Legacy
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NewsThe legacy market: poised for the next wave?
Later this morning the UK run-off market will be leaving their desks – whether at home or in the office – and jumping on the Brighton train for the first in-person legacy conference since the start of the pandemic.
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Aon confirms Gale as head of legacy unit and adds PwC’s Nelligan
Aon has continued to build out its expansive run-off business, hiring PwC’s Victor Nelligan and confirming the arrival of Barry Gale from KPMG, a move first revealed by The Insurer.
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Fortitude Re to acquire Prudential legacy variable annuities book in $2.2bn deal
Fortitude Re has agreed a $2.2bn deal to acquire a portion of Prudential Financial’s in-force legacy variable annuity block as the run-off specialist continues to build out its market footprint.
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R&Q completes LPT with Lufthansa’s captive
Randall & Quilter Investment Holdings (R&Q) has completed a loss portfolio transfer (LPT) of reinsurance business with Lufthansa Group’s German captive insurance company Delvag Versicherungs-AG.
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Numis: Gibson Re launch will improve R&Q’s long-term earnings quality
Randall & Quilter’s new third-party capital-funded $300mn sidecar Gibson Re will significantly improve long-term earnings quality and reduce the capital intensity of the business, according to Numis Securities.
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R&Q set to unveil legacy sidecar vehicle Gibson Re
Randall & Quilter Investment Holdings (R&Q) is expected to shortly unveil its first reinsurance sidecar Gibson Re – perhaps as early as Monday – after investors and the London-listed firm agreed terms earlier this week, according to sources.
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Sentry IBT to R&Q subsidiary completes following court approval
The first so-called insurance business transfer between two separate unrelated parties has completed after the District Court of Oklahoma County approved the transfer of a block of reinsurance business underwritten by Sentry Insurance Company to National Legacy Insurance Company.
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Compre portfolio focus skews to US as eyes continued North America growth
Run-off specialist Compre is looking to make further inroads into the North American legacy market as it “sets out its stall” to focus on mid-market accounts, the firm’s chief executive has said.
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Darag agrees LPT with Insr Norway
Legacy specialist Darag has signed a loss portfolio transfer (LPT) and a portfolio transfer (PTA) with Oslo Stock Exchange-listed Insr Insurance Group ASA.
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Primed-for-growth legacy specialist Fortitude Re assigned FSR of A by AM Best
Fortitude Re has been assigned a financial strength rating (FSR) of A (Excellent) by AM Best as the run-off carrier readies itself for growth and looks to build upon its early success of posting an operating profit each year since incorporation.
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Maiden posts Q2 operating profit as reserve releases push UW income
Maiden Holdings posted a sixth successive quarter of operating profitability in Q2 2021 as the Bermudian company benefited from favourable prior year loss development that fuelled a swing to underwriting profit in the period.
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SiriusPoint agrees $417mn legacy transfer deal with Compre
SiriusPoint has agreed a deal to transfer a $417mn book of legacy liabilities to run-off specialist Compre in a transaction that chairman and CEO Sid Sankaran said will allow the Bermudian (re)insurer to redeploy capital to support strategic growth.
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D’Orazio: James River commercial auto legacy deal not a necessity
James River remains interested in potentially turning to the legacy markets and offloading its run-off Uber-focused commercial auto book, although CEO Frank D’Orazio told analysts on Thursday that undertaking such a deal is not a necessity.
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Enstar provides £400mn ADC to RSA UK and Irish units
A subsidiary of Enstar Group has signed an agreement to provide a £400mn ($555mn) adverse development cover for certain UK, Irish and other business of Intact Financial-owned RSA and its subsidiaries.
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Darag acquires SADA’s French motor book
Darag’s German insurance carrier Darag Deutschland AG has agreed a portfolio transfer for the motor business of French insurer SADA Assurances.
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Darag completes sale of non-legacy Italian business to Nobis
Darag has completed the sale of the active underwriting business within its Italian operations to domestic insurer Nobis Compagnia di Assicurazioni.
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Marco seals first captive acquisition
Run-off specialist Marco Capital has inked a deal to purchase its first captive – Isle of Man-based VA Insurance Services Limited (VAISL).
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Marco Capital approved for Malta PCC to serve as EU lead carrier
European legacy specialist Marco Capital has been authorised to operate as a P C (re)insurer in Malta through its subsidiary Marco Insurance PCC.
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Enstar agrees $520mn LPT for Hiscox Syndicate 3624 portfolio
Enstar Group has unveiled a $520mn loss portfolio transfer (LPT) for legacy Hiscox business, the latest in a series of transactions with large international P C carriers.
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Darag adds to North America and London teams
Darag has made a series of hires as it continues to build out its operations on both sides of the Atlantic, adding Alastair Lauder as group chief actuary in London and Ciaran Russell as senior actuary in Bermuda.
