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.
IRLA Congress: Legacy market shifts to proactive capital management and risk solutions
12th May 2025
The legacy and reinsurance market, once viewed as a niche or reactive segment of the insurance sector, has now become a central component of capital management strategies and long-term planning. That was the consistent theme emerging from this year’s IRLA Congress & Business Seminar, where industry leaders underscored the market’s growing ... Read the full article
Legacy activity momentum in UK & Ireland continues into Q1’25: PwC
12th May 2025
A new PwC report on non-life insurance run-off deals has revealed that in Q1 2025, 8 acquirers publicly announced 11 deals, 9 of which disclosed transferred reserves totalling nearly $1bn, with the UK and Ireland dominating by accounting for 9 of these deals, reflecting the sustained momentum of legacy activity ... Read the full article
AXIS completes $2.3bn LPT reinsurance agreement with Enstar
25th April 2025
Global insurer and reinsurer, AXIS Capital Holdings Limited and global legacy re/insurance specialist, Enstar Group Limited have completed their previously announced 75% ground-up quota share loss portfolio transfer (LPT) reinsurance agreement. The transaction was completed following the receipt of regulatory approvals and satisfaction of various other closing conditions. The LPT agreement ... Read the full article
Compre acquires Covéa’s US subsidiary CSE Group
16th April 2025
Bermuda-domiciled legacy reinsurer Compre Group Holdings Limited (Compre) has announced the completion of its acquisition of the CSE Group, a US subsidiary of Covéa. The CSE Group includes two California-domiciled personal lines insurance carriers that ceased underwriting new business in 2024. This marks the second transaction between Covéa and Compre, ... Read the full article
Gallagher Re appoints Tom Dixon as Head of Legacy UK
14th April 2025
Reinsurance broker Gallagher Re has announced the appointment of Tom Dixon as Head of Legacy UK. Dixon brings 20 years of experience in insurance and transactions, beginning in insurance audit and transaction services before transitioning into non-life legacy acquisitions. He joins Gallagher Re from Perigon Re, where he was Managing Director. Prior ... Read the full article
Lockton Re adds Dickerson as Head of Retrospective Reinsurance & Legacy Solutions
9th April 2025
Lockton Re, the reinsurance arm of independent insurance broker Lockton, has appointed James Dickerson in a global role as Head of Retrospective Reinsurance & Legacy Solutions, strengthening its Capital Advisory Practice. Dickerson will be based in the company’s London office. Since 2021, he has served at reinsurance broker Gallagher Re as ... Read the full article
Ambac meets pre-closing conditions for $420m sale to Oaktree
7th April 2025
Ambac Financial Group, Inc., an insurance holding company, has announced that it has met all necessary pre-closing conditions under the purchase agreement for the sale of Ambac Assurance Corporation (AAC) and Ambac UK (AUK) to funds managed by Oaktree Capital Management, L.P. The transaction was first announced in June 2024, ... Read the full article
DARAG signs PTA with Protector for Danish workers’ comp portfolio
4th April 2025
Legacy acquirer DARAG Group has announced that its German insurance carrier, DARAG Deutschland AG, has entered into a portfolio transfer agreement (PTA) with Protector Forsikring ASA for its entire Danish workers’ compensation portfolio, enabling Protector to fully exit this line of business. The transaction, subject to regulatory approval in Norway and ... Read the full article
DARAG announces Loss Portfolio Transfer deal with Soteria
26th March 2025
Legacy acquirer DARAG Group has signed an agreement with UK-based insurer Soteria Insurance Limited (SIL), formerly the underwriting arm of the Co-operative Group. Under the Loss Portfolio Transfer (LPT), DARAG Deutschland AG will reinsure a portfolio of UK commercial policies in run-off written by SIL, previously known as CIS General Insurance ... Read the full article
Venerable novates block of variable annuities from Equitable
11th March 2025
Venerable Holdings, a provider of risk transfer solutions to variable annuity issuers, has announced the successful transfer of a legacy block of novated variable annuity contracts from Equitable Financial Life Insurance Company, to its administrative platform. The novated legacy block includes deferred and payout annuities from Equitable’s Accumulator® Series 06, 07, ... Read the full article
Enstar agrees $196m LPT with Atrium for discontinued portfolios
14th January 2025
Legacy specialist Enstar Group Limited's Lloyd's Syndicate 2008 has agreed a $196 million ground-up loss portfolio transfer (LPT) with Atrium Syndicate 609, relating to business underwritten in the 2023 and prior years of account. This LPT transaction involves Atrium Syndicate 609's discontinued portfolios, comprised of marine treaty reinsurance, property treaty reinsurance, ... Read the full article
DARAG acquires run-off portfolio from wefox Insurance AG
14th January 2025
Legacy acquirer DARAG Group and wefox Insurance AG, the Liechtenstein-based insurer of wefox Group, have announced the transfer of a run-off portfolio, which includes Motor Damage, Third Party Liability, Private Liability, and Property business across Germany, Italy, and Switzerland. This transfer is part of the previously announced sale of wefox ... Read the full article
Enstar completes $75m legacy reinsurance agreement with James River
24th December 2024
The previously announced $75 million adverse development cover (ADC) reinsurance agreement between a wholly owned subsidiary of legacy player Enstar Group and certain subsidiaries of Bermuda-domiciled insurance holding company, James River Group Holdings, has been completed following receipt of the relevant regulatory approval and satisfaction of the other closing ... Read the full article
RGA to reinsure $4.1bn of Manulife subsidiary’s legacy blocks
21st November 2024
Reinsurance Group of America (RGA) and John Hancock, a subsidiary of Manulife Financial Corporation (Manulife), have entered into a $4.1 billion reinsurance transaction, including $1.9 billion of long-term care (LTC) reserves. The transaction includes the aforementioned LTC reserves and also a legacy block of U.S. structured settlements with $2.2 billion of ... Read the full article
Enstar enters into additional $75m legacy reinsurance agreement with James River
12th November 2024
A wholly owned subsidiary of legacy player Enstar Group has entered into a $75 million adverse development cover (ADC) reinsurance agreement with certain subsidiaries of Bermuda-domiciled insurance holding company, James River Group Holdings. Under the terms of the agreement, Enstar will provide the $75 million of limit in excess of the ... Read the full article
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