Legacy

Amid three regulatory consultations for the legacy market and the threat of s166 reviews for certain Part VII transfers, the legacy market is reaching a turning point.

The portfolio has no active client relationships and was underwritten from 1969 onwards.

The executive said a capital-light structure would enable continued investment in underwriting, origination and servicing.

The PRA has proposed that where non-life legacy transfer deals involve a carrier in run-off, the acquirer may have to go through a Section 166 review under certain circumstances.

Wolf will remain with the company to assist Gregory during a transition period lasting until September 30.

The deal follows a $37mn reserve charge taken by Third Point Re just ahead of the closing of its merger with Sirius International in February.

The exit follows news earlier this year that founding CEO Chris Fagan was stepping down to be replaced by Bruce Hemphill.

The Malta-based start-up buys Isle of Man-based VA Insurance Services from Thomas Cook, which is in liquidation.

The operation will be the lead carrier for business Marco writes in the EU.

The transfer, which includes most of the Hiscox USA surplus lines broker business, secures coverage of Hiscox reserves valued at $520mn.

The deal will cover commercial auto liabilities occurring in the two years ended September 2020.

Legacy acquirer Darag has agreed to buy SunPoint Holdings, the legacy business founded by Fosun in 2017.