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John Cashin said the legacy space is too complex to be easily tackled with technology solutions. -
The executive has investment from private-equity house Partners Group and is already considering transactions.
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The deal is Axa Liabilities Managers’ 20th run-off purchase.
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The executive moves to the Hamburg-based company from the position of head of legacy solutions restructuring in North America.
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Executives from RSA, Enstar, Builders’ Accident Insurance and RiverStone participate in the venture.
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The sellers say the run-off specialist will develop additional RITC and run-off solutions for the Lloyd's legacy sector.
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Consultant predicts increased restructuring in the legacy sector and continued growth in deals.
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The relatively small number of participants has to date constrained the capital supply and pricing for Lloyd’s legacy deals.
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The portfolio holds almost $200mn in net reserves.
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A rival Compre-Hudson bid group fails to disrupt the Premia offer.
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The executive also played down competition in the legacy space.
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The legacy acquirer will provide complete finality for shareholders.
