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.
Compre announces second legacy reinsurance transaction with AG Insurance
8th November 2019
Legacy specialist Compre has announced the signing of agreements to transfer an inwards reinsurance portfolio from Belgian insurer AG Insurance SA, for an undisclosed sum. The transaction involves the transfer of a portfolio comprised of business in run-off across numerous lines and territories, predominantly U.S. The legacy portfolio transfer is the firm's ... Read the full article
Vibe places Syndicate 5678 into run-off
8th November 2019
Vibe Syndicate Management has announced that Syndicate 5678 at Lloyd’s will be placed into run-off from December 31, 2019. CEO Joe England explained that Vibe had been unable to secure the support it needed to grow the Lloyd’s platform to an adequate scale. “It was with considerable regret that our board reached ... Read the full article
Enstar acquires legacy asbestos & environmental liabilities
30th October 2019
Bermuda-based re/insurance, run-off and legacy specialist, Enstar Group Limited, has announced that its Enstar Holdings (US) LLC division has acquired BorgWarner Morse TEC, LLC (Morse TEC) from BorgWarner Inc. This the second time that Enstar has purchased a non-insurance company, following its $91.5 million acquisition of Dana Companies, LLC for ... Read the full article
RiverStone acquires two Cayman-based captives
30th October 2019
Legacy specialist RiverStone has announced the acquisitions of GMPCI Insurance Company, Ltd. and Seaside Indemnity Alliance Company, Ltd., which are both Cayman-based captives. Seaside Indemnity Alliance was established in 2013 in order to assume hospital and physician professional liabilities. GMPCI Insurance was launched in 2005 to provide insurance to anaesthesiologists, certified registered ... Read the full article
Karl Wall launches new reinsurance run-off provider, The Carrick Group
21st October 2019
Karl Wall, who previously served as President and Chief Executive Officer (CEO) of Enstar (US) Inc., has announced plans to launch a new international non-life legacy business called The Carrick Group. The Carrick Group will initially be based in the U.S., UK, and Bermuda, and will provide reinsurance and run-off management ... Read the full article
Legacy market set to go “from strength to strength”: DARAG’s Tom Booth
18th October 2019
The legacy re/insurance market is gearing up for further growth and is ready to go “from strength to strength,” according to Tom Booth, Chief Executive Officer (CEO) at DARAG. Speaking in an interview with Reinsurance News, Booth said that legacy re/insurers continue to enjoy an “active, vibrant marketplace” with no shortage ... Read the full article
Enstar completes $500mn reinsurance transaction with Zurich NA
2nd October 2019
Bermuda domiciled re/insurance, run-off and legacy specialist Enstar Group, has announced that one of its wholly-owned subsidiaries has completed a transaction to reinsure a book of US asbestos and environmental liability insurance portfolios of Zurich North America. The transaction, which saw Enstar's subsidiary assume gross insurance reserves of roughly $500 million ... Read the full article
AXA LM acquires Munich Re Malaysia’s non-life legacy portfolio
19th September 2019
AXA Liabilities Managers (AXA LM), the non-life re/insurance legacy arm of AXA, has completed the acquisition of the non-life legacy portfolio of Munich Re Malaysia. The portfolio transfer is effective from October 1st, 2019 and was made through AXA LM's fund, AXA DBIO II, which invests in run-off portfolios and firms. The ... Read the full article
Opportunities ahead for expanding legacy market, but caution needed: IRLA
3rd September 2019
The legacy market continues to show an uptick in both deal size and volume, with many promising opportunities ahead, but re/insurers also need to exercise restraint to ensure they aren’t pushing for transactions at unrealistic levels. This is according to directors at the Insurance & Reinsurance Legacy Association (IRLA), who sat ... Read the full article
DARAG names James Insley CFO, as Halley departs
21st August 2019
Legacy acquirer DARAG Group Limited has announced the appointment of James Insley as Group Chief Financial Officer (CFO), effective from September 2. He will succeed outgoing CFO James Halley, who is due to leave the business in mid-September. Insley joins DARAG from the Warranty Group, where he most recently served as European ... Read the full article
Enstar completes Maiden’s ADC reinsurance deal for AmTrust business
6th August 2019
Enstar Group Limited has now completed the adverse development cover (ADC) reinsurance agreement with Maiden Holdings that covers a quota share arrangement between Maiden Re and AmTrust Financial Services. Enstar's Bermuda operating company Cavello Bay Reinsurance Limited has effected the adverse development cover reinsurance transaction with Maiden Reinsurance Ltd. Maiden ... Read the full article
DARAG in legacy portfolio transfer with German re/insurer SOVAG
5th August 2019
Legacy acquirer DARAG Group Limited has announced a new Portfolio Transfer Agreement with German insurer and reinsurer, SOVAG. The legacy book, which comprises direct insurance and inwards reinsurance business, will be transferred to DARAG's German subsidiary, DARAG Versicherungs- und Ruckversicherungs-AG. The legacy portfolio transfer is part of SOVAG's ongoing restructuring, and DARAG ... Read the full article
SOBC DARAG expands with new Bermuda office
1st August 2019
SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced the significant expansion of its Bermuda and U.S operations with the launch of its new Bermuda office. The firm's new Bermuda subsidiary will be fully operational from the 1st of August, 2019 and will ... Read the full article
Reputation of the vibrant, claims-focused run-off market is growing: RiverStone
29th July 2019
The insurance and reinsurance run-off sector has matured into a healthy, vibrant, claims-focused marketplace, supported by a growing reputation, according to legacy specialist RiverStone. The RiverStone Group is a Fairfax company that specialises in the management of legacy and run-off re/insurance businesses and portfolios. As of the end of March 2019 ... Read the full article
Blue Capital Re announces run-off of all liabilities and in-force portfolio
26th July 2019
The Board of Directors of Blue Capital Reinsurance Holdings Ltd. has announced that, after considering strategic alternatives, it's been decided to stop all active operations and pursue an orderly run-off. The firm is to pursue the run-off of all of its liabilities and in-force portfolio and return capital to shareholders as ... Read the full article
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