Legacy
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Andrew Lewis has outlined growth plans for Xitus, a niche global legacy firm he has co-founded that will focus on non-life and reinsurance deals of $5mn-$50mn. -
The R&Q founder had been linked to 777 since its attempted acquisition of the listed firm.
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The deal represents the first Part VII transfer completed by Marco since launching in 2020.
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At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
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The executive chairman has sold around half of his holding back to the company.
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The pair have acquired an MSA subsidiary that holds product liability claims for exposure to harmful substances.
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Legacy firm Darag has completed a reinsurance agreement with an undisclosed US carrier that carries a transaction value of around $15mn.
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The CVC-backed legacy player edged out Enstar in the process which was run by Gallagher Re.
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The transaction covers net reserves for losses and loss expenses of approximately $400mn and provides ground-up cover to a policy limit of $605mn.
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The pair have permission to undertake a Part VII transfer.
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The LPT will provide the unnamed California-based pool with reserves related to legacy general liability, employment practices liability and auto liability risks.
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The increasing frequency of $1bn-plus deals has led to discussion in legacy circles on whether there is a viable case for legacy deal syndication.
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