James River says open to ADC for Uber run-off book, while shares rise over 6%
Investors have sent James River’s share price up over 6 percent, following strong Q4 E&S premium growth and management’s comments that it is open to buying an adverse development cover (ADC) for its cancelled Uber book.
UK watchdog warns on market misconduct, cost base and global position
Britain’s Financial Conduct Authority (FCA) warned on Tuesday that non-financial misconduct in the London market poses risks to market integrity and raises questions about its ability to tackle inappropriate financial conduct.
Axa LM and RenRe strike deal for TMRe legacy book
Axa Liabilities Managers (Axa LM) has agreed to acquire a legacy book from RenaissanceRe which the (re)insurer inherited through its $1.5bn acquisition of Bermudian neighbour Tokio Millennium Re.
AFG takes $58mn Q4 hit on Neon Lloyd’s exit
American Financial Group (AFG) took a non-core after-tax charge of $58mn relating to reserve strengthening at Neon as well as expenses associated with the run-off of the Lloyd’s platform in its 2019 fourth quarter results.
AM Best goes negative on Amerisure after $53mn reserve development
Reserve strengthening has prompted AM Best to change the outlook to negative of its ratings of US mutual insurer Amerisure, which last year agreed a legacy deal with Enstar and Allianz Risk Transfer (ART) for construction defect losses.
RenRe working with TigerRisk on major Lloyd’s legacy transaction
Bermudian (re)insurer RenaissanceRe has brought in TigerRisk to explore a large back-years deal for a circa £470mn ($615mn) casualty book for its Lloyd’s syndicate, The Insurer can reveal.
R&Q takes over Montana captive Vigneron Insurance
London-listed legacy and program specialist R&Q has acquired the Montana captive insurer, Vigneron Insurance Company, Inc. (VICI), for an undisclosed sum.
Darag strikes another US legacy transaction
The deal-hungry legacy acquisitions company Darag has once again combined with TigerRisk in a run-off deal that sees it take on $100mn+ in US general liability reserves for an unnamed “multi-national insurance company”.
Darag and Beazley seal US trucking run-off deal
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.
Run-off warning as Demotech prepares to begin Florida downgrades
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.
Pine Brook founder Spiegel to succeed Randall at R&Q
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.
Gossmann & Cie acquires Sovag as it looks to build Munich Re partnership
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.