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The biggest challenge with reporting on the legacy market is the lack of publicly available information to track the sector’s performance. -
The legacy carrier’s GWP of EUR28.5mn was less than half that of the prior year.
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The legacy and program specialist is pursuing a $100mn rights issue after the collapse of its sale to 777 Partners-owned Brickell.
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The company confirmed that shareholders voted against a proposed takeover by the 777-owned insurance arm, after its suitor stated its intention to terminate the deal.
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The existing $770mn adverse development cover between the two parties has been absorbed as part of the deal.
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Premia and Arch are pursuing AmTrust for costs relating to an RITC deal struck as part of the Canopius merger.
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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.
