Legacy

Retrospective solutions: Where legacy and reinsurance meet

Compre’s David Presley and Simon Hawkins on the rise of the retrospective market.

PwC: Global non-life legacy trades total $9.4bn over past year

The global non-life legacy market transacted estimated gross reserves of $9.4bn across 37 publicly announced deals in the 12-month period to the end of H1 2023, according to analysis by PwC.

New Marco Capital partnership to help legacy market for motor bodily injury

Marco Capital, the P&C legacy solutions provider, has joined forces with Manchester-headquartered law firm Weightmans LLP to provide an augmented intelligence tool for the legacy motor market.

AIG agrees $400mn ADC with Enstar for Validus reserves

AIG has signed an agreement for an Enstar subsidiary to provide protection against adverse development on the portion of Validus Re’s loss reserves that AIG retains exposure to following the closing of the sale of the reinsurer to RenaissanceRe.

Obra Capital and R&Q name Cooke as CEO of MSAC joint venture

Obra Capital and R&Q have appointed Kevin Cooke to lead its joint venture as CEO of Mine Safety Appliances Company (MSAC).

Compre expands US operations with seven specialist claims hires

Legacy specialist Compre has continued the expansion of its US operations with the appointment of seven claims specialists including RiverStone’s Kim Barber, Elizabeth Wright, Kathleen D’Andraia and Jeremy Klebes.

Catalina reports $455mn loss for 2022

Legacy specialist Catalina Holdings has reported a 2022 comprehensive loss of $455mn, on the back of a 2021 loss of $1.5mn.

Enstar cites limited inflationary impact on loss costs as run-off segment swings into red

Enstar Group has said it observed a “limited” impact from inflation on loss cost trends in its run-off reserves, despite the Bermuda-based legacy group reporting a net loss of $34mn for the segment during the second quarter of 2023.

How far will AM Best’s patience stretch with R&Q?

AM Best understands the damage it can cause when it downgrades a company’s financial strength rating below A-, which is why it is cautious and methodical before taking this step.

R&Q “material uncertainty” as a going concern without Accredited sale: PKF Littlejohn

Auditors for R&Q have warned the firm’s ability to trade forward as a going concern is “conditional on the successful sale” of its fronting business Accredited Group.

R&Q Re ‘Brandywine’ liquidation confirmed by PA regulator

R&Q’s US subsidiary R&Q Re – better known as Brandywine – has formally been ordered into liquidation by a Pennsylvania court with the state’s insurance commissioner Michael Humphreys appointed liquidator, a position which includes exclusive jurisdiction over any claims payouts.

Investment hit pushes Premia to $119mn loss in 2022

Bermudian run-off specialist Premia Holdings reported a near fourfold jump in revenue in the year ended 31 December 2022 but fell to a $199mn comprehensive loss on the back of heavy investment losses.

R&Q posts bruising 2022 FY loss of $292mn

Days before it would have been in breach of London Stock Exchange listing rules, R&Q has posted a record pre-tax loss of $292mn fuelled by heavy operating losses in its legacy arm, a series of “one-off” costs and both realised and unrealised investment losses.

R&Q’s 2022 ADC fails to prevent Australian insurer CCI going into run-off

Australian insurer Catholic Church Insurance has ceased writing new business despite only months ago hailing a new adverse development cover reinsurance deal as having a “significant positive impact” on its balance sheet.

Marco completes acquisition of Navigators International Insurance Company

Oaktree Capital-backed European legacy specialist Marco Capital Holdings has completed its acquisition of Navigators International Insurance Company from The Hartford, The Insurer can reveal.

Aon’s Fiore and Superczynski: (Re)insurers must be flexible to attract capital

Renewed interest from US mutuals looking to Lloyd’s for diversification, the re-emergence of sidecars, buoyant cat bond issuance, a burgeoning surplus notes market and growing appetite for balance sheet relief from legacy and structured reinsurance deals are all signs of the pressure carriers are under to optimise capital structures at a time of market stress.

Hallmark takes $36.9mn total aggregate write-off from Darag arbitration award

Hallmark Financial Services has received the final determination in an arbitration proceeding relating to a loss portfolio transfer reinsurance contract with legacy specialist Darag, which will result in a $4.0mn write off in Q2 in addition to the $32.9mn it recognised in Q1.

Enstar completes A$360mn LPT with Australian auto mutual RACQ

Enstar has closed a loss portfolio transfer agreement with RACQ Insurance to reinsure 80 percent of the Australian mutual’s motor vehicle compulsory third-party insurance liabilities for accident years 2021 and prior.

PE-backed Darag appoints Nomura to explore sale and capital raise options

Darag, the legacy specialist backed by private equity firms Aleph Capital, Crestview Partners and Keyhaven Capital, has appointed Nomura as a strategic advisor to explore a potential new investor or sale options, The Insurer can reveal.

Former Howden Tiger legacy head Johnson to join Gallagher Re

Howden Tiger’s former legacy head Linda Johnson is set to join Gallagher Re, The Insurer can reveal.

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