Run-off provider Darag has inked a reinsurance legacy deal with London-listed Beazley for its US trucking liability book of business, The Insurer can reveal.
Demotech will this week begin issuing statements on the 46 Florida-focussed carriers it rates with the majority to be affirmed but a number set to be downgraded or to seek a sale to avoid that outcome, while others may end up in run-off.
Ken Randall, executive chairman and founder of London-listed legacy and program manager R&Q, will step down in “around 12 months” to be succeeded by one of the (re)insurance industry’s leading private equity experts, William Spiegel.
Hamburg-headquartered run-off specialist Gossmann & Cie has acquired German insurer Sovag as the firm looks to scale up its partnership with Munich Re through ExPro.
Bermudian-headquartered legacy firm Catalina Holdings has added Walter Gontarek and Bob Howe to the board of its UK subsidiaries as independent non-executive directors (INEDs) after the firm fell victim to a Section 166 review by the UK’s Financial Conduct Authority (FCA) last year.
Legacy specialist R&Q has completed the acquisition of Barbados-based insurer Distinguished Re, formerly known as the Saranac Insurance Company, with the run-off firm paying a cash consideration of $1 for the carrier.
Sirius International has added to its facultative capabilities in south east Asia, taking advantage of the fallout from the run-off of Asia Capital Re by acquiring its Singapore-based team.
Gibraltar-domiciled Elite Insurance Company – which was acquired by a group of investors led by Armour Group last year – has been placed into administration.
Bermudian legacy firm Catalina Holdings’ in-principle agreement to acquire Singapore-headquartered Asia Capital Reinsurance Group (ACR) is the latest in a series of significant deals in recent months in what is turning out to be a fruitful season for the legacy market.
Faraday Syndicate 435 is in talks to take over a five-strong financial institutions team and its book of business from the soon-to-be closed down Vibe Syndicate, The Insurer can reveal.
RenaissanceRe has appointed TigerRisk and Morgan Stanley to find a buyer for its £396mn ($514.6mn) UK legacy book which the (re)insurer inherited through its $1.5bn acquisition of Bermudian neighbour Tokio Millennium Re.