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The run-off platform is headed by former Enstar US chief Karl Wall, with Richard Harris holding a non-exec role. -
The Canadian conglomerate will buy out all of Omers minority stake in Brit.
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The executive replaces Patrick Manley as CEO of the Swiss carrier’s main EU general insurance arm.
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The legacy carrier will use the base to acquire insurance entities in run-off.
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The European legacy specialist, led by CEO Tom Booth, had been considered the frontrunner to take the German book.
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Discipline will be key as the legacy market enters a period of rapid change.
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The two firms did not secure approval from Bafin within the allotted nine months.
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The target is in administration, having entered solvent run-off in 2003.
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The executive joins after nearly a decade at the Bermuda carrier's legacy peer.
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The Oslo-based carrier warns it will record a Q2 combined ratio of 107 percent after losing a dispute with Munich Re over Grenfell losses.
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The legacy carrier has acquired several risk retention groups in recent months.
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Alan Quilter and Roger Sellek, a former CEO at AM Best, will become joint CEOs.
