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The legacy carrier is in line to seal RITC deals following the closure of its acquisition of CTMA and Syndicate 1884. -
The manager will continue part time in an executive role advising on claims and reinsurance for group legacy companies.
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The ratings agency said the transaction reduced the carrier’s exposure to higher risk legacy products.
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Staff explore funding for an MBO or merger after management calls time on the syndicate.
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The deal covers around £150mn of reserves from the 2017 and prior years of account.
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The pending sale of Asia Capital Re (ACR) to a run-off acquirer – revealed yesterday by this publication – is a painful blow to the Asian reinsurance market.
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About $190mn of reserves are associated with the transaction.
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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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