June 2012/5

German insurer Talanx was the latest insurer to defer its IPO last week as the euro crisis troubled the markets.

Germany-based run-off buyer Darag has confirmed its intention to raise equity capital to fund its acquisition plans.

White Mountains Insurance Group's specialist legacy acquisition unit has added to its portfolio with a deal to buy two PICO Holdings subsidiaries for $17mn, adding to its recent hot streak of legacy deal making.

Despite recent growth in legacy market M&A, the market is still expected to spin around the dual axes of Europe and Solvency II in the years ahead.

The travails of the capital markets and historically low investment returns are concentrating the wider (re)insurance industry on the value that can be unlocked by legacy solutions, a panel of senior legacy professionals has said.

RSA has placed a Czech motor insurance subsidiary into run-off, which will add a £10mn restructuring charge to the group's half-year result.

The up-for-sale UK arm of Groupama has been at pains to stress its independence after ratings agency Standard and Poor's (S&P) downgraded the long-term insurer financial strength and issuer credit ratings of France-headquartered parent company Groupama by two notches from BBB-to BB.

Insurers in non-peripheral Eurozone countries could face downgrades if a Greek exit from the euro was handled badly, Fitch has warned.

Legacy giant Enstar has suggested it has $300mn of cash as well as $150mn of deal-specific debt financing readily available to fund further acquisitions.

Bermudian (re)insurer Alterra Capital holds about a 35 percent stake in its latest New Point retro sidecar, according to a filing made by the company.

The Federal Reserve Bank of New York is to auction more of the assets contained in the Maiden Lane III portfolio it used to assist the bailout of AIG in 2008.

Troubled French mutual Groupama has continued the divestment of its non-core operations with the sale of 100 percent of its Spanish operations to Catalana Occidente for EUR405.5mn, it was announced last week.