Potential for London Market political risk contraction as Covid bites and carriers exit
Covid-19 could lead to a contraction in aggregate stamp capacity within EC3’s credit risk, contract frustration and political risk markets in the next two to five years, with some carriers already placing their operations into run-off, a new report from Arthur J Gallagher highlights
R&Q completes NationsBuilders acquisition
London-listed Randall & Quilter Investment Holdings (R&Q) has completed its acquisition of Washington DC domiciled captive NationsBuilders Insurance Company (NBIC) through its wholly owned Vermont subsidiary ICDC.
Darag acquires motor and travel insurance company
Run-off specialist and legacy acquirer Darag has acquired Luxembourg-based automobile and travel insurance company Arisa Assurances SA (Arisa).
Argo reviewing $500mn of portfolio for re-underwriting, sale or run-off
Argo management said it is reviewing businesses with over $500mn of combined premium that could lead to sales, as investors sent the Bermudian (re)insurer’s shares sliding 5 percent following its earnings call this morning despite underlying loss ratio improvement across the group.
Soros-backed Vibe engages WTW to sell Lloyd’s run-off business
The Soros-backed Vibe Syndicate Management Ltd – which placed its Syndicate 5678 into run-off at the end of last year – has engaged Willis Towers Watson (WTW) to advise on an exit solution for its capital providers, The Insurer can reveal.
European legacy start-up Marco poised to launch with Eur500mn Oaktree Capital backing
Simon Minshall-led legacy start-up Marco Capital Holdings is already active in a number of live Lloyd’s and non-Lloyd’s legacy sale processes as it is poised to enter the run-off market with circa Eur500mn ($590mn) private equity backing from Oaktree Capital, The Insurer can reveal
Darag names TMK’s Goss group head of claims
Run-off specialist Darag has named Elliott Goss as group head of claims, effective 17 August.
Apollo Syndicate and GC working on £130mn Lloyd’s legacy solution
Apollo Syndicate 1969 has engaged Guy Carpenter to advise on a potential Lloyd’s legacy deal with reserves of £130mn ($168mn), The Insurer can reveal.
Fleming Re talking to additional capital providers to gear up for run-off opportunity
Private equity-backed Bermudian legacy start-up Fleming Re is closing on two further transactions and talking to potential capital providers to scale up for what it expects to be increasing opportunities in the segment this year and beyond, The Insurer can reveal.
R&Q founder Randall sells $1mn shares
Ken Randall, the founder of the Bermuda-headquartered legacy acquisitions and program management firm Randall & Quilter Investment Holdings Ltd (R&Q), has sold £760,000 of company equity ($1mn), a filing with the London Stock Exchange confirmed today.
Hallmark inks commercial auto LPT with Darag
US specialty insurer Hallmark Financial has entered into a loss portfolio transfer (LPT) with run-off specialist Darag for a commercial auto book of business.
Compre confirms Hudson Structured has invested £23.2mn in legacy firm
PE owned run-off acquisition firm Compre has confirmed the Bermuda ILS fund manager Hudson Structured Capital Management (HSCM) has taken a £23.2mn stake in the business, subject to regulatory approval.