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.
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
Generali to sell €300 million UK & U.S. non-life run-off portfolio to Compre Group
19th December 2017
Generali has entered into an agreement to sell the non-life run-off portfolio of its UK and U.S. branches consisting of about €300 million of liabilities to discontinued business specialists Compre Group. The transaction is structured as an upfront reinsurance solution by way of a Loss Portfolio Transfer for both branches. Legal business ... 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
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
Munich Re’s Ergo to begin sale of life insurance businesses: Reports
30th October 2017
According to industry reports, Ergo, the primary insurance arm of reinsurance giant Munich Re, is moving forward with plans to sell the life insurance books of Ergo Leben and Victoria Leben. Citing a report in Handelsblatt daily, Reuters states that two people familiar with the matter have said that management within the entity ... 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
DARAG strengthens core team with three senior appointments
7th September 2017
European run-off insurer DARAG has announced three senior appointments, naming Mike Trotman as new Chief Financial Officer (CFO) Alex Roth as Head of M&A and Jim Wilson as new Group Chief Actuarial Officer. The firm said the three appointments are key to the future of the Group and its position as ... 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
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