Legacy
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Brid Reynolds will be responsible for the oversight and development of risk functions globally.
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Insurance Insider takes a deep dive into the challenges facing the #2 run-off player following a regulatory probe, management turnover and a big 2020 loss.
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Legacy business RiverStone International has appointed former PartnerRe CEO Costas Miranthis as an independent non-executive director and Neil Taylor as group chief investment officer.
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Amid three regulatory consultations for the legacy market and the threat of s166 reviews for certain Part VII transfers, the legacy market is reaching a turning point.
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The portfolio has no active client relationships and was underwritten from 1969 onwards.
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The executive said a capital-light structure would enable continued investment in underwriting, origination and servicing.
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The PRA has proposed that where non-life legacy transfer deals involve a carrier in run-off, the acquirer may have to go through a Section 166 review under certain circumstances.
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Wolf will remain with the company to assist Gregory during a transition period lasting until September 30.
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The deal follows a $37mn reserve charge taken by Third Point Re just ahead of the closing of its merger with Sirius International in February.
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The exit follows news earlier this year that founding CEO Chris Fagan was stepping down to be replaced by Bruce Hemphill.
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The Malta-based start-up buys Isle of Man-based VA Insurance Services from Thomas Cook, which is in liquidation.
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The operation will be the lead carrier for business Marco writes in the EU.
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