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.
Legacy market remains strong with North America leading bounceback: PwC
9th September 2024
Despite an unsettled 12 months, recent deal activity heavily suggests that the market for legacy transactions remains strong, with the North American market in particular showing resilience, bouncing back after a quiet 2023. A new analysis from PwC shows that the 13 North American deals involving over $3 billion of liabilities ... Read the full article
Legacy carriers integral to the insurance landscape, says IRLA Chairman
6th September 2024
The legacy insurance market is evolving, with the strongest players continuing to adapt and thrive, reinforcing their critical role in the global re/insurance industry, says Kevin Gill, Chairman of the Insurance & Reinsurance Legacy Association (IRLA). Speaking ahead of the Monte Carlo Rendez-Vous, Gill emphasised that legacy carriers are becoming essential ... Read the full article
Legacy liability venture Sophrosyne Partners launches
4th September 2024
A new vehicle called Sophrosyne Partners LLC has been launched to provide European and North American corporates with finality solutions, designed to benefit all stakeholders in the liability chain. Sophrosyne has been founded by legacy liability management professionals, who have a combined more than five decades of relevant experience. The venture will ... Read the full article
Compre completes $150m legacy reinsurance transaction with Accelerant
22nd August 2024
Compre Group Holdings Limited, a reinsurance group based in Bermuda, announced the completion of a legacy reinsurance transaction with Accelerant, a data-driven risk exchange. This transaction received approval from the Bermuda Monetary Authority. Underwritten by Compre’s Bermuda-based reinsurer, Pallas Reinsurance Company Ltd., the deal provides approximately $150 million in coverage for ... Read the full article
Enstar reports $126m net income with ROE of 2.5% in Q2’24
30th July 2024
Global insurance group Enstar has reported net earnings of $126 million for the second quarter of 2024, a substantial increase from $21 million in Q2 2023. The company's return on equity (ROE) improved to 2.5% this quarter, compared to 0.5% from the previous year, while adjusted ROE was 2.9% for the ... Read the full article
Howden Re appoints Shireen Gammoh as MD, Legacy & Structured Reinsurance
4th July 2024
Howden Re, the reinsurance broking arm of Howden Group Holdings, has announced the appointment of Shireen Gammoh as Managing Director (MD) within the Legacy and Structured Reinsurance team. Gammoh will join Howden Re on July 17th and will be based in Bermuda. Seth Ruff, Managing Director and Head of Legacy & Structured ... Read the full article
DARAG and UnipolSai form service partnership
17th June 2024
DARAG Group, a (re)insurance specialist in discontinued business and capital and operational relief, has entered into a service agreement with UnipolSai Assicurazioni S.p.A. (Unipol), an Italian insurer within the Unipol Group. Unipol is a major player in non-life insurance and motor vehicle third-party liability (TPL) in Italy. Under this agreement, DARAG Deutschland ... Read the full article
Augment Risk hires legacy expert Paul Corver as Advisor
13th May 2024
Reinsurance broker Augment Risk has announced that Paul Corver, formerly of R&Q Insurance Holdings (R&Q), will join the firm as an Advisor. Corver brings deep experience and insights in the reinsurance industry to the broker as it looks to strengthen its legacy build-out. He retired from his position as Group Head of ... Read the full article
Allianz Re names Silvia Rimola as Head of Capital and Legacy Solutions
29th April 2024
Allianz Reinsurance, part of global insurer Allianz, has named Silvia Rimola as Head of Capital and Legacy Solutions, effective April 2024. Rimola first joined Allianz in 2002 as part of the financial department, and has since held numerous roles within the company and its reinsurance arm. This includes time as a life ... Read the full article
Global non-life run-off reserves exceed $1 trillion for first time: PwC UK
27th March 2024
As per research conducted by PwC UK, global non-life run-off reserves are estimated to have reached $1.014 trillion, marking a $53 billion increase since its last survey published in September of 2022. Respondents to PwC UK’s recent survey of non-life legacy insurance market participants expect the strong pipeline of global deals ... Read the full article
R&Q continues to evaluate options for its Legacy Insurance business
4th March 2024
Global non-life specialty insurer R&Q Insurance Holdings Ltd (R&Q) has confirmed it is still exploring different strategic options for its Legacy Insurance business. However, it anticipates finalising the sale of its Accredited business by the end of the second quarter of 2024. In April 2023, R&Q's Board announced plans to explore ... Read the full article
DARAG concludes two additional captive legacy transactions
14th February 2024
DARAG Group, a company specialising in acquiring legacy insurance portfolios, has announced the conclusion of two captive legacy transactions while keeping the details undisclosed. In these agreements, insurance liabilities were transferred from the captives to DARAG through novation, along with their respective fronting carriers. In the first transaction, DARAG assumed the insured ... Read the full article
BMA outlines expectations for legacy re/insurers assuming corporate liabilities
4th January 2024
The Bermuda Monetary Authority (BMA) has released guidelines outlining its expectations for legacy re/insurers engaged in assuming corporate liabilities, particularly those involving non-insurance corporations with risk characteristics resembling traditional insurance obligations. The regulatory framework addresses entities specialising in managing long-tailed liabilities, including those associated with historical asbestos and environmental exposures. The BMA's ... Read the full article
R&Q subjected to BMA review of legacy business, halting transactions
22nd December 2023
R&Q Insurance Holdings said this morning that the Bermuda regulator has requested an independent actuarial review of its legacy reserves, its capital and its cash flow projections, which will put on hold any legacy transaction to Bermuda based R&Q Re, including a previously announced deal. R&Q said it has been in ... Read the full article
RiverStone implements Clearwater platform to drive investment strategy
2nd October 2023
RiverStone International, the largest provider of legacy solutions in the Lloyd’s market, has successfully implemented the Clearwater platform to drive its investment strategy. Clearwater Analytics is a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions. According to the announcement, RiverStone selected the platform for its investment accounting and reporting ... Read the full article
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