction of closing conditions. The Class I Life assurance insurer, Laguna, was placed into run-off in November 2009 and became part of Enstar in 2011 prior to its acquisition. Manfred Maske, Group CEO ... Read the full article

Compre acquires Norwegian insurer Gjensidige’s legacy portfolio

21st August 2017

Independent reinsurance legacy specialist Compre has announced the acquisition of a legacy portfolio from major Norwegian insurer Gjensidige Forsikring ASA for an undisclosed sum. The legacy portfolio is made up of U.S. asbestos, pollution and health hazard (APH) risks underwritten between 1983 and 1985. Its purchase by Compre was structured as a loss portfolio ... Read the full article

Reports claim Generali is looking to sell its $50bn German life insurance portfolio

13th July 2017

Reports from Reuters claim that Italian insurer Generali is looking to sell its €44 billion (US$50 billion) German life insurance portfolio, as low-interest rates and more rigorous capital rules across Europe hinder operations. According to Reuters' sources close to the matter, Morgan Stanley is looking at options, which includes the sale ... Read the full article

Premia hails ability to “quickly & quietly deliver” complex reinsurance transactions

13th July 2017

Premia Holdings Ltd. Chief Executive Officer Bill O’Farrell has hailed the company's ability to "quickly and quietly deliver" on complex reinsurance transactions, such as the loss development reinsurance agreement the company completed with AmTrust recently. Premia Re was founded in January as a start-up Bermuda-based property & casualty insurance and ... Read the full article

R&Q completes acquisition of AstraZeneca Insurance

3rd July 2017

Randall & Quilter Investment Holdings has announced the completion of its acquisition of AstraZeneca Insurance Company, AZICO after receiving all necessary approvals from regulators. The global non-life insurer and legacy or run-off reinsurance solutions specialist intends to undertake a Part VII Transfer of AZICO's remaining insurance business to one of the Randall & ... Read the full article

Compre sets up Malta PCC for legacy deals

3rd July 2017

Independent insurance and reinsurance legacy or run-off transaction specialist Compre has established a protected cell company (PCC) in Malta, which it intends to use for transactions involving portfolios of discontinued non-life insurance and reinsurance business. Compre said this morning that it has received approval from the Maltese Financial Services Authority (“MFSA”) ... Read the full article

Former Sompo Canopius CEO named Chairman of run-off specialist, DARAG

29th June 2017

European specialist run-off insurer, DARAG, has announced that Stuart Davies has been appointed to succeed Claus Stenbaek as Chairman of the Group, effective immediately. Within the global insurance industry Davies most recently served as Group Chief Executive Officer (CEO) of Sompo Canopius, and was previously Managing Director of AEGIS London. He ... Read the full article

Aegon completes sale of two run-off businesses to Wilton Re

29th June 2017

Global insurance and financial services specialist Aegon has completed the sale of its two largest U.S. run-off insurance businesses to Wilton Re, the U.S. life reinsurance firm that specialises in the acquisition of in-force portfolios. In a transaction first announced back in May, Aegon has sold its payout annuity business ... Read the full article

R&Q assumes $43m in liabilities from California insurer in reinsurance contract

20th June 2017

Randall & Quilter Investment Holdings (R&Q) has written a loss portfolio transfer reinsurance contract to cover a California-based insurance group's livery, trucking, and contractors’ liability programme issued from 2007 to 2015. The deal includes R&Q assuming about $43 million in undiscounted liabilities as well as the carrier's claims handling. Ken Randall, Chairman ... Read the full article

Swiss Re appoints D’Andrea to Italy CEO, as Coletta takes EMEA run-off role

15th June 2017

Global reinsurance specialist Swiss Re has appointed Daniela Read the full article

Aegon selling its two largest US run-off businesses to Wilton Re

22nd May 2017

Global insurance and financial services specialist Aegon is selling its two largest U.S. run-off insurance businesses to Wilton Re, the U.S. life re/insurer that specialises in the acquisition of in-force portfolios. Aegon is selling its payout annuity business and Bank Owned / Corporate Owned Life Insurance business (BOLI/COLI), to Wilton Re, ... Read the full article

DARAG to acquire Sweden-based captive insurer Ikano Försäkring AB

7th April 2017

Run-off specialist DARAG is set to acquire Ikano Försäkring AB, a Stockholm-based European captive insurer and member of the Ikano Group - an international group of companies operating in finance, insurance, production, real estate and retail. DARAG has chosen not to reveal details of the transaction costs - the share purchase ... Read the full article

First run-off portfolio transfer insurer established in Rhode Island

28th March 2017

The first insurance license allowing a company to undertake run-off portfolio transfer solutions has been granted in Rhode Island, a first for the state. ProTucket Insurance Company has been granted a license that sees it become the first Rhode Island domestic insurer established specifically for providing run-off portfolio transfer solutions, thanks ... Read the full article

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