Legacy
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NewsThe Insurer TV: Legacy’s evolution from conceding failure to capital optimisation
In the latest episode of Prospective , brought to you by The Insurer TV , participants discuss what is driving the momentum in the legacy market and how it has reached its ‘coming of age’ moment.
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Enstar: run-off pipeline strong despite increased competition and portfolio volatility
Bermudian Enstar has said it has a strong pipeline of legacy transactions and is poised to build on the ~$3bn of run-off liabilities it has already acquired in 2021.
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Enstar swings to $284mn Q1 operating income
Enstar’s net and operating results returned to profit in the first quarter of 2021, on the back of a reduction in losses and loss adjustment expenses, as well as favourable prior-year development.
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The Insurer TV: NAIC involvement crucial to help standardise US IBT structure
Industry leaders in the legacy market have called on the National Association of Insurance Commissioners (NAIC) to create nationwide legislation to help insurance business transfers (IBTs) become more widely accepted in the US market following initial success.
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The Insurer TV: Split RITCs – the next evolution of Lloyd’s legacy?
Split reinsurance-to-close (RITC) transactions at One Lime Street have the potential to become as common as Part VII transfers in the UK company market with the support of both Lloyd’s and the Prudential Regulation Authority (PRA).
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The legacy market: a renaissance in the making
Welcome to the latest edition of Prospective , which this month focuses on an industry sector which appears to be very much in vogue – the global P C legacy market .
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Lyft’s LPT with Darag takes offloaded liabilities to $715mn
Ridesharing company Lyft’s $250mn loss portfolio transfer (LPT) with Darag marks the firm’s latest foray into the run-off market, following a transaction with Enstar last year which saw the Bermudian reinsure $465mn of legacy reserves.
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Darag seals LPT with Lyft captive
Legacy specialist Darag has agreed a loss portfolio transfer (LPT) with Lyft captive Pacific Valley Insurance Company (PVIC).
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Compre names former PartnerRe CEO Clarke as chair
Compre has added former PartnerRe CEO Emmanuel Clarke to its board as chairman following the completion of the legacy specialist’s acquisition by private equity firm Cinven and British Columbia Investment Management Corporation (BCI).
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Compre continues expansion with claims and M&A director appointments
Run-off firm Compre has named Marialuisa Petrella as claims director and Connie Tregidga as group M A director.
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Fortitude Re eyes P&C expansion as builds out US and BDA platforms
Run-off carrier Fortitude Re is gearing up to meaningfully expand its platform by adding staff in the US and Bermuda, as the AIG spin-off looks to scale up its P C operations, The Insurer understands.
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Chaucer strikes RITC with Axa African specialty SPA
Chaucer Syndicate 1084 has accepted the reinsurance to close (RITC) of the liabilities of its former joint venture with Axa – Special Purpose Arrangement (SPA) 6130 – for the 2018 year of account.
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Premia inks ~£560mn RITCs at Lloyd’s with Canopius and Arch syndicates
Expansive legacy specialist Premia has completed two reinsurance to close (RITC) deals at One Lime Street as the Bill O’Farrell-led firm builds out its Lloyd’s platform.
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California program specialist Sutter enters run-off
Transportation and personal lines-focused program specialist carrier Sutter Insurance Company has gone into run-off.
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Aon lands KPMG’s Gale for new head of legacy role
Aon has hired KPMG partner Barry Gale as it builds out its run-off solutions offering within its Reinsurance Solutions unit, The Insurer can reveal.
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Darag returns to its Northern European heartland with €180mn Protector deal
Darag has signed a retrospective quota share reinsurance agreement with Norweigian insurer Protector Forsikring that will see it assume reserves of more than €180mn ($214mn).
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Darag confirms takeover of SunPoint from Fosun
Legacy specialist Darag has confirmed the acquisition of Bermuda run-off vehicle SunPoint, a move revealed by this publication in October 2020.
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Gallagher Re targets legacy opportunities with Rothseid hire
Gallagher Re has added to its structured solutions team with the appointment of Andrew Rothseid as head of legacy.
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RiverStone inks ~£370mn RITC with Hamilton and Liberty for Pembroke back years
Legacy specialist RiverStone Europe has completed a reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2018 and prior years of account of Syndicate 4000.
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Enstar provides ADC for $1.395bn Axa XL long-tail portfolio
Enstar has revealed its newly agreed adverse development cover (ADC) for Axa XL will see it provide two layers of cover for a $1.395bn portfolio.
