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Run-off

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

Catalina reinsures U.S. P&C legacy portfolio for Arch

24th April 2018

Bermuda domiciled insurer and reinsurer, Arch Reinsurance Ltd. (Arch) has entered into a reinsurance transaction with Catalina Holdings (Bermuda) Ltd subsidiary, Catalina General Insurance Ltd (Catalina), which sees the latter assume a portfolio of U.S. property & casualty (P&C) liabilities in run-off from Arch. The U.S. P&C legacy portfolio assumed by ... Read the full article

Monument Re acquires run-off portfolio from Ethias S.A.

17th April 2018

Monument Re has announced an agreement that will see it acquire a run-off portfolio of flexible premium retail life insurance contracts from Belgian insurer Ethias S.A., known as the First A Portfolio. The portfolio will be taken over by Laguna Life DAC, an Irish domiciled re/insurer and wholly owned subsidiary of ... Read the full article

Monument Re completes acquisition of ABN AMRO life run off vehicle

28th March 2018

Monument Re, a Bermuda Class E reinsurer that specialises in acquisitions of run-off, closed and asset-intensive insurers, has completed the acquisition of ABN AMRO Life Capital Belgium (AALCB) following receipt of regulatory approval by the National Bank of Belgium. AALCB has now been renamed Monument Assurance Belgium N.V. Manfred Maske, Group Chief ... Read the full article

Trebuchet (Armour) leads on acquisition of BICO’s legal expense insurance business

12th March 2018

Trebuchet Group Holdings Limited, an investment vehicle owned by the founders and principals of Bermudian insurance and reinsurance services, investing, run-off and legacy specialists Armour Group, is leading the acquisition of a controlling interest in the legal expense insurance business of Canadian firm BICO Risk Management Inc. A consortium led by ... Read the full article

AIG sets up legacy reinsurance unit, as it takes $6.7bn tax act charge

9th February 2018

Insurer American International Group (AIG) announced its results yesterday, revealing continuing issues with legacy business, resulting in another reserve charge, but also the launch of a Bermudian legacy reinsurance platform. The insurer also announced a one-off charge of $6.7 billion related to the enactment of the Tax Cuts and Jobs Act, ... Read the full article

RenaissanceRe takes minority shareholding in run-off specialist Catalina

19th January 2018

Bermudian reinsurance firm RenaissanceRe is to make a minority shareholding investment in non-life insurance and reinsurance run-off and consolidation specialist Catalina Holdings. RenaissanceRe will become a minority shareholder in Catalina, with the share investment being made through the reinsurers Ventures unit. Aditya Dutt, President of Renaissance Underwriting Managers, Ltd., will take ... Read the full article

Non-life run-off market will continue to grow after exceeding $700bn: PwC

17th January 2018

The trend of strong non-life run-off transaction activity continued in 2017 with the global insurance run-off market exceeding U.S. $700 billion and PwC predicts disposal of legacy business will continue in coming years. The majority of all global respondents in the PwC survey say they will undertake restructuring or exit activity in the ... Read the full article

General Electric hit with $6.2 billion charge on legacy insurance portfolio

16th January 2018

General Electric has been hit with a GAAP after-tax charge of $6.2 billion, or $7.5 billion when adjusted to the new tax rate, tied to a legacy insurance portfolio. In addition, the company's finance unit will make statutory reserve contributions of $15 billion over seven years to fill a shortfall in ... Read the full article

CEO in-waiting Booth to depart Randall & Quilter

8th January 2018

Non-life legacy and run-off acquisition and management, programme services and investments specialist Randall & Quilter Investment Holdings Ltd. has announced that its CEO in-waiting Tom Booth is departing the company. Randall & Quilter had announced back in October that Booth, the current Chief Financial Officer of the firm, was expected to ... Read the full article

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