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Catalina completes $700m equity capital raise, shareholder structure finalised

11th October 2018

Bermuda-headquartered Catalina Holdings has closed a $700 million equity capital raise and concluded its shareholder restructuring following receipt of regulatory approvals. Following completion of the transaction, affiliates of Apollo Global Management, together with its consolidated subsidiaries, have become majority shareholders of Catalina, with RenaissanceRe becoming a minority shareholder alongside Catalina’s management. As ... Read the full article

Monument Re completes acquisition of Ethias S.A run-off portfolio

3rd October 2018

Monument Re has announced the completion of its acquisition of a run-off portfolio of flexible premium retail life insurance contracts from Belgian insurer Ethias S.A, known as the FIRST A Portfolio. The deal was first announced in April 2018 and saw Monument Re take over the portfolio via its wholly ... Read the full article

R&Q’s Accredited acquires MPS Risk Solutions for £16mn

21st September 2018

Randall & Quilter Investment Holdings Ltd. (R&Q) has announced that its wholly owned subsidiary, Accredited Insurance (Europe) Limited, has agreed to acquire the entire issued share capital of MPS Risk Solutions Limited (MPSRS) from its owners, The Medical Protection Society Limited (MPS), for £16 million. MPSRS was formed in January 2004 ... Read the full article

R&Q on track to substantially exceed profit expectations in 2018

20th September 2018

Specialist non-life insurance and reinsurance investor, legacy or run-off transaction service provider and underwriting manager, Randall & Quilter Investment Holdings Ltd. (R&Q), has reported that its first-half 2018 pre-tax profits increased by 40% year-on-year, with full-year profits expected to "substantially exceed market expectations". The firm's solid performance in the first-half of the ... Read the full article

Premia Holdings acquires Alan Gray LLC

13th September 2018

Bermuda-based property & casualty insurance and reinsurance run-off group, Premia Holdings Ltd., has announced the acquisition of Alan Gray LLC, an international claims, audit and risk management advisory firm. Alan Gray was established in 1988 as a claims and audit advisory firm, and offers its clients claims administration and audit services, actuarial, underwriting, ... Read the full article

U.S run-off carrier ProTucket launches first cell, funded by Swiss Re

11th September 2018

Pro U.S Holdings has made a capital contribution of $35 million to its subsidiary ProTucket Insurance Company, a U.S insurance carrier that provides run-off transfer solutions in the U.S, with funding obtained from Swiss Re. The capital injection was provided to allow ProTucket to meet the minimum capital requirements for it ... Read the full article

AXA Liabilities Managers acquires SOVAG run-off portfolio

10th September 2018

Specialist run-off acquirer and manager, AXA Liabilities Managers (LM), have acquired the run-off portfolio of Schwarzmeer Und Ostsee Versicherungs-AG (SOVAG), a Hamburg-based re/insurance company. The book is reported to total €85 million in gross outstanding reserves and consist of Inward Reinsurance Business and Direct Business. “We are very satisfied that we were ... Read the full article

Enstar to acquire Maiden Re North America for $307.5mn

31st August 2018

Bermuda based insurance, reinsurance, run-off and legacy transaction specialist Enstar Group Limited has announced that it has entered into an agreement to acquire Maiden Re North America from a subsidiary of Maiden Holdings for a total consideration of $307.5 million. Domiciled in Missouri, Maiden Re North America is a diversified insurance ... Read the full article

Inadequate reinsurance pushes Ashmere Insurance into voluntary run-off

30th August 2018

Small, Florida-based insurer, Ashmere Insurance Company (AIC), has placed itself into voluntary run-off after learning on the 1st of June, 2018 that it could not renew its reinsurance treaties. Absent adequate reinsurance protection, the insurer placed itself into run-off by ceasing to write new business or renew expiring policies. The company, which ... Read the full article

James Halley named Group CFO of DARAG

16th August 2018

Legacy acquirer DARAG has announced the appointment of James Halley as Group Chief Financial Officer (CFO), effective September 3rd, 2018. Halley replaces Mike Trotman, whose role was to deliver a recently completed €260 million capital raise with Aleph Capital Partners and Crestview Partners, and follows the appointment of Tom Booth as CEO. He ... Read the full article

R&Q hires Darren Bailey to develop run-off and legacy business

15th August 2018

Randall & Quilter (R&Q) has added Darren Bailey to its Mergers & Acquisitions (M&A) Business Development team, where he will be tasked with helping to develop the company’s run-off and legacy transactions. Bailey will develop solutions that support R&Q’s innovative approach to the legacy insurance and reinsurance investments sector, and which ... Read the full article

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

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