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.
BMS Re facilitates ADC for AMS RRG reinsured by Genesis
1st February 2022
Reinsurance broker BMS Re acted as the broker for a legacy reinsurance transaction between its long-standing client, Applied Medico- Legal Solutions Risk Retention Group (AMS RRG) and a subsidiary of Genesis Legacy Solutions. The legacy transaction is an adverse development cover (ADC) reinsured by a subsidiary of Genesis Legacy Solutions, which ... Read the full article
Marco’s RITC Syndicate 1254 at Lloyd’s approved to write business
1st February 2022
European property and casualty (P&C) run-off group, Marco Capital Holdings Limited, has reported that the specialist Lloyd's re/insurance market has granted its RITC Syndicate 1254 permission to write business. Marco Capital was granted ‘in principle’ approval to launch a reinsurance-to-close (RITC)/run-off syndicate at Lloyd's in October 2021. The formal approval process ... Read the full article
Enstar raises $500m in subordinated debt issuance
13th January 2022
A subsidiary of legacy specialist, Enstar Group Limited, has raised $500 million through the offering of Fixed-Rate Reset Junior Subordinated Notes. Enstar Finance LLC priced $500 million aggregate principal amount of 5.500% Fixed-Rate Reset Junior Subordinated Notes due 2042, fully and unconditionally guaranteed, on a junior subordinated basis, by its parent. The ... Read the full article
Fortitude Re set for growth with launch of multi-line reinsurer & U.S. platform
6th January 2022
Fortitude Re has announced the formation of a new Bermuda multi-line reinsurer and the acquisition of a U.S. life insurer, as its subsidiary obtains Reciprocal Jurisdiction Reinsurer status. Established in 2018 by international insurer AIG and global alternative asset manager, The Carlyle Group, Fortitude Re was originally set up to ... Read the full article
Fortitude Re finalises acquisition of AIG’s legacy insurance businesses
5th January 2022
Fortitude Group Holdings, LLC, the parent of Bermuda-based reinsurer Fortitude Re, has now completed its takeover of AIG's legacy insurance businesses following the acquisition of Fortitude Life & Annuity Solutions, Inc. (FLAS) and Fortitude P&C Solutions, Inc. (FPCS). It was announced in late November 2019 that the Carlyle Group and ... Read the full article
DARAG Bermuda in second novation agreement with Cayman reinsurer
31st December 2021
Legacy acquirer DARAG has concluded the second novation agreement with a Cayman reinsurer to provide finality for its US liability books. The transaction has been written into DARAG Bermuda and is the second completed novation with this Cayman based reinsurer for newer years. The first agreement was announced in September last ... Read the full article
Premia targets European run-off growth, completes latest acquisition
29th December 2021
Bermuda domiciled reinsurance run-off group, Premia Holdings has completed the acquisition of Navigators Holdings (Europe) NV and its associated companies from The Hartford. The associated companies included in the acquisition are Assurances Continentales – Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxembourg, known collectively as ASCO, both of ... Read the full article
Canopius and RiverStone complete $780mn LPT
29th December 2021
Specialty re/insurer Canopius Group has completed a loss portfolio transfer (LPT) agreement with legacy and run-off specialist, RiverStone International. The arrangement covers discontinued lines of insurance business underwritten by Syndicates owned by Canopius. Under the agreement, RiverStone's Syndicate 3500 indemnifies the reinsurer against potential losses in respect of net liabilities valued at ... Read the full article
DARAG to acquire Texas-based insurer
29th December 2021
Legacy acquirer DARAG Group has entered into a new agreement to purchase a Texas-based insurer in run-off. DARAG will look to use this insurer as its key US-based carrier to assume previously self-insured risk and other third-party legacy portfolios requiring licensed paper. The transaction, which has received regulatory approval, will also relieve ... Read the full article
Argo Group to sell Malta operation to Riverstone
20th December 2021
Argo Group, the US and international focused specialty insurer, has announced an agreement to sell its Malta business operations, ArgoGlobal Holdings (Malta) Ltd., to legacy and run-off specialist Riverstone Holdings Limited. The ArgoGlobal SE business unit has been unused for a time, as Argo shifted its focus back to the United ... Read the full article
DARAG Germany adds Dr. Christoph Wetzel to supervisory board
30th November 2021
Legacy acquirer DARAG Group has announced the addition of Dr. Christoph Wetzel to the supervisory board of its German insurance entity, DARAG Deutschland AG. Dr. Wetzel is currently the Chief Executive Officer (CEO) of fpb AG, a member of the ON Service Group. He has worked in the German insurance market for ... Read the full article
Brit closes $380m loss portfolio transfer with RiverStone International
18th November 2021
Specialty insurer and reinsurer Brit Ltd has announced the completion of a loss portfolio transfer (LPT) agreement with run-off specialist RiverStone International (RiverStone). The deal is for predominantly legacy years of account on certain classes and certain discontinued classes of business underwritten by Brit Syndicate 2987 and is effective from 1 ... Read the full article
Stonybrook completes Cypress and Genesis Legacy Solutions LPT
17th November 2021
Stonybrook Capital & Risk Management has completed the Loss Portfolio Transfer between Cypress Property & Casualty Insurance Company (Cypress), and Genesis Legacy Solutions (GLS), part of Maiden Holdings. This agreement reinsures Cypress’ artisan general liability portfolio written in Florida and Texas from 2008 through 2020. Cypress Group Holdings is the holding company ... Read the full article
Markel to wind down retro ILS fund manager Lodgepine
16th November 2021
Markel Corporation has announced it will be winding down Lodgepine Capital Management Limited, its Bermuda-based retrocessional insurance-linked securities (ILS) fund manager. Markel launched Lodgepine in 2019, with product offerings focused on property catastrophe retrocessional investments. Within the past year, the ILS fund manager wrote a portfolio of property retrocessional business that consisted ... Read the full article
Genesis Legacy Solutions makes first Loss Portfolio Transfer
12th November 2021
Genesis Legacy Solutions (GLS), part of the Maiden Holdings has issued its first Loss Portfolio Transfer Agreement through its Vermont cell to an affiliate of Cypress Property & Casualty Insurance Company. This agreement reinsures Cypress’ commercial general liability portfolio written in Florida and Texas from 2008 through 2020. Stonybrook Risk Management advised ... 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.
