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.
DARAG forms joint venture with SOBC, announces first U.S acquisition
13th August 2018
European legacy acquirer DARAG has announced the formation a joint venture with run-off specialist SOBC Sandell, to facilitate an expansion into the U.S and Bermuda/Caribbean run-off markets. Concurrently, SOBC DARAG has confirmed the acquisition of Peachtree Casualty Insurance Company - a Florida-domiciled non-standard auto insurer in run-off - expected to close ... Read the full article
AXA’s legacy arm acquires majority stake in Emirates Re
17th July 2018
Specialist run-off acquirer and manager AXA Liabilities Managers has signed its 19th acquisition on the external market with the purchase of a majority stake in Dubai-headquartered Emirates Re. “We are delighted to pursue our external development with the acquisition of Emirates Re,” said Sylvain Villeroy de Galhau, Chief Executive Officer (CEO), ... Read the full article
AXA Liabilities Managers acquires Gothaer Re run-off portfolio
10th July 2018
AXA Liabilities Managers has acquired the reinsurance portfolio of Gothaer Group, which has been in run-off since Gothaer Re ceased trading in 2004. The deal was confirmed following approval by the German Federal Financial Supervisory Authority on June 26, with Guy Carpenter having supported Gothaer at all stages in the transaction process. Guy ... Read the full article
Generali Leben sale to signal rise in German run-off deals: Fitch Ratings
9th July 2018
Fitch Ratings has declared the recent €1 billion sale of Generali Leben - a company with traditional-business reserves of approximately €37 billion - to Viridium the largest run-off deal in Germany to date. Fitch says the deal reinforces its expectations that disposal of closed funds is to become a growing ... Read the full article
Rhode Island run-off Bill to signal new jobs & millions in capital: Pro Global MD
4th July 2018
Pro Global's Managing Director, Mory Katz, has said the new amendments to Rhode Island’s run-off Bill designed to make run-off transactions easier to execute, "has the potential to ignite economic development and bring hundreds of millions in capital," to the State. The amendments to Rhode Island's Voluntary Restructuring of Solvent Insurers Law ... Read the full article
Monument Re acquires €500m run-off portfolio from Metlife Europe DAC
21st June 2018
Bermudian reinsurer Monument Re has announced the acquisition of a run-off portfolio consisting of linked and traditional life insurance business from Ireland-domiciled Metlife Europe DAC. Monument Re is to act as a reinsurance vehicle for the deal initially, with the risk portfolio ultimately set to be transferred to its subsidiary Laguna ... Read the full article
2017 losses unmasked broader reinsurance price inadequacy: KBW
20th June 2018
The major hurricane and catastrophe losses of 2017 while not sufficient to significantly boost property catastrophe reinsurance rates, have unmasked the inadequacy of pricing more broadly across the sector, according to analysts. Reinsurance pricing did respond to the losses of 2017, but increases seen at the key January reinsurance renewals ... Read the full article
LCCG to acquire Equitable Life’s in run-off business
15th June 2018
Life Company Consolidation Group (LCCG) has signed an agreement with The Equitable Life Assurance Society to transfer the company and all of its business to Reliance Life Limited, a specialist UK run-off manager established by LCCG. The proposed transaction will maximise the capital distribution to members by converting Equitable Life’s ‘with ... Read the full article
General Electric looks to sell failing insurance business
25th May 2018
General Electric Co (GE) has been working with investment bankers to explore ways to shed its struggling insurance business, amid shareholder lawsuits and an investigation by U.S regulators, according to sources at Reuters. In January, GE announced that it would take a $6.2 billion after-tax charge and set aside a further ... Read the full article
DARAG and New Nordic conduct first transaction under new partnership
14th May 2018
DARAG, the European legacy acquirer, and New Nordic Advisors, a London-based investment management company, are to conduct their first transaction following the formation of a strategic partnership in March 2018. This first transaction will see the partners acquire two portfolios of Qudos Insurance A/S, which New Nordic gained control of ... Read the full article
Catalina reinsures U.S. P&C legacy portfolio for Arch
24th April 2018
Bermuda domiciled insurer and reinsurer, Arch Reinsurance Ltd. (Arch) has entered into a reinsurance transaction with Catalina Holdings (Bermuda) Ltd subsidiary, Catalina General Insurance Ltd (Catalina), which sees the latter assume a portfolio of U.S. property & casualty (P&C) liabilities in run-off from Arch. The U.S. P&C legacy portfolio assumed by ... Read the full article
Monument Re acquires run-off portfolio from Ethias S.A.
17th April 2018
Monument Re has announced an agreement that will see it acquire a run-off portfolio of flexible premium retail life insurance contracts from Belgian insurer Ethias S.A., known as the First A Portfolio. The portfolio will be taken over by Laguna Life DAC, an Irish domiciled re/insurer and wholly owned subsidiary of ... Read the full article
Monument Re completes acquisition of ABN AMRO life run off vehicle
28th March 2018
Monument Re, a Bermuda Class E reinsurer that specialises in acquisitions of run-off, closed and asset-intensive insurers, has completed the acquisition of ABN AMRO Life Capital Belgium (AALCB) following receipt of regulatory approval by the National Bank of Belgium. AALCB has now been renamed Monument Assurance Belgium N.V. Manfred Maske, Group Chief ... Read the full article
Trebuchet (Armour) leads on acquisition of BICO’s legal expense insurance business
12th March 2018
Trebuchet Group Holdings Limited, an investment vehicle owned by the founders and principals of Bermudian insurance and reinsurance services, investing, run-off and legacy specialists Armour Group, is leading the acquisition of a controlling interest in the legal expense insurance business of Canadian firm BICO Risk Management Inc. A consortium led by ... Read the full article
AIG sets up legacy reinsurance unit, as it takes $6.7bn tax act charge
9th February 2018
Insurer American International Group (AIG) announced its results yesterday, revealing continuing issues with legacy business, resulting in another reserve charge, but also the launch of a Bermudian legacy reinsurance platform. The insurer also announced a one-off charge of $6.7 billion related to the enactment of the Tax Cuts and Jobs Act, ... Read the full article