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.
Bermudian live-to-legacy player Enstar has reported an operating profit in the third quarter, turning around a loss in the prior period, despite underwriting losses at Atrium and StarStone.
While media coverage tends to focus on structure and reserve quantum, talent is the cornerstone of a successful legacy business transfer, Stephen Roberts, head of claims at RiverStone Europe, tells The Insurer.
Driven by low premium rates in the insurance market, low interest rates across the board and disruption caused by newer technologies, the legacy market is now undergoing a period of significant growth, Alex Roth, head of M&A at Darag Group tells The Insurer.
Beda Wettenschwiler and Jens Ziser of Accredited Insurance Europe – an R&Q company – sat down with The Insurer to discuss how the European legacy market is evolving, where demand is stemming from and the competitive landscape in the runoff space on the continent.