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.
Enstar closes purchase of Great Lakes, HSB run-off portfolios
3rd July 2020
Legacy acquirer Enstar Group has announced that one of its wholly-owned subsidiaries has acquired certain portfolios from the Australian branches of Great Lakes Insurance SE and HSB Engineering Insurance Limited, both part of Munich Re group. This deal was first announced late last year and was described as primarily consisting of long ... Read the full article
DARAG completes transfer of Zurich’s German A&E PI portfolio
1st July 2020
Legacy acquirer DARAG Group Limited has completed the previously announced acquisition of Zurich Insurance's German architects and engineers (A&E) professional indemnity insurance (PI) portfolio. The legal transfer of the portfolio to DARAG's German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, structured initially as an LPT or retrospective reinsurance, has now received ... Read the full article
Fleming Re announces novation of legacy liabilities from Duarte Nursery
1st July 2020
Run-off provider Fleming Reinsurance Ltd. (Fleming Re) has announced that it recently completed the novation of the workers compensation deductible layer of Duarte Nursery, Inc. Duarte Nursery is a family owned and operated nursery located near Modesto in California. It's the largest permanent crops nursery in the U.S. and has a ... Read the full article
Compre eyes growth with launch of Class 3A reinsurer in Bermuda
24th June 2020
Compre, the independent specialist legacy acquirer, has received regulatory approval in principle to establish a Class 3A reinsurer in Bermuda. Over the coming weeks, Compre is set to work with the Bermuda Monetary Authority (BMA) to finalise the registration and licensing of the reinsurer. The company says that this new platform will ... Read the full article
Call for Watford to be sold as reinsurer falls “horribly short of expectations”
19th May 2020
In a recent letter, the principal of investment firm Capital Returns Management, Ronald Bobman, has called for Bermuda-based reinsurer Watford Holdings Ltd to consider selling itself, potentially to a runoff specialist. A letter that was sent on Friday highlighting unprofitable underwriting returns and poor investment results at the company, called for ... Read the full article
Enstar posts $516.8mn Q1 loss as COVID-19 dents investment portfolio
8th May 2020
Enstar Group Limited recently announced a net loss of almost $517 million for the opening quarter of 2020, driven by $612.6 million of unrealised investment losses owing to COVID-19 related financial market turmoil. Enstar's sizeable Q1 2020 net loss compares with net earnings of $358.8 million reported in the first-quarter of ... Read the full article
Enstar CFO Guy Bowker to resign
15th April 2020
Legacy acquirer Enstar Group Limited has announced that its Chief Financial Officer (CFO) and principal accounting officer, Guy Bowker, has informed the company of his intention to resign. Enstar states that Bowker will remain with the firm for an extended period (expected to be until March 2021) in order to ensure ... Read the full article
Enstar to reinsure $465mn of Lyft’s legacy automobile business
1st April 2020
A wholly owned U.S. subsidiary of legacy acquirer Enstar Group Limited has entered into a novation agreement with affiliates of ridesharing company Lyft, Inc. and certain underwriting companies of Zurich North America, a division of global insurer Zurich. Under the terms of the novation agreement, Enstar will reinsure legacy automobile business ... Read the full article
Catalina Holdings takes control of Asia Capital Re
31st March 2020
Bermuda-based insurance and reinsurance run-off and legacy specialist, Catalina Holdings, has completed its previously announced acquisition of Singapore headquartered reinsurer, Asia Capital Reinsurance Group Pte. Ltd. The change of control of the Asian reinsurer is effective March 31st, 2020 and marks the completion of Catalina's first acquisition in Asia, with ... Read the full article
AXA LM acquires reinsurance portfolio from German unit
28th February 2020
AXA Liabilities Managers (AXA LM), a division of AXA and an acquirer and manager of legacy re/insurance business, has received regulatory approval for the acquisition of a legacy assumed treaty reinsurance portfolio from AXA Versicherung AG. German regulator BaFin gave the green light for AXA LM to move ahead with the ... Read the full article
RiverStone assumes reinsurance portfolio from Aioi Nissay Dowa
26th February 2020
RiverStone, the insurance run-off management firm owned by Fairfax, has assumed a portfolio of reinsurance business from the UK branch of Aioi Nissay Dowa Insurance Company, Ltd (ADI). The portfolio was transferred under Part VII of the Financial Services and Markets Act 2000 and is effective from January 31, 2020. The UK ... Read the full article
Premia Re assumes risks from two Lloyd’s syndicates in Q4
25th February 2020
Bermuda-based property & casualty re/insurance run-off group Premia Holdings assumed risks from two Lloyd’s of London syndicates in the fourth quarter of 2019. The previously undisclosed deals were acknowledged by Kroll Bond Rating Agency (KBRA) in its recent assessment of the company, which had its financial strength rating confirmed as A-. The ... Read the full article
DARAG bolsters UK presence with two acquisitions
12th February 2020
Legacy specialist DARAG Group Limited has completed its acquisition of The Underwriter Insurance Company Limited, and also its Sale and Purchase Agreement with One Re Ltd. Both transactions were completed via DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, the legacy specialist's German operation. The Underwriter, which is a UK domiciled company that is in ... Read the full article
SCOR’s Channel Syndicate completes RITC transaction with RiverStone
11th February 2020
The Channel Syndicate at Lloyd’s of London, which is part of global re/insurer SCOR’s Specialty Insurance platform, has completed its reinsurance to close (RITC) transaction with legacy specialist, RiverStone. Effective January 1st, 2020 the transaction covers the 2017 and prior years of account of Syndicate 2015. First announced in November of ... Read the full article
AXA LM acquires RenRe’s UK run-off business
4th February 2020
AXA Liabilities Managers (AXA LM), a division of AXA and an acquirer and manager of legacy re/insurance business, has announced an agreement to acquire RenaissanceRe (UK) Limited from Bermuda-based reinsurer, RenaissanceRe Holdings Ltd. RenaissanceRe (UK) Limited, a company in run-off, was formerly known as Tokio Millennium Re (UK) Limited, and ... Read the full article
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