Legacy
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NewsBrit strikes $380mn LPT with RiverStone International
Fairfax-owned Brit has completed a loss portfolio transfer agreement with RiverStone International for a legacy portfolio of discontinued classes of business underwritten by Syndicate 2987 at Lloyd’s as it seeks to reduce its exposure to US casualty claims inflation.
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Maiden’s Genesis unit closed first LPT in Q3
Maiden Holdings, which is running off its (re)insurance liabilities, has reported a slightly larger operating loss for the third quarter and revealed that its Genesis Legacy Solutions unit has completed its first transaction.
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SiriusPoint completes $417mn legacy deal with Compre
SiriusPoint and Compre have completed a previously agreed deal that will see the Bermudian reinsurer transfer a $417mn book of legacy liabilities to the run-off specialist.
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Busy legacy firm Marco Capital agrees “transformational” deal to acquire Capita insurance units
Expansive legacy start-up Marco Capital has continued to build out its operations with the acquisition of Capita’s specialty insurance businesses.
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Investors back improved Markel-funded CatCo run-off scheme
Investors have thrown support behind Markel’s proposed buyout transaction for its Bermudian retro fund manager Markel CatCo Investment Management, which will return capital to investors in CatCo’s Bermuda and London funds.
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Marco takes over Credit Suisse’s run-off reinsurer Humboldt Re
Expansive legacy start-up Marco Capital Holdings has inked a deal to acquire Guernsey-domiciled Humboldt Re from Credit Suisse.
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Bernd flooding to drive increase in legacy transactions in DACH region: BFRC
An increasing willingness among (re)insurance companies in the DACH region to explore legacy solutions will lead to growth for the region’s run-off market in 2022 and beyond, according to Jens Ziser, managing director of Black Forest Reinsurance Consulting.
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Carrick secures $40mn Bank of Montreal credit agreement to fund legacy deals
Carrick Specialty Holdings, the legacy start-up led by former Enstar US president and CEO Karl Wall, has secured $40mn of funding through a credit agreement with Bank of Montreal.
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Marco gains Lloyd’s approval for RITC syndicate
Oaktree Capital Management-backed legacy start-up Marco Capital Holdings Ltd has gained in-principle approval to launch a reinsurance-to-close syndicate at Lloyd’s.
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PE-backed legacy firm Marco strikes third deal with Allianz UK Gibbon Pools liabilities
Oaktree Capital Management’s legacy start-up Marco Capital Holdings Ltd has completed its third transaction since launching last year with a deal to release an Allianz UK subsidiary from its decades-old liabilities arising from the Gibbon Pools.
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RSA completes £400mn ADC with Enstar
Enstar has completed its previously announced agreement to provide a £400mn ($543mn) adverse development cover for certain UK, Irish and other business of Intact Financial-owned RSA and its subsidiaries.
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James River shares surge ~12% following Uber LPT deal
James River Group’s shares gained close to 12 percent in early morning trading following the carrier’s earlier announcement it had secured a loss portfolio transfer for its Uber-related run-off commercial auto portfolio.
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James River secures $345mn LPT with Uber captive to protect against further commercial auto losses
James River Group has agreed a loss portfolio transfer reinsurance transaction with Uber’s captive Aleka Insurance that will finally enable the US specialty insurer to exit the costly joint venture with the technology-taxi firm.
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R&Q hires US claims and run-off veteran Andrew Pinkes to lead legacy arm
Randall & Quilter Investment Holdings Ltd (R&Q) has hired the former head of CNA’s claims and run-off business as global CEO of its legacy arm.
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Hiscox exploring LPT solutions in red-hot legacy market
London-listed Hiscox has returned to the legacy market and is understood to be exploring a number of potential run-off solutions as it seeks to offload back-year portfolios, The Insurer can reveal.
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The 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.
