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 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 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.
Randall & 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.
Randall & 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.
Randall & 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.
The 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.
Run-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.
Legacy specialist Darag has signed a loss portfolio transfer (LPT) and a portfolio transfer (PTA) with Oslo Stock Exchange-listed Insr Insurance Group ASA.
Fortitude 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 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 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.