Legacy
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Premia and Arch are pursuing AmTrust for costs relating to an RITC deal struck as part of the Canopius merger. -
A substantial rise in the value of liabilities transacted during Q1 to $4.2bn was driven largely by Aspen’s $3.6bn LPT with Enstar.
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The legacy specialist has faced a downturn in profits following a bumper run of results through 2020 and 2021.
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The two companies will operate as standalone subsidiaries within Marco Capital Group.
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A $90mn capital charge relating to the former Ace run-off asbestos book is a bear signal for the wider legacy market.
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The legacy market is entering a new era of increased deal competition with intensifying margin pressures, while the number of deals in the market is proliferating.
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Interim chief Bruce Hemphill has returned to his role as non-executive chairman after 12 months of turnaround work at the legacy carrier.
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The business will deliver legacy portfolio transactions for other Lloyd’s syndicates and be managed by Capita.
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As part of the recent LPT deal, the Cinven-backed legacy firm also acquired the team from SiriusPoint’s run-off division as part of its push into the US.
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The regulator said it does not seek to either “incentivise or disincentivise” legacy transfers.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
