Zurich has started approaching the legacy market to seek a run-off transaction for a book of German architects’ and engineers’ professional liability business, The Insurance Insider can reveal.
According to sources, likely bidders for the book include Catalina, Darag and Enstar.
The book is understood to have EUR250mn ($281mn) of gross reserves.
This particular book of professional liability business has been on the radar of the legacy market for some time, with The Insurance Insider first reporting that it formed part of Zurich’s pipeline of intended deals in October 2016.
Zurich has been among the most active users of the run-off market over the last two years, agreeing a succession of deals as it looks to clear up its large legacy book.
Late last year, the global insurer agreed a deal with Catalina to sell a $2bn UK employers’ liability book.
Catalina saw off competition from Enstar to secure the deal after a drawn-out process.
In 2018 it also sold a $300mn Australian motor liability book to Enstar and a EUR400mn German medical malpractice portfolio to Catalina.
Zurich declined to comment.