Legacy

R&Q hires Catalina duo after legacy exits

Legacy specialists R&Q and Catalina have both made hires from their rivals in recent weeks as the battle for talent in the run-off space intensifies.

Carlyle’s Neches named Fortitude Re CEO as Bracken steps down

Fortitude Re has announced former AIG executive Alon Neches is moving from his current position at the legacy giant’s backer Carlyle Group to step in as president and CEO with immediate effect, taking over from James Bracken, who is leaving to pursue other opportunities.

RiverStone’s claims director Gregg heads to Marco

Run-off specialist RiverStone International has seen its Lloyd’s claims director Robert Gregg depart the firm to take on a similar position at Marco, The Insurer can reveal.

Compre adds RiverStone’s Bouvier as North American claims director

Legacy specialist Compre has appointed Bill Bouvier as claims director for North America.

Inver Re adds former Enstar CFO Bowker to lead new legacy solutions unit

Inver Re, the reinsurance arm of The Ardonagh Group, has appointed Guy Bowker to launch its new legacy solutions offering.

Acrisure Re strengthens legacy practice with R&Q’s former head of M&A Dixon

Expansive intermediary Acrisure Re has hired R&Q’s former head of M&A operations for the UK and Europe Tom Dixon as it continues to build out its legacy advisory practice, The Insurer can reveal.

Catalina given in-principle approval for Lloyd’s RITC syndicate

Bermuda-based legacy specialist Catalina has received in-principle approval to launch a new Lloyd’s syndicate to underwrite reinsurance-to-close (RITC) transactions.

R&Q’s Corver: Discipline and reputation crucial as legacy market enters next chapter

Pricing discipline will be critical if the legacy market is to maintain its hard-fought reputation amid a surge in interest from carriers seeking solutions for prior-year books of business, R&Q’s group head of legacy M&A Paul Corver has warned.

PwC: Estimated global non-life run-off reserves rise 11% to $960bn

Probitas agrees split RITC with Enstar

Probitas Managing Agency has signed an agreement with Enstar to undertake a split reinsurance-to-close (RITC) transaction to cover the 2018 and prior year of account exposures of Syndicate 1492.

Darag completes captive novation transaction for workers’ comp reserves

Legacy acquirer Darag Group has concluded a transaction with an undisclosed captive insurance company through its Bermuda platform

RiverStone inks deal for Sompo International legacy Lloyd’s business

RiverStone International is to acquire Sompo International’s legacy Endurance at Lloyd’s business, which ceased underwriting in January 2021.

R&Q independent director Campbell seeks to rally employees behind Spiegel

R&Q independent director Alastair Campbell has told the legacy and program management specialist’s employees that the ongoing shareholder dispute over leadership is more about strategy than personalities.

Activist shareholder Phoenix questions Spiegel’s integrity in R&Q broadside

R&Q’s second largest shareholder Phoenix has launched a fierce and detailed attack on the company’s Board and new management team as the war of words between the London-listed group and its largest shareholders escalates yet further.

United P&C heads to run-off with exit from personal lines in FL, TX, LA and NY

United Insurance Holdings (UPC Insurance) has said its subsidiary United Property & Casualty Insurance Company (United P&C) has filed plans to exit Florida, Louisiana and Texas and will also withdraw from New York, non-renewing personal lines policies in those states amid “significant uncertainty” over the future availability of reinsurance for the business.

Premia’s LPT with Hiscox takes Lloyd’s reserves assumed to ~$1.7bn

Premia’s loss portfolio transfer (LPT) with Hiscox Syndicate 33 marks the run-off carrier’s fourth major transaction at Lloyd’s since acquiring its managing agency and syndicate in March 2020.

Premia is reinsurer for Hiscox Syndicate 33 LPT

Expansive legacy provider Premia Holdings has confirmed that its Lloyd’s Syndicate 1884 entered into a loss portfolio transfer (LPT) agreement with Hiscox Syndicate 33 relating to reserves for the 1993 to 2018 years of account.

Compre enters European medmal sector with €200mn LPT

Legacy specialist Compre has acquired a hospital liability MedMal portfolio with technical reserves of €200mn from German insurer Basler Sachversicherungs-AG (Basler), a subsidiary of the Baloise Group.

Phoenix claims R&Q performance deteriorated under Spiegel as it calls for Randall return

R&Q’s second largest shareholder Phoenix has published an open letter to shareholders of the legacy and fronting specialist claiming it has seen the performance of the business “deteriorate” under William Spiegel’s leadership and reiterating its call to oust the executive and bring back founder Ken Randall.

RiverStone agrees first Vermont captive acquisition with deal for Western P&C

Run-off specialist RiverStone has reached a tentative agreement to acquire Western Property & Casualty Insurance Company (Western P&C), marking the group’s first Vermont captive acquisition.

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