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.
SOBC DARAG’s Peachtree completes first assumption of legacy business
26th June 2019
SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced that Peachtree Casualty Insurance Company has completed its first assumption of legacy business. Peachtree, which was acquired by SOBC DARAG in November 2018, will also look to complete more assumption of legacy ... Read the full article
Tokio Marine Kiln’s UK insurer to be placed into run-off
20th June 2019
It's been announced that Tokio Marine Kiln Insurance (TMKI), the UK insurance operation of Tokio Marine Kiln, as well as portfolios of UK property, liability, marine, and engineering risks currently underwritten through TMKI, will be placed into run-off. Effective July 1st, 2019 TMKI will stop accepting new business, with the exception ... Read the full article
Compre completes trio of run-off acquisitions
14th June 2019
Insurance and reinsurance legacy specialist, Compre has signed three transactions involving the share of the Gibbon Pools held by Basler Versicherung AG (Baloise), Helvetia Swiss Insurance Company Ltd. (Helvetia), and an undisclosed European insurance group. Under the transactions, Compre has acquired each company's shares of the Gibbon Pools, which is made ... Read the full article
Generali to sell UK life run-off portfolio to Reinsurance Group of America
24th May 2019
Italian insurer Generali has entered into an agreement with Reinsurance Group of America (RGA) for the sale of the life run-off portfolio of its UK branch. As part of the transaction, Generali has signed a reinsurance contract that will cover all claims payments arising from most of the legacy business, with ... Read the full article
Closed book deals to drive consolidation in European sector: Moody’s
23rd May 2019
Moody’s Investors Service expects to see further consolidation in the European re/insurance sector, driven in particular by an uptick in closed book deals as low interest rates continue to pressure margins. Analysts noted that low interest rates have pressured margins on UK annuities and German traditional savings products with guaranteed rates. Therefore, ... Read the full article
Activity in the European insurance run-off market to increase, says S&P
21st May 2019
International financial services rating agency, S&P Global Ratings, expects stable to gradually increasing activity in Europe's property and casualty (P&C) run-off market. More so for longer tail lines, S&P expects annual growth in liabilities in run-off of between 1% and 2% until the year 2020. Over the next few years, the ratings ... Read the full article
AIG working on sale or deconsolidation of legacy play Fortitude Re
17th May 2019
Global primary insurance giant AIG is actively working on some kind of a sale or deconsolidation of the legacy book and run-off play Fortitude Re, as it seeks to go further than a simple separation of the start-ups operating model from the parent. AIG officially launched the legacy and run-off ... Read the full article
DARAG completes acquisition of DONAU’s Italian portfolio
3rd May 2019
Legacy acquirer DARAG Group Limited has announced that its acquisition of the Italian portfolio of DONAU Versicherung AG has been approved by the Austrian financial authority, Finanzmarktaufsicht (FMA). The purchase agreement was initially signed in December 2018, and now, with the approval of the Italian Istituto per la vigilanza sulle assicurazioni, DARGA has ... Read the full article
Enstar to reinsure $500m US asbestos portfolio for Zurich
17th April 2019
A subsidiary of Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has signed an agreement with a subsidiary of global insurer Zurich that will see it reinsure a book of US asbestos and environmental liability insurance portfolios. Roughly $500 million of gross insurance reserves related to 1986 and prior ... Read the full article
Monument Re acquires €140mn annuities portfolio from Rothesay Life
1st April 2019
Bermudian reinsurer Monument Re has entered into an agreement to acquire a €140 million portfolio of Irish annuities from Rothesay Life Plc. Rothesay Life explained that it was looking to offload the portfolio ahead of Brexit to ensure it meets all legal requirements, whatever the outcome of the ongoing negotiations. The acquisition ... Read the full article
Monument Re completes acquisition of Robein Leven
25th March 2019
Bermuda-based reinsurer Monument Re has announced the completion of its acquisition of Robein Leven N.V. from Amerborgh Financial Services B.V. Monument Re acquired the Dutch insurer and its subsidiaries following receipt of regulatory approval by the De Nederlandsche Bank (DNB). First announced in July 2018, Monument Re previously stated that the ... Read the full article
Charles Taylor details run-off plans for Syndicate 1884
21st March 2019
Charles Taylor Managing Agency (CTMA) has provided details of its run-off plan for Syndicate 1884, which stopped writing business in January 2019 after its major capital provider withdrew support following the Lloyd’s Performance Management Directorate last year. CTMA is looking to close the Syndicate 1884 book at the end of ... Read the full article
Enstar completes four reinsurance-to-close deals with AmTrust Syndicates
15th February 2019
Enstar Group Limited has announced that its Lloyd's of London managing agency, Syndicate 2008, has completed four reinsurance-to-close transactions for the 2016 and prior years of accounts of Syndicates 1206, 1861, 2526, and 5820, which are managed by AmTrust Syndicates Limited. According to an announcement, these transactions were completed on February ... Read the full article
R&Q looks to fund growth with £107m capital raise
7th February 2019
Randall & Quilter Investment Holdings Ltd. (R&Q), a Bermuda-based specialist non-life insurance and reinsurance investor, has raised approximately £100 million in an effort to support growth and assist in maintaining the AM Best credit and financial strength ratings of the Accredited companies. The capital raise features the placement of over 65 ... Read the full article
Fleming Re completes first run-off transaction
7th January 2019
Bermuda-based class 3A insurance company, Fleming Reinsurance Ltd., has announced the completion of its first run-off transaction with the novation of all liabilities from Cayman-based captive insurer United SPC Segregated Portfolio #4. According to an announcement, Fleming Re has acquired all the outstanding P&C liabilities from Sequre Underwriters, and, the preferred ... Read the full article
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