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.
Reputation of the vibrant, claims-focused run-off market is growing: RiverStone
29th July 2019
The insurance and reinsurance run-off sector has matured into a healthy, vibrant, claims-focused marketplace, supported by a growing reputation, according to legacy specialist RiverStone. The RiverStone Group is a Fairfax company that specialises in the management of legacy and run-off re/insurance businesses and portfolios. As of the end of March 2019 ... Read the full article
Blue Capital Re announces run-off of all liabilities and in-force portfolio
26th July 2019
The Board of Directors of Blue Capital Reinsurance Holdings Ltd. has announced that, after considering strategic alternatives, it's been decided to stop all active operations and pursue an orderly run-off. The firm is to pursue the run-off of all of its liabilities and in-force portfolio and return capital to shareholders as ... Read the full article
DARAG announces second UK acquisition in as many weeks
22nd July 2019
Legacy acquirer DARAG Group is set to acquire The Underwriter Insurance Company, a UK-based insurer in run-off. This move will see DARAG further its expansion into the UK following its purchase last week of London-based non-life reinsurer One Re. The transaction, subject to regulatory approval, will be completed through DARAG Deutsche ... Read the full article
DARAG to acquire its first UK firm, One Re
18th July 2019
Legacy acquirer DARAG Group has announced the acquisition of One Re, a London-based non-life reinsurance company. This deal will mark DARAG’s first UK acquisition and follows last year’s €230 million equity funding secured from Aleph Capital and Crestview Partners in an effort to support global growth. “With this transaction, DARAG cements ... Read the full article
SOBC DARAG acquires Vermont-based risk retention group
3rd July 2019
SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced the acquisition of Innovative Physicians Solutions RRG (IPS). IPS, a Vermont-based risk retention group (RRG), was acquired in full effective from July 1, 2019. SOBC DARAG said that it had received approval for the transaction ... Read the full article
Monument Re acquires Guernsey insurer Nordben Life and Pension
27th June 2019
Bermudian reinsurer Monument Re has announced the completion of its acquisition of Nordben Life and Pension Insurance Co. Limited. Nordben is a Guernsey-based company licensed to carry out long-term and general insurance business, which has been closed to all new business since early 2016. Monument Re took over the business from its ... Read the full article
SOBC DARAG’s Peachtree completes first assumption of legacy business
26th June 2019
SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced that Peachtree Casualty Insurance Company has completed its first assumption of legacy business. Peachtree, which was acquired by SOBC DARAG in November 2018, will also look to complete more assumption of legacy ... Read the full article
Tokio Marine Kiln’s UK insurer to be placed into run-off
20th June 2019
It's been announced that Tokio Marine Kiln Insurance (TMKI), the UK insurance operation of Tokio Marine Kiln, as well as portfolios of UK property, liability, marine, and engineering risks currently underwritten through TMKI, will be placed into run-off. Effective July 1st, 2019 TMKI will stop accepting new business, with the exception ... Read the full article
Compre completes trio of run-off acquisitions
14th June 2019
Insurance and reinsurance legacy specialist, Compre has signed three transactions involving the share of the Gibbon Pools held by Basler Versicherung AG (Baloise), Helvetia Swiss Insurance Company Ltd. (Helvetia), and an undisclosed European insurance group. Under the transactions, Compre has acquired each company's shares of the Gibbon Pools, which is made ... Read the full article
Generali to sell UK life run-off portfolio to Reinsurance Group of America
24th May 2019
Italian insurer Generali has entered into an agreement with Reinsurance Group of America (RGA) for the sale of the life run-off portfolio of its UK branch. As part of the transaction, Generali has signed a reinsurance contract that will cover all claims payments arising from most of the legacy business, with ... Read the full article
Closed book deals to drive consolidation in European sector: Moody’s
23rd May 2019
Moody’s Investors Service expects to see further consolidation in the European re/insurance sector, driven in particular by an uptick in closed book deals as low interest rates continue to pressure margins. Analysts noted that low interest rates have pressured margins on UK annuities and German traditional savings products with guaranteed rates. Therefore, ... Read the full article
Activity in the European insurance run-off market to increase, says S&P
21st May 2019
International financial services rating agency, S&P Global Ratings, expects stable to gradually increasing activity in Europe's property and casualty (P&C) run-off market. More so for longer tail lines, S&P expects annual growth in liabilities in run-off of between 1% and 2% until the year 2020. Over the next few years, the ratings ... Read the full article
AIG working on sale or deconsolidation of legacy play Fortitude Re
17th May 2019
Global primary insurance giant AIG is actively working on some kind of a sale or deconsolidation of the legacy book and run-off play Fortitude Re, as it seeks to go further than a simple separation of the start-ups operating model from the parent. AIG officially launched the legacy and run-off ... Read the full article
DARAG completes acquisition of DONAU’s Italian portfolio
3rd May 2019
Legacy acquirer DARAG Group Limited has announced that its acquisition of the Italian portfolio of DONAU Versicherung AG has been approved by the Austrian financial authority, Finanzmarktaufsicht (FMA). The purchase agreement was initially signed in December 2018, and now, with the approval of the Italian Istituto per la vigilanza sulle assicurazioni, DARGA has ... Read the full article
Enstar to reinsure $500m US asbestos portfolio for Zurich
17th April 2019
A subsidiary of Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has signed an agreement with a subsidiary of global insurer Zurich that will see it reinsure a book of US asbestos and environmental liability insurance portfolios. Roughly $500 million of gross insurance reserves related to 1986 and prior ... Read the full article