Legacy

The business will deliver legacy portfolio transactions for other Lloyd’s syndicates and be managed by Capita.

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.

The regulator said it does not seek to either “incentivise or disincentivise” legacy transfers.

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.

In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.

The transaction marks the legacy carrier’s first acquisition in Continental Europe.

The deal was brokered by Gallagher Re.

Legacy acquirer Darag has entered into a Stock Purchase Agreement and received the relevant regulatory approval for the purchase of a Texas-based insurer in run-off.

The transaction is expected to close during H1 2022 and reflects Argo’s strategic refocus on US specialty.

Brid Reynolds will be responsible for the oversight and development of risk functions globally.

Insurance Insider takes a deep dive into the challenges facing the #2 run-off player following a regulatory probe, management turnover and a big 2020 loss.

Legacy business RiverStone International has appointed former PartnerRe CEO Costas Miranthis as an independent non-executive director and Neil Taylor as group chief investment officer.