Legacy
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NewsRiverStone 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.
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Premia to acquire Armour as PE owner Aquiline rolls investment
Arch-sponsored Premia is to acquire up-for-sale Bermuda-based legacy carrier Armour Group and combine the two businesses in an all-stock deal, The Insurer can reveal.
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Compre unveils Lloyd’s RITC deal for Sportscover portfolio
Recently acquired run-off firm Compre has completed a second deal through its new Lloyd’s syndicate with the legacy specialist announcing a reinsurance-to-close (RITC) transaction for Syndicate 3330’s 2018 year of account.
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CVC’s acquisition of RiverStone Europe granted EU approval
The European Commission has approved the acquisition of RiverStone Europe by a vehicle owned private equity house CVC Capital Partners, for a purchase price of $750mn.
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Compre launches Lloyd’s syndicate with $125mn Apollo RITC as first transaction
Compre is to target mid-market portfolios within the growing Lloyd’s legacy space after fulfilling its longstanding ambition to establish its own Lloyd’s syndicate.
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Enstar completes $690mn CNA workers’ comp legacy reinsurance deal
Legacy-to-live powerhouse Enstar Group has completed its previously announced $690mn deal with a subsidiary of CNA Group to reinsure a portfolio of excess workers’ compensation business.
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Catalina co-founder and CEO Fagan to exit; succeeded by Hemphill
Run-off specialist Catalina’s CEO and co-founder Chris Fagan is to step down from the helm after over 15 years in the top role and is to be succeeded by chairman Bruce Hemphill.
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Marco takes former Premia EU president Szalkai for head of M&A
Start-up legacy specialist Marco has hired Zsolt Szalkai to take on the role of managing director and head of M A.
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Catalina UK continues board overhaul as names Mason chair and Shaw as non-exec
The UK arm of run-off specialist Catalina has appointed Tony Mason as chair and Penny Shaw as a non-executive director, marking the latest changes to the board since the firm was handed a Section 166 review by the Financial Conduct Authority in the summer of 2019.
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Uniform process and regulatory acceptance to drive IBT in US legacy market
Uniformity of the process and regulatory acceptance are vital if insurance business transfers (IBTs) are to become a mainstream solution for run-off liabilities in the estimated $350bn US legacy market, according to BMS senior consultant Mory Katz.
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Marco completes Allianz BRIC deal to secure UK platform
European P C run-off specialist Marco has completed its acquisition of British Reserve Insurance Company Ltd (BRIC), a UK non-life insurance company, from Allianz.
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R&Q completes Inceptum and WMG legacy acquisition deals
Randall Quilter Investment Holdings has begun 2021 by completing the previously announced acquisitions of Vibe Group subsidiary Inceptum Insurance Company Ltd and The World Marine General Insurance Company.
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Premia appoints Enstar’s former European head Atkins
The former chief executive of Enstar’s European operations David Atkins has landed at its smaller legacy rival Premia, The Insurer can reveal.
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Fleming Re enters LPT arrangement with casualty-focused captive BevCap
Bermudian legacy carrier Fleming Re has created a loss portfolio transfer (LPT) facility with Hawaii-domiciled beverage distribution captive BevCap.
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Premia forms $265mn+ legacy sidecar Elevation Re
Bermudian run-off specialist Premia Holdings has raised over $265mn in initial commitments from third-party institutional investors to fund a newly formed sidecar to provide collateralised reinsurance support as it targets opportunities in the fast-growing segment.
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CNA transfers $690mn of workers’ comp liabilities to Enstar
Enstar has capped off a busy 2020 with a legacy deal for CNA Financial Corporation to transfer $690mn of net excess workers’ compensation liabilities under a retroactive reinsurance agreement with a $1bn aggregate limit.
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R&Q inks latest legacy transaction with Pacific Pioneer Insurance Company
London-listed Randall Quilter (R Q) has undertaken a loss portfolio transfer (LPT) with Pacific Pioneer Insurance Company (PPIC), marking the latest in a flurry of transactions this month for the firm.
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Numis says R&Q is ‘top pick’ following £25mn Vibe deal
Numis says R Q is ‘top pick’ following £25mn Vibe deal
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R&Q inks third major Lloyd’s legacy deal in 2020 with Vibe acquisition
Legacy specialist Randall Quilter Investment Holdings Ltd (R Q) has agreed terms to acquire Vibe Services Management Ltd, the Lloyd’s insurer which ceased underwriting last year.
