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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The bids received did not meet the seller’s reserve price, and it is likely to remarket the unit in two to three years.
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R&Q expects ongoing operating losses after the sale as transitions its legacy business to a fee-based model.
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Halfway through a complex restructuring is not the time for a CEO (and CFO) change.
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R&Q CEO William Spiegel will transfer to the Accredited program management business.
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Darag’s German outfit completed the transaction to assume expired long-term liability insurance policies from the undisclosed captive.
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The seller is facing an uphill struggle convincing its legacy rivals that there is strategic value in the merger deal.
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Although the total deal values for 2022 and 2023 were almost identical, PwC noted that one-third fewer deals were announced in the more recent half-year period.
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Catalina put its Irish subsidiary up for sale in May as it looks to streamline operations.
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The insurer has been working to build a reputation for favorable reserve development after past sins.
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The transactions were written into Darag Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ comp and automotive liability books of the former.
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He will be responsible for driving the use of technology and data across the business.
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The carrier has agreed to acquire the former Credit Suisse ILS unit, following the acquisition of sister company Humboldt Re in 2021.
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