Legacy

Plus, the latest people moves and all the top news of the week.

Carriers are rethinking the traditional renewal-rights model.

Without flexible mechanisms the Corporation risks suppressing transactions.

Volante launched Syndicate 1699 in 2021.

Legacy reinsurance deals will be reviewed by the Legacy Review Panel.

Plus, the latest people moves and all the top news of the week.

The deal marks the latest step in Catalina’s shift from P&C to life run-off.

Bill Bouvier has spent more than three years at the legacy firm in this role.

Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.

A survey from PwC described the sector as “stable”, “evolving” and “dynamic”.

The ILS play will make the business more capital efficient under new owner Sixth Street.

Peter Vogt will act as a strategic advisor at Axis until the end of 2026.

It is targeting low-risk specialty lines where it has a competitive edge.

The carrier also benefitted from favourable reserve development in property and A&H.

Q2 saw a steady stream of activity in legacy, but volumes dipped slightly from Q1.

The legacy player is working to secure its first deal, and could look to expand to US E&S.

The agreement is the second service contract the group has taken on.

Plus, the latest people moves and all the top news of the week.

Andrew Creed has been promoted to group president in addition to his role as group CFO.

Luke Tanzer is set to retire after 16 years at the helm of the run-off carrier.

Arturo Pelaez will continue in his managing director role at Brookfield Asset Management.

Bridges had been at QBE for 17 years.

The take-private deal was announced in July 2024.

R&Q Gamma’s outstanding liabilities predominantly relate to the UK P&I Club.

Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.

Argo shelved the sale of its Bermudian insurance business in mid-2024.

Renewable retrospective solutions were a key point during the discussion.

The market has broadened its risk appetite and infrastructure over the years.

Till Wagner and Felix Rollin have been named executive board members in Germany.

The reduction was due to impacts from investments and less favourable PYD.

The group reported a 19.1% return on opening adjusted tangible book.

The Kelso and Arch-backed run-off player has retained Evercore to advise.

The legacy carrier reported an operating loss of $45.3mn for the year.

The business will still look at large non-life deals in particular in-the-money ADCs.

The process for the legacy book is believed to be in the late stages.

Gallagher Re’s global head of retrospective solutions, James Dickerson, recently exited.

The Bermudian legacy carrier is seeking a counterparty to manage the claims on the portfolio.

Dickerson has spent over three years at the reinsurance broker.

Hampden embarked on a new “intelligent follow” strategy in 2023.

The reinsurance to close transaction is effective from 1 January 2025.

The second half of the year was significantly more active for the legacy market.

The restructuring arrangement is designed to protect creditors.

Syndicate 609 will cede net loss reserves of approximately $196mn.

Augment has been building its staff base after launching with Altamont backing in 2023.

The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.

The reinsurance veteran joins from Artex Risk Solutions.

The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.

The result was impacted by recent adverse development on a liability portfolio.

The transaction has received all required regulatory approvals and closed.

The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.

James River also amended the convertible preferred equity held by Gallatin Point and closed its strategic review.

The UK and Ireland have also seen “increased activity”, with four deals announced.

Nicola Gaisford joined RiverStone from R&Q last year.

RiverStone is assuming $1.2bn of a $1.6bn legacy deal.

The Corporation’s CUO said managing agents must ensure they manage the future differently to the past.

The UK subsidiary of Carrick will acquire BMS International Insurance DAC and Seamair Insurance DAC.

Future deal flow in the US could come from more adequately reserved liability lines.

The take-private is expected to close by mid-2025.

Hundle & Partners will provide capital support for the business, which will focus on acquiring corporate liabilities.

Sources said the venture will look to service both US and European corporates and is backed by family office money.

The deal covered US and European P&C liabilities for Accelerant's 2020-2021 underwriting years.

The James River-Long Tail Re deal is the latest example of deal-specific investor capital.

The legacy firm said the deal would strengthen its Bermuda operations.

The transactions will de-risk all North America middle-market reserves up to 30 June 2024.

This is Carrick’s second transaction this year and Insurance Insider understands it expects to complete others before year end.

The firm escapes public market distractions and long-term undervaluation, but the low mark will hurt peer companies.

The ratings agency said Sixth Street provides flexibility through long-dated capital.

She will work on preparations for the take-private deal with Sixth Street before departing.

The deal values the business just under its closing price on Friday, at 0.97x book value.

The executive replaces interim CEO Paul Brockman, who remains group COO.

Acquirers are increasingly discerning around deals, according to a report.

Plus the latest people moves and all the top news of the week.

Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.

Click here to download the Legacy Roundtable and Survey 2024

Some 39% of respondents expect deal volumes to increase in the next 12 months.

The transaction is conditional to the completion of the sale of shares in Accredited to Onex.

The liquidation will let the company sell its Accredited arm to Onex via an alternative transfer structure.

With topco liquidation looming, there are questions for R&Q and the wider market.

The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.

The deal will see Darag manage open claims relating to the runoff of Unipol Re.

The CEO also discussed the need for portfolio diversification.

Major deals include a $1.3bn loss portfolio transfer with SiriusPoint.

The former R&Q head of legacy will join as an adviser.

The vehicle will give the legacy carrier a US platform.

Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.

Love joins from Scor, where she was assistant vice president, insurance operations.

The legacy deal comes one year after a $1.3bn LPT with Compre covering several lines.

The legacy carrier is to buy the captive from a “very large” multinational firm.

The agreement from Fleming to honour original terms still leaves it open to long-term damage.

Increasingly, deals are being brought to market but not transacted on.

R&Q Legacy will book adverse development of ~23% of net reserves for the year.

The market is shifting towards capital relief, with fewer, larger deals.

The company is still working to get debt holder approval for the Accredited deal.

Mitha joined Compre in 2022 as chief actuary, North America.

Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.

The company reiterated its commitment to consummating the Accredited sale.

The Marco Capital company will target the captives market.

Its PE owners have been exploring strategic options since May last year.

The newly launched Marco Re will be led by Mark Elliott as CEO.

The agreement was signed in September.

CEO Booth said there is “continued interest” in the NA captive market.

The transaction would have been one of the largest the market has seen for years.

The executive joined the legacy carrier as CIO in 2020.

As part of the transaction, Carrick will assume the company’s staff and operations.

R&Q is still dealing with a Bermudian regulatory review, personnel turnover and a transitioning business model.

Just over half of votes cast were in favour of the $465mn sale to Onex.

The legacy carrier has acquired two portfolios of European casualty and motor liabilities from two separate insurance groups.

Selling investor Zimmer said the deal was concluded at a premium to book value, but no numbers were disclosed.

The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.

The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.

The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.

The bids received did not meet the seller’s reserve price, and it is likely to remarket the unit in two to three years.

R&Q expects ongoing operating losses after the sale as transitions its legacy business to a fee-based model.

Halfway through a complex restructuring is not the time for a CEO (and CFO) change.

R&Q CEO William Spiegel will transfer to the Accredited program management business.

Darag’s German outfit completed the transaction to assume expired long-term liability insurance policies from the undisclosed captive.

The seller is facing an uphill struggle convincing its legacy rivals that there is strategic value in the merger deal.

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.

Catalina put its Irish subsidiary up for sale in May as it looks to streamline operations.

The insurer has been working to build a reputation for favorable reserve development after past sins.

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.

He will be responsible for driving the use of technology and data across the business.

The carrier has agreed to acquire the former Credit Suisse ILS unit, following the acquisition of sister company Humboldt Re in 2021.

This publication's legacy survey and roundtable suggest that while inflation and competitive pricing remain challenges, the opportunity is still strong in the run-off space.

The legacy carrier reported significant unrealised investment losses.

The CEO received $3.9mn in shares alongside his salary and bonus.

In the wake of Enstar's $5.1bn go-private deal, here's our prior deep dive on the firm.

Accredited and R&Q Legacy will now operate under two separate holding companies within the group.

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.

Investment bank Macquarie has been retained to advise the legacy firm on the disposals.

The executive takes on the role vacated by former Enstar M&A chief Jonathan Zisaruk.