Legacy
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NewsAspen completes giant $3.57bn LPT with Enstar
Aspen’s mammoth $3.57bn ground-up loss portfolio transfer (LPT) deal with Enstar has completed with the legacy specialist assuming $3.12bn of the Bermudian (re)insurer’s net loss reserves relating to 2019 and prior years.
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Fleming to build out capital solutions platform with $150mn Altamont investment
Altamont Capital Partners has bought a majority stake in Fleming Holdings and committed $150mn of capital to the platform as it looks to grow with an expanded suite of legacy and prospective capital solutions aimed at middle market P&C carriers, The Insurer can reveal.
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PwC: Legacy deals surge 28% to $4.2bn in Q1
The total estimated value of legacy transactions executed during the first quarter stood at $4.2bn – compared with $3.3bn in Q1 2021 – as the strong momentum that was observed in the non-life run-off sector in 2021 continued, PwC has said.
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AmTrust hits back at Premia in High Court RITC case as says costs capped at £1mn
AmTrust International has said it is not responsible for any costs in excess of £1mn incurred by Premia and Arch in the reinsurance to close (RITC) of Lloyd’s Syndicate 1861 in its defence against a $6.7mn High Court claim launched by the two parties.
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Arch-backed Premia sues AmTrust over RITC of Syndicate 1861
Legacy specialist Premia and parent company Arch have filed a $6.7mn High Court claim against AmTrust International for expenses incurred through the reinsurance to close (RITC) of AmTrust’s now defunct Lloyd’s Syndicate 1861, this publication understands.
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Catalina agrees LPT for $334mn QBE North American E&S portfolio
Bermuda-based legacy specialist Catalina Holdings has agreed a loss portfolio transfer (LPT) for QBE’s North American excess and surplus lines prior accident year liabilities.
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Coverys brings in GC and Tiger as explores Lloyd’s RITC and managing agency sale
US medical professional liability insurer Coverys is exploring a sale of its managing agency at Lloyd’s as well as a potential reinsurance to close (RITC) of Syndicate 1991 as it undertakes a review of its operations at One Lime Street, The Insurer can reveal.
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Marco to compete with Asta as it completes Capita Insurance deal
Oaktree Capital-backed Marco has completed its acquisition of Capita Insurance Services and will use the platform to compete with Lloyd’s “turnkey” operator Asta.
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McGill takes Darag COO Hill as expands structured solutions unit
McGill and Partners has further expanded its structured solutions team with the addition of Andy Hill, who joins the intermediary as a partner.
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Legacy start-up GLS eyes further LPTs and ADCs in fast-growing US run-off market
Genesis Legacy Solutions, a wholly owned subsidiary of Maiden Holdings, anticipates getting several more loss portfolio transfers and small acquisitions under its belt in 2022 while also continuing to provide adverse development covers as the nascent legacy specialist looks to take advantage of changing run-off attitudes in the US.
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Darag strikes deal with North American offshore captive
Run-off specialist and legacy acquirer Darag Group has concluded a novation agreement with an offshore captive insurance company.
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Catalina targets 2022 Lloyd’s entry as records net income of $177mn in 2021
Legacy specialist Catalina reported consolidated net income of $177mn for the year ended 31 December 2021, with the Bermuda-headquartered firm confirming that it hopes to secure a Lloyd’s platform in 2022.
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Horton confirms QBE run-off deal interest but none currently in play
QBE is open to legacy solutions across its entire operations to help free up capital although the company’s new group CEO Andrew Horton told The Insurer that the Australian insurance giant does not currently have any deals in the works.
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Darag backer Keyhaven keeps stake after enlisting Macquarie to explore sale
Keyhaven Capital has shelved plans to divest its stake in legacy specialist Darag following a Macquarie-led process, The Insurer can reveal.
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Compre names Swiss Re’s Presley as North America CEO
Legacy specialist Compre has appointed David Presley to the newly created role of North America CEO.
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Compre’s Eleni Iacovides to exit
Legacy acquirer Compre has parted ways with its chief development officer Eleni Iacovides, The Insurer can reveal.
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Maiden’s GLS reveals reinsurance deal for Mary Free Bed Rehabilitation Hospital
Maiden Holdings’ Genesis Legacy Solutions (GLS) has written a medical expense reimbursement cover for the Washington, DC cell of Mary Free Bed Rehabilitation Hospital (MFB).
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R&Q share price closes up 13% after £482mn takeover offer
London-listed Randall & Quilter (R&Q) saw its share price close up nearly 13 percent following Friday’s recommended £482mn takeover offer from its largest shareholder Brickell.
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RiverStone completes RITC with Pioneer
Pioneer Syndicate 1980 – which was placed into run-off at the end of 2019 – has entered a reinsurance-to-close (RITC) transaction with Riverstone Syndicate 3500.
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Enstar appoints PwC after dismissing KPMG
Legacy specialist Enstar Group has dropped its longtime auditing company KPMG in favor of PwC, the latest reshuffle the company has made in its accounting operations.
