Legacy
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The legacy carrier is to buy the captive from a “very large” multinational firm.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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Increasingly, deals are being brought to market but not transacted on.
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R&Q Legacy will book adverse development of ~23% of net reserves for the year.
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The market is shifting towards capital relief, with fewer, larger deals.
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The company is still working to get debt holder approval for the Accredited deal.
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Mitha joined Compre in 2022 as chief actuary, North America.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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The company reiterated its commitment to consummating the Accredited sale.
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The Marco Capital company will target the captives market.
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Its PE owners have been exploring strategic options since May last year.
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The newly launched Marco Re will be led by Mark Elliott as CEO.
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CEO Booth said there is “continued interest” in the NA captive market.
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The transaction would have been one of the largest the market has seen for years.
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The executive joined the legacy carrier as CIO in 2020.
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As part of the transaction, Carrick will assume the company’s staff and operations.
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R&Q is still dealing with a Bermudian regulatory review, personnel turnover and a transitioning business model.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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The legacy carrier has acquired two portfolios of European casualty and motor liabilities from two separate insurance groups.
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Selling investor Zimmer said the deal was concluded at a premium to book value, but no numbers were disclosed.
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The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
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The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
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The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.
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