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About $190mn of reserves are associated with the transaction. -
The legacy specialist had acquired AG Insurance’s UK branch business in 2017.
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Investment income and an improved performance at StarStone lift the group result.
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Liabilities involved are associated with asbestos and environmental claims.
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The reinsurer's shares rose more than 9 percent on news of the board rejecting the offer.
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Discussions are thought to be in the early stages for the venture.
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The transaction would address the 2017 and prior years of account.
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The executive is understood to have teamed up with former colleagues Harris and Hernon.
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Asbestos payments in 2018 declined by 14 percent to $2.1bn, according to the ratings agency.
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The executive will leave the legacy carrier at the end of the month.
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The recruit will optimise the structure of the legacy carrier’s acquired run-off assets.
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The transaction has now received regulatory approval and has closed.
