PE-backed legacy firm Marco strikes third deal with Allianz UK Gibbon Pools liabilitiesOaktree 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.
RSA completes £400mn ADC with EnstarEnstar 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.
James River shares surge ~12% following Uber LPT dealJames 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.
James River secures $345mn LPT with Uber captive to protect against further commercial auto lossesJames 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.
R&Q hires US claims and run-off veteran Andrew Pinkes to lead legacy armRandall & 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.
Hiscox exploring LPT solutions in red-hot legacy marketLondon-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.
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.
Aon: Lloyd’s just the tip of the legacy icebergAon’s Barry Gale and Victor Nelligan examine the evolution of the legacy market, where deal volumes are continuing to grow.
Aon confirms Gale as head of legacy unit and adds PwC’s NelliganAon 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.
Fortitude Re to acquire Prudential legacy variable annuities book in $2.2bn dealFortitude 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.
R&Q completes LPT with Lufthansa’s captiveRandall & 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.
Numis: Gibson Re launch will improve R&Q’s long-term earnings qualityRandall & 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.
R&Q set to unveil legacy sidecar vehicle Gibson ReRandall & 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.
Sentry IBT to R&Q subsidiary completes following court approvalThe 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.
Compre portfolio focus skews to US as eyes continued North America growthRun-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.
Private equity continues to strengthen its grip on the legacy marketThe completion of CVC Capital’s ~$1bn takeover of legacy specialist RiverStone Europe from Fairfax Financial Holdings earlier this week marks the latest capital injection from private equity into the run-off sector.
Darag agrees LPT with Insr NorwayLegacy specialist Darag has signed a loss portfolio transfer (LPT) and a portfolio transfer (PTA) with Oslo Stock Exchange-listed Insr Insurance Group ASA.
Primed-for-growth legacy specialist Fortitude Re assigned FSR of A by AM BestFortitude 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.
Maiden posts Q2 operating profit as reserve releases push UW incomeMaiden 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.
SiriusPoint agrees $417mn legacy transfer deal with CompreSiriusPoint 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.