Aspen’s mammoth $3.57bn ground-up loss portfolio transfer (LPT) deal with Enstar has completed with the legacy specialist assuming $3.12bn of the Bermudian (re)insurer’s net loss reserves relating to 2019 and prior years.
Altamont Capital Partners has bought a majority stake in Fleming Holdings and committed $150mn of capital to the platform as it looks to grow with an expanded suite of legacy and prospective capital solutions aimed at middle market P&C carriers, The Insurer can reveal.
The total estimated value of legacy transactions executed during the first quarter stood at $4.2bn – compared with $3.3bn in Q1 2021 – as the strong momentum that was observed in the non-life run-off sector in 2021 continued, PwC has said.
AmTrust International has said it is not responsible for any costs in excess of £1mn incurred by Premia and Arch in the reinsurance to close (RITC) of Lloyd’s Syndicate 1861 in its defence against a $6.7mn High Court claim launched by the two parties.
Legacy specialist Premia and parent company Arch have filed a $6.7mn High Court claim against AmTrust International for expenses incurred through the reinsurance to close (RITC) of AmTrust’s now defunct Lloyd’s Syndicate 1861, this publication understands.
Bermuda-based legacy specialist Catalina Holdings has agreed a loss portfolio transfer (LPT) for QBE’s North American excess and surplus lines prior accident year liabilities.
US medical professional liability insurer Coverys is exploring a sale of its managing agency at Lloyd’s as well as a potential reinsurance to close (RITC) of Syndicate 1991 as it undertakes a review of its operations at One Lime Street, The Insurer can reveal.
Oaktree Capital-backed Marco has completed its acquisition of Capita Insurance Services and will use the platform to compete with Lloyd’s “turnkey” operator Asta.
McGill and Partners has further expanded its structured solutions team with the addition of Andy Hill, who joins the intermediary as a partner.
Genesis Legacy Solutions, a wholly owned subsidiary of Maiden Holdings, anticipates getting several more loss portfolio transfers and small acquisitions under its belt in 2022 while also continuing to provide adverse development covers as the nascent legacy specialist looks to take advantage of changing run-off attitudes in the US.
Run-off specialist and legacy acquirer Darag Group has concluded a novation agreement with an offshore captive insurance company.
Legacy specialist Catalina reported consolidated net income of $177mn for the year ended 31 December 2021, with the Bermuda-headquartered firm confirming that it hopes to secure a Lloyd’s platform in 2022.