Legacy
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In reality, there are three credible buyers for the ~EUR200mn-book-value Darag – Riverstone, Enstar or Premia. -
Gallagher Re is looking to increase its presence in the North American large-account space, where it is underweight compared with rivals.
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Investment bank Macquarie has been retained to advise the legacy firm on the disposals.
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The executive takes on the role vacated by former Enstar M&A chief Jonathan Zisaruk.
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The loss portfolio transfer deal was completed in March of this year, covering £200mn of UK motor insurance claims.
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The deal includes a diversified book of international and NA financial lines, European and NA reinsurance portfolios, and several US discontinued programs.
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The split of the program and legacy businesses is the most obviously compelling path for R&Q shareholder value creation.
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The company believes the program management and legacy businesses would work better as standalone operations.
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As the new board members take their place, long-time members Corver, Everiss and Roberts are to step down.
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The appointment comes as the legacy and investment banking divisions join under common management.
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The LPT covers both settled and unsettled claims, taking on “a lot of variability” and potential exposure in terms of the reserve, Marco said.
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In tandem, the company elevated David Ni as chief strategy officer, Paul Brockman as chief operating officer and Matthew Kirk as chief financial officer.
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