In the latest episode of Prospective, brought to you by The Insurer TV, participants discuss what is driving the momentum in the legacy market and how it has reached its ‘coming of age’ moment.
Bermudian Enstar has said it has a strong pipeline of legacy transactions and is poised to build on the ~$3bn of run-off liabilities it has already acquired in 2021.
Enstar’s net and operating results returned to profit in the first quarter of 2021, on the back of a reduction in losses and loss adjustment expenses, as well as favourable prior-year development.
Split reinsurance-to-close (RITC) transactions at One Lime Street have the potential to become as common as Part VII transfers in the UK company market with the support of both Lloyd’s and the Prudential Regulation Authority (PRA).
Industry leaders in the legacy market have called on the National Association of Insurance Commissioners (NAIC) to create nationwide legislation to help insurance business transfers (IBTs) become more widely accepted in the US market following initial success.
Welcome to the latest edition of Prospective, which this month focuses on an industry sector which appears to be very much in vogue – the global P&C legacy market.
Ridesharing company Lyft’s $250mn loss portfolio transfer (LPT) with Darag marks the firm’s latest foray into the run-off market, following a transaction with Enstar last year which saw the Bermudian reinsure $465mn of legacy reserves.
Legacy specialist Darag has agreed a loss portfolio transfer (LPT) with Lyft captive Pacific Valley Insurance Company (PVIC).
Compre has added former PartnerRe CEO Emmanuel Clarke to its board as chairman following the completion of the legacy specialist’s acquisition by private equity firm Cinven and British Columbia Investment Management Corporation (BCI).
Run-off firm Compre has named Marialuisa Petrella as claims director and Connie Tregidga as group M&A director.
Run-off carrier Fortitude Re is gearing up to meaningfully expand its platform by adding staff in the US and Bermuda, as the AIG spin-off looks to scale up its P&C operations, The Insurer understands.
Chaucer Syndicate 1084 has accepted the reinsurance to close (RITC) of the liabilities of its former joint venture with Axa – Special Purpose Arrangement (SPA) 6130 – for the 2018 year of account.