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.
Catalina strengthens UK corporate governance after FCA scrutiny
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.
R&Q takes over Barbados-based Distinguished Re
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 adds Asia Capital Re’s Singapore fac team
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.
Armour-run Elite Insurance placed into administration
Gibraltar-domiciled Elite Insurance Company – which was acquired by a group of investors led by Armour Group last year – has been placed into administration.
Asia Capital Re deal continues 2019 legacy boom
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 set to takeover Vibe’s FI business when syndicate closes
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.
RenRe engages TigerRisk and Morgan Stanley to sell UK legacy book
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.