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.
Catalina Re hires Tom Duggan as Senior Investment Manager
4th January 2021
Catalina Re, the reinsurance arm of Bermuda-based insurance and reinsurance run-off and legacy specialist, Catalina Holdings, has appointed Tom Duggan as Senior Investment Manager. Duggan joined Catalina Re in January, 2021 from his role as Senior Vice President (SVP), Manager Research, at investment consultancy Redington. During his time with Redington, which commenced ... Read the full article
Fleming Re establishes LPT reinsurance facility for BevCap
31st December 2020
Bermuda-based, run-off reinsurance provider, Fleming Reinsurance Ltd. (Fleming Re), has announced the formation of a new custom reinsurance facility for BevCap P&C Protected Cell, Inc. (BevCap). The new, innovative loss portfolio transfer (LPT) facility provides BevCap's members with the ability to remove seasoned risks by providing full economic and legal finality ... Read the full article
R&Q announces $107.75m Subordinated Notes issuance
4th December 2020
Program management and legacy specialist, Randall & Quilter Investment Holdings Ltd. (R&Q), has announced an agreement to issue 13-year unsecured subordinated Tier 2 notes in an amount of USD 107.75 million. R&Q states that it plans to use the proceeds of this issuance to support continued growth in its Program Management ... Read the full article
Fairfax to sell RiverStone Europe to CVC in $750m transaction
2nd December 2020
Fairfax Financial Holdings Limited has reached an agreement to sell all of its interests in RiverStone Europe to CVC Strategic Opportunities Fund II, a vehicle owned and operated by CVC Capital Partners, for a purchase price of USD 750 million. At the same time, it's been announced that OMERS, the pension ... Read the full article
Legacy specialist Compre to be acquired by Cinven and BCI
30th November 2020
Private equity firm Cinven and British Columbia Investment Management Corporation (BCI) have reached an agreement to purchase legacy acquirer, Compre, from existing shareholders CBPE Capital LLP, Hudson Structured Management Limited, and Compre's management. Following the transaction, Cinven and BCI will become majority shareholders alongside Compre's management team, led by Chief Executive ... Read the full article
Premia selects Phinsys to manage the migration of its Lloyd’s transactions
4th November 2020
Finance automation software provider for the insurance industry, Phinsys, has announced that Premia Managing Agency Ltd has selected the firm to support its Lloyd’s of London run-off business. Premia will be implementing Phinsys products Tandem, Rapport and Inform to manage the migration of its Lloyd’s transactions. Tandem is a source-agnostic finance data ... Read the full article
R&Q’s pre-tax operating profit up 30%; COVID-19 dents investment result in H1
14th October 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has reported a 30% rise in pre-tax operating profit to £10.4 million (USD 13.4mn) for the first half of the year, while the impact of the COVID-19 pandemic on financial markets dented the firm's investment performance in the period. Pre-tax operating profit increased from ... Read the full article
Fleming Re acquires Bermuda captive Sinclair
12th October 2020
Run-off reinsurance provider Fleming Re has agreed to acquire Sinclair Insurance Company, a Bermuda domiciled captive insurance company. Sinclair was utilized to provide reinsurance to the primary insurers of certain casualty risks of affiliated companies. The acquisition provides the shareholders of Sinclair with an exit solution allowing legal finality, elimination of operating ... Read the full article
Ian Patrick named CFO of Compre as Simon Hawkins returns to COO role
12th October 2020
Specialist legacy acquirer, Compre has revealed a number of management changes as the company targets future growth, including the appointment of Ian Patrick as Group Chief Financial Officer (CFO), effective immediately. Patrick takes over as Group CFO from Simon Hawkins, who has held the position since December 2018. He brings a ... Read the full article
Premia to acquire Navigators Holdings (Europe) from The Hartford
5th October 2020
Bermuda domiciled reinsurance run-off group, Premia Holdings Ltd., has reached an agreement to acquire Navigators Holdings (Europe) NV and its associated companies from The Hartford, subject to regulatory approvals. The associated companies included in the acquisition are Assurances Continentales - Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxembourg, ... Read the full article
AFG completes Lloyd’s market exit with sale of Neon to RiverStone
28th September 2020
American Financial Group, Inc. (AFG) is set to complete its previously announced exit from the Lloyd's of London re/insurance marketplace via the sale of GAI Holding Bermuda and its subsidiaries, which comprises the legal entities that own its Neon business, to RiverStone Holdings Limited. AFG announced at the start of ... Read the full article
R&Q in Loss Portfolio Transfer & Insurance Business Transfer with Allianz
24th September 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has transacted a Loss Portfolio Transfer (LPT) with Allianz SE, Germany, with the close assistance of Black Forest Reinsurance Consulting (BFRC). With this reinsurance transaction, the reinsurance is being provided by Accredited Insurance (Europe) limited, R&Q's rated carrier based in Malta. The transaction provides Allianz ... Read the full article
Premia adds Lloyd’s expertise with addition of Colin Grint from AJG
16th September 2020
Bermuda domiciled reinsurance run-off group, Premia Holdings Ltd., has appointed Arthur J. Gallagher's (AJG) Colin Grint as Chief Executive Officer (CEO) of Premia Managing Agency Ltd. Subject to regulatory approvals, Grint is expected to join Premia on October 1st, 2020 and will take oversight of all of the company's operations in ... Read the full article
DARAG concludes reinsurance business transfer with Malta’s Axeria Re
15th September 2020
Legacy acquirer DARAG has concluded the transfer of reinsurance business with Axeria Re, part of the April Group, and the original insurer domiciled in France. The conclusion of this reinsurance transaction delivers economic, operational, and legal effect to Maltese reinsurance company, Axeria Re. The deal will be conducted via DARAG Malta Insurance ... Read the full article
R&Q to provide adverse development cover for RenRe’s Syndicate 1458
8th September 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) said this morning that it has entered into an agreement with RenaissanceRe Syndicate Management Limited (RSML) that will see it reinsuring Casualty reserves from the 2009 to 2017 years of account for RenRe's Lloyd’s Syndicate 1458. This arrangement had been out for tender to ... Read the full article