Reinsurance News
Legacy insurance and reinsurance news
News about the legacy insurance and reinsurance market, where legacy liabilities are run-off, transferred or acquired in legacy transactions, allowing their original holders or underwriters to achieve finality on those books of business.
The Hartford to sell run-off life and annuity unit Talcott Resolution
4th December 2017
U.S. insurance group The Hartford has entered into a definitive agreement to sell run-off life and annuities business Talcott Resolution to investors led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook and J. Safra Group. The sale will net The Hartford $2.05 ... Read the full article
Compre to acquire assumed non-life reinsurance portfolio from Allianz Versicherungs
16th November 2017
Compre, the insurance and reinsurance legacy specialist, has announced its seventh acquisition of the year, agreeing to purchase a portfolio of assumed non-life reinsurance business from Allianz Versicherungs. Originally, the business was underwritten by Vereinte Versicherung AG and its legal predecessors, and has been discontinued since the late 1990s. The transaction fee ... Read the full article
R&Q to novate management of ProSight’s Syndicate 1110
30th October 2017
Randall and Quilter Investment Holdings (R&Q), has reached an agreement with ProSight Specialty Insurance to novate the management of Syndicate 1110 to R&Q Managing Agency (RQMA), with day-to-day claims handling on non-U.S. business outsourced to R&Q Central Services. R&Q also announced plans to acquire 100% of the ProSight corporate members shares, ... Read the full article
Randall & Quilter looks to fund growth with £49.3m capital raise
5th October 2017
Non-life insurance, reinsurance legacy and run-off acquisition and management, and investments specialist Randall & Quilter Investment Holdings Ltd. is seeking to raise close to £50 million in order to fund future growth. The capital raise will feature a £45 million placement of new ordinary shares with institutional shareholders and Directors, as ... Read the full article
Munich Re reported close to selling some run-off ERGO life units
27th September 2017
Global reinsurance player Munich Re has been reported to be on the verge of offloading some of its primary life insurance units that are in run-off, with a legacy disposal or reinsurance to close transaction the most likely outcome. It's been reported in the German media and by Reuters that the ... Read the full article
R&Q completes novation of reinsurance policies from Cayman group captive
21st September 2017
Randall & Quilter Investment Holdings Ltd. (R&Q) recently announced that it has successfully completed the novation of reinsurance policies issued between 2006 and 2011 from a Cayman-based group captive. The firm has said that the policies have been novated into R&Q Quest (SAC) Limited, its owned segregated account company. According to R&Q, the ... Read the full article
Monument Re in acquisition of Belgian life run-off vehicle of ABN AMRO
19th September 2017
Monument Re Limited, a Bermuda Class E reinsurer that specialises in acquisitions of run-off, closed and asset-intensive insurers, has acquired a Belgian life insurance focused run-off vehicle featuring the ABN AMRO portfolio of business. Monument Re has acquired Benelux Life Run-Off SCS, which includes the run-off vehicles acquisition of ABN AMRO ... Read the full article
Compre acquires AXA Insurance run-off legacy portfolio
4th September 2017
Re/insurance legacy specialist Compre has acquired a legacy portfolio of re/insurance in run-off from AXA Insurance for an undisclosed sum. The portfolio was initially underwritten by RW Gibbon & Son between 1962-1964; it's the 26th portfolio deal completed by Compre to date. Nick Steer, CEO of Compre, said; “I am extremely pleased ... Read the full article
Monument Re acquires Laguna Life DAC
31st August 2017
Monument Re has acquired Laguna Life DAC, the Irish life assurance operations of Enstar Group, subject to regulatory approval and satisfaction of closing conditions. The Class I Life assurance insurer, Laguna, was placed into run-off in November 2009 and became part of Enstar in 2011 prior to its acquisition. Manfred Maske, Group CEO ... Read the full article
Compre acquires Norwegian insurer Gjensidige’s legacy portfolio
21st August 2017
Independent reinsurance legacy specialist Compre has announced the acquisition of a legacy portfolio from major Norwegian insurer Gjensidige Forsikring ASA for an undisclosed sum. The legacy portfolio is made up of U.S. asbestos, pollution and health hazard (APH) risks underwritten between 1983 and 1985. Its purchase by Compre was structured as a loss portfolio ... Read the full article
R&Q completes acquisition of AstraZeneca Insurance
3rd July 2017
Randall & Quilter Investment Holdings has announced the completion of its acquisition of AstraZeneca Insurance Company, AZICO after receiving all necessary approvals from regulators. The global non-life insurer and legacy or run-off reinsurance solutions specialist intends to undertake a Part VII Transfer of AZICO's remaining insurance business to one of the Randall & ... Read the full article
Compre sets up Malta PCC for legacy deals
3rd July 2017
Independent insurance and reinsurance legacy or run-off transaction specialist Compre has established a protected cell company (PCC) in Malta, which it intends to use for transactions involving portfolios of discontinued non-life insurance and reinsurance business. Compre said this morning that it has received approval from the Maltese Financial Services Authority (“MFSA”) ... Read the full article
Former Sompo Canopius CEO named Chairman of run-off specialist, DARAG
29th June 2017
European specialist run-off insurer, DARAG, has announced that Stuart Davies has been appointed to succeed Claus Stenbaek as Chairman of the Group, effective immediately. Within the global insurance industry Davies most recently served as Group Chief Executive Officer (CEO) of Sompo Canopius, and was previously Managing Director of AEGIS London. He ... Read the full article
Aegon completes sale of two run-off businesses to Wilton Re
29th June 2017
Global insurance and financial services specialist Aegon has completed the sale of its two largest U.S. run-off insurance businesses to Wilton Re, the U.S. life reinsurance firm that specialises in the acquisition of in-force portfolios. In a transaction first announced back in May, Aegon has sold its payout annuity business ... Read the full article
R&Q assumes $43m in liabilities from California insurer in reinsurance contract
20th June 2017
Randall & Quilter Investment Holdings (R&Q) has written a loss portfolio transfer reinsurance contract to cover a California-based insurance group's livery, trucking, and contractors’ liability programme issued from 2007 to 2015. The deal includes R&Q assuming about $43 million in undiscounted liabilities as well as the carrier's claims handling. Ken Randall, Chairman ... Read the full article
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