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.
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
DARAG completes IKANO Försäkring deal
6th March 2018
DARAG Group Limited has announced the completion of its acquisition of the total shares of Swedish captive insurance company IKANO Försäkring AB, a subsidiary of IKANO Group. IKANO gains legal and economic finality from this deal in relation to its insurance business, and has already received approval from the Swedish Financial ... Read the full article
Randall & Quilter completes reinsurance-to-close of Hamilton legacy book
19th February 2018
Randall & Quilter (R&Q) has announced the completion of its previously announced agreement to provide capital in conjunction with AXA DBIO to support the Reinsurance to Close (RITC) of Hamilton Underwriting's Syndicate 3334’s 2014 and prior years of account. The RITC consists of net reserves of about £30 million and ... Read the full article
Enstar finalises reinsurance-to-close of Neon legacy liabilities
19th February 2018
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of a previously disclosed reinsurance-to-close transaction between its Lloyd's managing agency, StarStone Underwriting, and Neon Underwriting for Enstar’s Syndicate 2008. The transaction will see Enstar assume the liabilities of Neon’s Syndicate 2468, amounting to net reinsurance reserves ... 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
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
R&Q acquires Constantia Insurance Company for £1.5mn
2nd January 2018
Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the acquisition of Constantia Insurance Company (Guernsey) Limited, from Old Mutual plc for £1.5 million (US$2mn). R&Q has received regulatory approval to acquire the company, which is now in run-off, and Constantia will be amalgamated into Capstan Insurance Company Limited, R&Q's consolidation vehicle domiciled ... Read the full article
Enstar to reinsure $100 million of Allianz legacy business
29th December 2017
An Enstar Group subsidiary has entered into an agreement to reinsure about $100 million, or 50%, of Allianz SE's legacy business portfolio with effect from December 31, 2017. The subsidiary will assume net reinsurance reserves of approximately $0.1 billion in order to reinsure 50% of certain U.S. workers' compensation and asbestos, ... Read the full article
Re/insurers in Europe to focus on selling run-off business in 2018: Clyde & Co
27th December 2017
A wave of run-off activity is expected in 2018 as re/insurers in Europe adjust to Solvency II and seek to minimise capital requirements through optimising management of legacy business or selling books of business in run-off, according to Clyde & Co. The arrival of Solvency II was expected to bring a greater ... Read the full article
Reinsurance-to-close provides a clean break for Neon
22nd December 2017
The recently announced reinsurance-to-close transaction that Neon Underwriting has entered into with Enstar Group's StarStone, provides a clean break for the insurer, giving finality on legacy Marketform business. The arrangement, which we covered here, saw Enstar’s Syndicate 2008 enter into a reinsurance-to-close transaction to assume liabilities as at the 2015 ... Read the full article
Enstar completes reinsurance to close of Neon syndicate liabilities
21st December 2017
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of a reinsurance-to-close transaction that sees it assume liabilities from re/insurer Neon Underwriting's syndicate at Lloyd's. Enstar's Lloyd’s of London managing agency, StarStone Underwriting Limited, agreed with Neon that Enstar’s Syndicate 2008 would enter into the reinsurance-to-close transaction, ... Read the full article
SOBC Sandall acquires American Safety Risk Retention Group
6th December 2017
SOBC Sandell has announced the acquisition of 100% of American Safety Risk Retention Group of Vermont as of December 1st, following regulatory approval for Change of Control in Vermont Department of Financial Regulation (DFR). SOBC Sandell said it worked closely with the Vermont DFR on the transaction. Stephanie Mocatta, SOBC Sandell CEO, ... Read the full article
Compre announces changes to senior leadership
5th December 2017
Legacy specialist re/insurer Compre has announced that Nick Steer, the firm's founding director, will step down as CEO. Tom Colraine, chairman of Compre Group, commented; “the board are delighted to be promoting Will Bridger and Mark Lawson as co-CEO’s. Their joint role plays well to Will and Mark’s respective leadership strengths ... 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.
