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.
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
CNO secures reinsurance from Wilton Re on long-term care policies block
2nd August 2018
Bankers Life and Casualty Company, a subsidiary of CNO Financial Group, has secured reinsurance on its long-term care policies written prior to 2003, with reserves of approximately $2.7 billion, through 100% indemnity coinsurance. Wilton Re, a U.S life re/insurer that specialises in the acquisition of in-force portfolios, has agreed to take ... Read the full article
AIG partners with Carlyle Group to build DSA Re into a standalone reinsurer
1st August 2018
American International Group (AIG) has entered into a strategic partnership with The Carlyle Group, a global alternative asset manager, to build AIG’s recently established Bermudian legacy reinsurance platform, DSA Re, into a standalone provider of reinsurance. DSA Re was launched by AIG in February 2018 as a composite reinsurer of ... Read the full article
DARAG secures €260mn equity funding for growth plans
30th July 2018
European legacy acquirer DARAG has secured equity funding of up to €230 million (US $269 million) from Aleph Capital and Crestview Partners in support of its global growth plans. DARAG said the capital commitment follows a period of significant strategic development for the company, during which it grew substantially in the ... Read the full article
Opioid lawsuits not comparable to asbestos: W.R. Berkley CEO
27th July 2018
W.R. Berkley’s Chief Executive Officer (CEO) Robert Berkley has said that prescription opioid drugs, which have come under scrutiny this year following a series of lawsuits against pharmaceutical manufacturers in the U.S, are not comparable to asbestos from a re/insurance point of view. “As far as an asbestos analogy, I think ... 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
Legacy long-term care blocks remain top concern for life insurers: Moodys
22nd June 2018
Life insurers’ exposure to older legacy blocks of long-term care (LTC) insurance remains a top credit concern for the industry, particularly as LTC actuarial assumption reviews approach, Moody’s Investors Service says in a new report. Actuarial assumption reviews for LTC insurance, which provides financial support for individuals unable to care for ... 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
U.S. life insurers to continue shedding legacy business throughout 2018, Moody’s
11th June 2018
A new report by Moody’s Investors Service has shown that legacy blocks of annuity, life, and employee benefits business are set to be further divested by life insurers in the U.S. with a desire to focus on value optimisation amid modestly favourable economic and market fundamentals. Moody's Vice President Laura Bazer ... 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
Compre appoints QBE’s Simon Hawkins as COO
11th May 2018
Compre, the independent European re/insurance legacy acquirer, has announced that QBE’s Simon Hawkins is to join the company as Group Chief Operating Officer (COO). Hawkins is currently Group Head of Retrospective Solutions at QBE, and is expected to take up his new position at Compre in the third quarter of 2018, ... 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
Compre appoints Bridger and Lawson as joint CEOs
11th April 2018
Independent European legacy acquirer Compre has announced that Will Bridger and Mark Lawson have succeeded Nick Steer to become joint Chief Executive Officers (CEOs) of the company. As co-leaders, Bridger and Lawson will support Compre as it prepares for strong, sustained growth, having exited its third-party servicing business in 2017 and ... 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
DARAG partners with New Nordic on legacy management cell
26th March 2018
European legacy acquirer DARAG has announced the formation of a strategic partnership with New Nordic Advisors, a London-based investment management company, which will combine the parties’ legacy and asset management expertise in a new jointly owned cell. DARAG and New Nordic expect their joint initiatives to commence imminently, and plan to ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
