The agreement covers a diversified, Europe-wide liability portfolio with net reserves of approximately £250 million.

The portfolio includes motor, engineering, and liability business, spanning assumed reinsurance underwriting years from 2018 to 2024.

This bespoke ADC structure has been designed to deliver capital and earnings protection for the cedent while aligning the interests of both parties over the life of the portfolio.

Further, the transaction includes a renewable mechanism that provides optional coverage for future underwriting years.

Rachel Bardon, Chief Underwriting Officer, Compre, commented: “This transaction demonstrates our ability to deliver tailored retrospective capital solutions to reinsurers seeking protection against adverse development while maintaining operational control. We are pleased to support our client with a structure that aligns interests and provides flexibility for the future.”

This is the second legacy transaction announced by Compre this month. You can see a list of many other legacy re/insurance transactions on our dedicated page.

The post Compre enters into £250m ADC transaction with European reinsurer appeared first on ReinsuranceNe.ws.

Amerisure is a provider of commercial property and casualty insurance solutions for U.S.-based construction, manufacturing, and healthcare businesses.

The transaction involves the transfer of a significant block of legacy reserves, further reinforcing Compre’s position as a trusted partner in managing complex, long-tail insurance exposures.

As part of the agreement, Compre will assume responsibility for the identified asbestos liabilities and manage all associated claims.

Rachel Bardon, Chief Underwriting Officer at Compre Group, said, “We are proud to deliver a solution that creates tangible capital and operational benefits for our clients. Asbestos liabilities require specialist expertise and long-term commitment. This transaction demonstrates our disciplined underwriting approach and ability to structure solutions that provide certainty, stability and efficiency for our partners.”

Chris Spaude, Chief Financial Officer at Amerisure, added, “This agreement is a proactive step to resolve legacy asbestos exposure, reduce future volatility, and further enhance our long‑term financial strength.

“With this action, Amerisure can further focus our capital, leadership, and operational efforts on continued delivery of industry-leading service supporting our agents and policyholders.”

Visit our table of legacy and run-off insurance and reinsurance transactions to read about previously announced deals.

The post Compre assumes portfolio of asbestos insurance liabilities from Amerisure appeared first on ReinsuranceNe.ws.

The global legacy firm has acquired RiverStone International Australia PTY LTD to support the Group’s offerings in the Australian marketplace.

Mark Fleiser, who has more than two decades of senior experience in the Australian general insurance market, will lead RiverStone International’s Australian operations as Managing Director. He brings additional experience in the New Zealand market to the role, and during his career has held leadership roles across underwriting, portfolio management, governance, reinsurance, and claims.

At the same time, RiverStone International has entered into a legacy portfolio transaction with Zurich Australian Insurance and Zurich Insurance Company, which primarily covers Zurich’s Australian legacy professional indemnity, general liability, and workers’ compensation portfolios.

The legacy deal covers policies in run-off for underwriting years 2023 and prior, with total net nominal reserves exceeding AUD 400 million. RiverStone explains that liabilities will initially be transferred via a loss portfolio transfer reinsurance to RiverStone International Bermuda.

You can read about this legacy deal and many others on our list of legacy and run-off reinsurance transactions.

Paul Brockman, Group Chief Executive Officer of RiverStone International, said: “This is a major milestone for RiverStone International. Establishing a presence in Australia is a terrific step forward for the business, materially expanding our global footprint and reflecting the momentum we are building. It marks an important stage in our evolution as a truly global legacy and specialty insurer.”

Andy Creed, Group President, RiverStone International, commented: “It is a pleasure to once again work with Zurich in supporting their strategic initiatives. The ongoing relationship we have built with Zurich is testament to the strength of RiverStone International’s operations and our commitment to building long-term partnerships with key clients. This transaction demonstrates RiverStone International’s ability to execute complex legacy solutions within a robust regulatory framework.”

Alex Morgan, Head of General Insurance, Zurich Australia & New Zealand, added: “Zurich is pleased to have worked with RiverStone on this transaction, which builds upon an existing relationship between the two organisations.

“Zurich’s Australian ongoing general insurance business holds a strong position in the market, with significant growth ambitions. This transaction represents a key moment as we seek to invest further in scaling and innovating our ongoing local business, whilst continuing to deliver the quality outcomes we are known for.”

The post RiverStone International launches in Australia with local acquisition and Zurich legacy deal appeared first on ReinsuranceNe.ws.

INTX will support Xitus in the global scaling and management of its run-off, LPT, IBT, and captive re/insurance operations. This support extends across its subsidiaries: Xitus Bermuda, Xitus UK, Xitus Europe, and its newest acquisition, Chevron Captive, Insco.

Xitus expanded its use of the INTX platform more extensively to gain capital visibility across its long-tail portfolios and to expedite the execution of Loss Portfolio Transfers (LPTs) and acquisitions.

The platform facilitates this by providing enhanced capabilities for portfolio monitoring, reporting, and coordination, specifically supporting the firm’s acquisition and LPT activities.

“As an early adopter, we are growing the relationship with INTX because the platform gives us the control to manage our business at scale and as our transaction volume and geographic footprint expand, INTX is the core system we can rely on to operate with confidence and control,” said Benjamin Dovey, Head of Commercial & Operations at Xitus. “INTX brings structure to historically fragmented and manual processes and gives our team confidence to move quickly as we take on more transactions.”

Unlike general-purpose core systems, INTX is designed for the operational and financial realities of legacy and captive insurance.

By adopting the INTX platform, Xitus is establishing a modern operational framework designed for scalability. As a unified technology solution, coupled with specialised expertise, it will effectively manage the increasing complexity of reinsurance treaty management and the growth in transaction activity, the firm noted.

“Runoff and captive portfolios demand a level of financial control and the ability to utilize Predictive AI Actuarial modelling that legacy systems were never designed to deliver. INTX gives organizations like Xitus real-time visibility and governance across complex, multi-entity portfolios as they scale globally,” said Rob Lewis, CEO of INTX Insurance Software. “Our platform gives leadership real-time visibility into reinsurance and claims activity that provides clean data for their predictive AI Models and regulatory oversight.”

The post Legacy specialist Xitus selects INTX as core insurance operating system appeared first on ReinsuranceNe.ws.

According to Compre, the appointment will enhance the company’s leadership capacity to navigate greater scale and complexity while ensuring disciplined execution and clear accountability.

Atkins will reportedly oversee key group functions, including operations, risk, actuarial, claims, and people.

He joins Compre from Premia, where he has served as chief operating officer for the past five years, with responsibility for operational delivery, integration and organisational effectiveness.

Before Premia, Atkins spent 17 years at Enstar, holding a number of senior leadership positions across operations, strategy and execution during a period of significant growth and evolution for the business.

Will Bridger, Compre group CEO, and to whom Atkins will report, commented, “David brings deep experience of operating and scaling complex reinsurance platforms in our market.

“As Compre continues to grow, this appointment strengthens our leadership structure for the future, and I expect to be working hand in glove with David in driving the next phase of the group’s strategic development.

“I am confident that David’s experience will be a strong addition to the business and am excited about the opportunity to work together.”

Atkins added, “Compre has a strong platform, clear strategy and a reputation for disciplined execution and client service. I am looking forward to joining the group and being a key part of the leadership team, driving its further growth.”

The post Compre appoints David Atkins as Deputy CEO appeared first on ReinsuranceNe.ws.

The transaction, which was first announced in December last year, has now received all required regulatory approvals and has fully closed.

Stewart Title Europe Limited is a specialist insurance company that has been in run-off since the start of 2025.

It offered a suite of title insurance products designed to cover losses arising from title-related risks in property transactions.

Simon Minshall, Marco CEO, commented on the completion, “This transaction has enabled Stewart Title to efficiently implement its strategy and illustrates some of the practical solutions Marco offers its clients.

“Marco excels at providing corporates with operational and strategic solutions, and we are diligent in investing in professional risk and operational management to minimise risk and exposure in the market. This transaction serves as a good example of the value added we offer our clients.”

In related news, Marco recently completed its acquisition of Dublin-based Benteler Re from Benteler Group.

The post Marco Capital completes acquisition of Malta-based insurer Stewart Title Europe appeared first on ReinsuranceNe.ws.

In a new report, PwC forecasted that 2026’s M&A activity will be shaped by a challenging rates environment, alongside persistent pressure on growth and earnings across the re/insurance market.

The firm recorded 42 publicly announced non-life run-off insurance transactions in 2025, up from 33 in 2024 and 31 in 2023. According to PwC, this increase was driven by an especially active Q4 2025, during which 14 transactions were announced.

“Despite this increase in deal numbers, estimated liabilities transferred were $5.4 billion, below the $6 billion to $8 billion range that has characterised the market in recent years,” the firm noted.

Rather than signalling a slowdown in overall market activity, this reflects a shift in the transaction mix, with a greater proportion of smaller deals being disclosed.

PwC added, “Approximately 70% of all publicly announced transactions had disclosed deal values. Around 40% of these transactions were sub-$50 million liability deals, underlining the levels of activity seen at the smaller end of the market.

“Capital relief was seldom cited as a key driver for these smaller transactions, with seller rationale more often noting operational simplification as a core motivation in disposing of non-core lines and portfolios.

“There was also significant activity in the $50 million to $250 million rang,e with a further half of fully disclosed transactions sitting within this price bracket.”

PwC noted that 2025 saw no publicly disclosed transactions in this bracket; however, discussions with market participants suggest deals of this size are expected to emerge in Q1 2026.

Overall run-off liabilities transferred during 2025 were bolstered by two significant transactions, each exceeding $1 billion.

North America remained a primary hub for legacy market activity, with 18 deals and $3.6 billion of disclosed liabilities. Engagement from re/insurers and corporates is expected to continue.

Meanwhile, activity in Europe increased substantially compared with the prior year, with seven deals in 2025 versus two in 2024.

“We expect momentum in Europe to continue into 2026, supported by increasing familiarity with legacy solutions across the region with market education initiatives, including events such as the IRLA Munich conference in October 2025,” PwC said.

Looking ahead, the firm concluded, “With a more challenging rates environment for the re/insurance market than in recent times, but continued pressure on growth and earnings, we expect to see increased live market M&A activity.

“The run-off acquirer landscape itself has looked more settled recently, but we continue to see interest from new entrants supported by fresh capital, which is expected to bring some further competition, primarily on the smaller and mid-sized deals.

“We also anticipate continued innovation in respect of transaction structuring by run-off market participants, including further use of prospective and hybrid underwriting structures.

“It will be interesting to see how traditional legacy players seek to compete or collaborate with other structured solutions providers in this space.”

In related news, last year, we hosted a roundtable discussion in partnership with global reinsurer Swiss Re, during which experts from across the market discussed trends, opportunities and challenges for the run-off world.

Held on May 12th, 2025, it was the first Reinsurance News Legacy Roundtable and featured 11 run-off market experts with broad experience on the seller and buyer side, as well as broking, legal, and advisory, all focused on further advancing the legacy marketplace.

The post Rising 2026 re/insurance M&A to fuel run-off market opportunities: PwC appeared first on ReinsuranceNe.ws.

DARAG Deutschland AG, DARAG’s German insurance carrier, completed the PTA of Protector’s Danish Workers’ Compensation portfolio written between 2012 and 2025, with reserves of approximately €120 million.

DARAG also completed a separate LPT just before year-end 2025, with reserves exceeding €120 million, and signed an agreement for a subsequent portfolio transfer. This transaction involved a book of discontinued business written by another major EU carrier.

Tom Booth, CEO of DARAG, said, “The completion of the PTA with Protector, a long-standing client, further demonstrates DARAG’s ability to offer European counterparties legal, operational and economic finality for their legacy portfolios. Scandinavia has been a strong growth area for DARAG and a geography where we have longstanding relationships with expert local third-party administrators as well as a highly experienced local claims portfolio manager.

“The completion of the other sizeable LPT at the end of December is a fitting end to a strong year of trading for DARAG overall with a record volume of new business transacted by the Group in the European market.”

With the assistance of Howden Re, DARAG also partnered with specialist reinsurance capital to manage some of its aggregate exposure and optimise capital allocation.

Booth added, “It is especially pleasing to report that as well as expecting to deliver a good profit for the year, DARAG’s solvency ratio is expected to close at a record high level, underpinning our ability to continue our growth in 2026 and beyond.”

DARAG’s most recent deals include DARAG Deutschland AG completing an LPT with a European carrier at the end of May 2025, which will be followed by a portfolio transfer with the carrier.

In April, DARAG Deutschland AG entered into a PTA with Protector Forsikring ASA for its entire Danish Workers’ Compensation portfolio.

In March, DARAG announced an LPT agreement with UK-based insurer Soteria Insurance Limited (SIL), formerly the underwriting arm of the Co-operative Group.

The post DARAG announces two deal closures at year-end 2025 appeared first on ReinsuranceNe.ws.

In his new role, Steiner will oversee capital management and legacy and run-off activities for Allianz Re across Property & Casualty and Life & Health reinsurance. He will report to the Chief Underwriting Officer of Allianz Group.

Steiner has spent 15 years at Allianz, joining the group in 2011 in product development and actuarial roles at Allianz Private Krankenversicherungs AG, a German private health insurer and part of the Allianz Group.

During his tenure, he has held several senior leadership positions, including Head of Department Aktuariat Krankenversicherung at Allianz Deutschland AG, the German arm of Allianz.

Most recently, he served as Senior Advisor Capital Management at Allianz Re since March 2024, where he was responsible for further developing the Capital Management Reinsurance portfolio for Allianz Group’s internal P&C business.

The post Allianz Re appoints Florian Steiner as Head of Capital and Legacy Solutions appeared first on ReinsuranceNe.ws.

The ratings agency notes that these firms are increasingly helping insurers release capital, simplify group structures, and sharpen their focus on primary underwriting activities.

AM Best highlights that transaction volumes in the non-life run-off market remain solid, but activity is becoming increasingly concentrated among a small number of established specialists. Previously, run-off transactions were largely undertaken by major insurers and reinsurers seeking to exit non-core or discontinued business. However, a group of run-off specialists has emerged, forming a clear segment in the insurance sector and playing an important role in managing insurers’ balance sheets.

“Today, these specialists are increasingly recognised for their technical sophistication, transactional agility, and ability to provide customised capital solutions,” commented Dan Hofmeister, Associate Director at AM Best.

According to AM Best, a persistent misconception is that run-off specialists mainly assume distressed or excessively risky portfolios. While many transferred liabilities present challenges for the original carriers, the report explains that specialists benefit from advantages built into deal structures.

These often include the ability to reprice exposures, build in protection against adverse reserve development, and, in many cases, impose explicit limits on liability. AM Best adds that this discipline is reinforced by advanced analytics, extensive historical claims data, and increasingly refined reserving techniques.

The report also stresses that insurers pursuing run-off solutions must carefully assess execution risk. AM Best points out that complex transactions involving legal entity transfers or multi-jurisdictional regulatory approvals can encounter delays or fail to complete altogether. “Cedents may also face reputational risk if policyholders or claimants perceive the transfer as a retreat from obligations, especially in high-profile or long-tail liability classes,” Hofmeister added.

AM Best further cautions that counterparty risk remains a relevant consideration. If a run-off specialist experiences financial weakness or fails to manage claims appropriately, cedents may be exposed to disputes, reputational damage, or residual liabilities, particularly in structures where risk transfer is not absolute.

As outlined by AM Best, the expansion of dedicated non-life run-off specialists has widened both the scope and objectives of transactions. Where legal finality once dominated decision-making, insurers are now more frequently prioritising capital relief. AM Best observes that this change has given run-off acquirers greater flexibility to design transactions aligned with regulatory requirements and capital efficiency goals.

The AM Best report places this evolution within the broader context of an industry shaped by strict regulation, complex risk profiles, and ongoing structural adjustment. Legacy liabilities, the agency notes, can become long-term financial and operational burdens, prompting insurers to seek partnerships with run-off specialists to transfer exposure and reallocate resources toward core business lines.

While run-off activity spans both life and non-life insurance, AM Best notes that most firms specialise in one segment. In life insurance, growing participation from asset managers has intensified competition, with these firms often aligning liability acquisitions with proprietary investment strategies. The AM Best analysis, however, is focused on the non-life sector, which continues to mature as insurers refine their capital and risk management approaches.

AM Best explains that non-life run-off specialists typically acquire discontinued or non-core portfolios that insurers no longer wish to retain, including legacy exposures linked to exited product lines or volatile claims development. Increasingly, these deals are proactive rather than reactive, designed to optimise capital usage, support enterprise risk objectives, or extract value through reinsurance-based solutions.

Transaction visibility in this market is high, AM Best notes, as deals are generally facilitated by a limited group of specialist brokers. This gives leading run-off firms awareness of most opportunities, even when they do not ultimately participate.

The agency adds that the operating models of these specialists, which focus exclusively on legacy claims management, often allow closer monitoring of legal developments and settlement trends than is possible for active carriers managing a wide range of current business.

Despite the benefits, AM Best emphasises that sellers must account for potential complications, including data quality issues, claims transfer challenges, and retained tail risk in partial loss portfolio transfers or adverse development covers. In such cases, ongoing oversight may still be required, reducing the effectiveness of the separation.

From a value perspective, AM Best identifies capital efficiency as the primary driver behind non-life run-off transactions. Legacy portfolios often consume significant regulatory and rating agency capital while contributing little to earnings. By transferring these liabilities, insurers can improve returns, strengthen balance sheets, and redirect capital toward growth initiatives. Operational simplification is another key benefit cited by AM Best, particularly for insurers that no longer maintain the systems or expertise needed to manage older or niche portfolios.

AM Best also points to the depth of claims management expertise within specialist run-off firms. Many have built teams capable of handling complex litigation and long-duration liabilities across multiple jurisdictions, supported by robust oversight of third-party administrators. Even where cedents retain direct claims control, AM Best notes that specialists typically play an active governance role.

At the market level, AM Best describes non-life run-off specialists as an important stabilising influence. By absorbing legacy risks, they contribute to cleaner insurer balance sheets and greater resilience during periods of regulatory change, large loss events, or shifting market conditions. Their flexibility in structuring transactions, unconstrained by traditional underwriting measures such as combined ratios, allows for a longer-term assessment of value.

The non-life run-off market remains concentrated, according to AM Best, with a limited number of global players dominating activity. What began as a response to insurer failures and complex asbestos and environmental claims has expanded into a broader market with more varied transaction structures and liability types.

Citing the PwC Global Insurance Run-Off Survey, AM Best notes that the global run-off reserve market was estimated at approximately USD 1.1 trillion at the end of 2024. While overall liability volumes have remained relatively stable, recent years have seen fewer but larger transactions, a pattern that shifted in 2025 as more small and mid-sized deals were announced.

AM Best adds that transferred portfolios are also becoming more diverse, extending beyond traditional long-tail exposures to include moderately longer-duration risks such as motor. According to data referenced by AM Best from the PwC Run-off Deals Database 2025, six firms—Enstar, Riverstone International, Premia, Compre, Marco, and DARAG—accounted for more than half of global non-life run-off transactions in 2023 and 2024, with their share continuing to increase in 2025. AM Best concludes that this growing concentration underscores the central role run-off specialists now play in supporting insurers’ capital management and long-term strategic objectives.

The post Non-life run-off specialists emerge as central capital management partners for insurers: AM Best appeared first on ReinsuranceNe.ws.