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Reinsurance News


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

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

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