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 announces Loss Portfolio Transfer deal with Soteria
26th March 2025
Legacy acquirer DARAG Group has signed an agreement with UK-based insurer Soteria Insurance Limited (SIL), formerly the underwriting arm of the Co-operative Group. Under the Loss Portfolio Transfer (LPT), DARAG Deutschland AG will reinsure a portfolio of UK commercial policies in run-off written by SIL, previously known as CIS General Insurance ... Read the full article
Enstar agrees $196m LPT with Atrium for discontinued portfolios
14th January 2025
Legacy specialist Enstar Group Limited's Lloyd's Syndicate 2008 has agreed a $196 million ground-up loss portfolio transfer (LPT) with Atrium Syndicate 609, relating to business underwritten in the 2023 and prior years of account. This LPT transaction involves Atrium Syndicate 609's discontinued portfolios, comprised of marine treaty reinsurance, property treaty reinsurance, ... Read the full article
DARAG acquires run-off portfolio from wefox Insurance AG
14th January 2025
Legacy acquirer DARAG Group and wefox Insurance AG, the Liechtenstein-based insurer of wefox Group, have announced the transfer of a run-off portfolio, which includes Motor Damage, Third Party Liability, Private Liability, and Property business across Germany, Italy, and Switzerland. This transfer is part of the previously announced sale of wefox ... Read the full article
Enstar completes $75m legacy reinsurance agreement with James River
24th December 2024
The previously announced $75 million adverse development cover (ADC) reinsurance agreement between a wholly owned subsidiary of legacy player Enstar Group and certain subsidiaries of Bermuda-domiciled insurance holding company, James River Group Holdings, has been completed following receipt of the relevant regulatory approval and satisfaction of the other closing ... Read the full article
Enstar enters into additional $75m legacy reinsurance agreement with James River
12th November 2024
A wholly owned subsidiary of legacy player Enstar Group has entered into a $75 million adverse development cover (ADC) reinsurance agreement with certain subsidiaries of Bermuda-domiciled insurance holding company, James River Group Holdings. Under the terms of the agreement, Enstar will provide the $75 million of limit in excess of the ... Read the full article
Resurgence in legacy deals in Q3’24, reports PwC
8th November 2024
The third quarter of 2024 saw a significant rise in non-life insurance run-off deals, with 15 transactions—almost double the number in the first half of the year—bringing the total to 23 for the year so far, according to a recent PwC report. PwC highlights that North America was the most active ... Read the full article
Legacy market remains strong with North America leading bounceback: PwC
9th September 2024
Despite an unsettled 12 months, recent deal activity heavily suggests that the market for legacy transactions remains strong, with the North American market in particular showing resilience, bouncing back after a quiet 2023. A new analysis from PwC shows that the 13 North American deals involving over $3 billion of liabilities ... Read the full article
Legacy carriers integral to the insurance landscape, says IRLA Chairman
6th September 2024
The legacy insurance market is evolving, with the strongest players continuing to adapt and thrive, reinforcing their critical role in the global re/insurance industry, says Kevin Gill, Chairman of the Insurance & Reinsurance Legacy Association (IRLA). Speaking ahead of the Monte Carlo Rendez-Vous, Gill emphasised that legacy carriers are becoming essential ... Read the full article
Legacy liability venture Sophrosyne Partners launches
4th September 2024
A new vehicle called Sophrosyne Partners LLC has been launched to provide European and North American corporates with finality solutions, designed to benefit all stakeholders in the liability chain. Sophrosyne has been founded by legacy liability management professionals, who have a combined more than five decades of relevant experience. The venture will ... Read the full article
Enstar reports $126m net income with ROE of 2.5% in Q2’24
30th July 2024
Global insurance group Enstar has reported net earnings of $126 million for the second quarter of 2024, a substantial increase from $21 million in Q2 2023. The company's return on equity (ROE) improved to 2.5% this quarter, compared to 0.5% from the previous year, while adjusted ROE was 2.9% for the ... Read the full article
Global non-life run-off reserves exceed $1 trillion for first time: PwC UK
27th March 2024
As per research conducted by PwC UK, global non-life run-off reserves are estimated to have reached $1.014 trillion, marking a $53 billion increase since its last survey published in September of 2022. Respondents to PwC UK’s recent survey of non-life legacy insurance market participants expect the strong pipeline of global deals ... Read the full article
R&Q continues to evaluate options for its Legacy Insurance business
4th March 2024
Global non-life specialty insurer R&Q Insurance Holdings Ltd (R&Q) has confirmed it is still exploring different strategic options for its Legacy Insurance business. However, it anticipates finalising the sale of its Accredited business by the end of the second quarter of 2024. In April 2023, R&Q's Board announced plans to explore ... Read the full article
DARAG concludes two additional captive legacy transactions
14th February 2024
DARAG Group, a company specialising in acquiring legacy insurance portfolios, has announced the conclusion of two captive legacy transactions while keeping the details undisclosed. In these agreements, insurance liabilities were transferred from the captives to DARAG through novation, along with their respective fronting carriers. In the first transaction, DARAG assumed the insured ... Read the full article
BMA outlines expectations for legacy re/insurers assuming corporate liabilities
4th January 2024
The Bermuda Monetary Authority (BMA) has released guidelines outlining its expectations for legacy re/insurers engaged in assuming corporate liabilities, particularly those involving non-insurance corporations with risk characteristics resembling traditional insurance obligations. The regulatory framework addresses entities specialising in managing long-tailed liabilities, including those associated with historical asbestos and environmental exposures. The BMA's ... Read the full article
R&Q subjected to BMA review of legacy business, halting transactions
22nd December 2023
R&Q Insurance Holdings said this morning that the Bermuda regulator has requested an independent actuarial review of its legacy reserves, its capital and its cash flow projections, which will put on hold any legacy transaction to Bermuda based R&Q Re, including a previously announced deal. R&Q said it has been in ... Read the full article
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