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They say good things come to those who wait.
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The carrier is continuing its European expansion following its purchase of two run-off books from Generali.
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As live carriers shake off last night’s excesses and vow to turn over a new leaf, the run-off market can be there to provide a reassuring pat on the back and a sympathetic ear.
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The former RITC syndicate follows a string of other Lloyd’s businesses onto the market. -
Global specialty insurer StarStone reported $51mn of adverse development
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The $80.5mn deal - the buyer's largest ever legacy takeover - was originally expected to close in 2018.
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The unusual development follows the close of five run-off years during 2018.
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The planned disposal would be the latest in a series of run-off sales at the global insurer.
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Forging CTMA and the Standard Syndicate into a dedicated Lloyd's run-off player would add useful new capacity.
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The legacy carrier and ART Bermuda will each assume a 50 percent quota share of construction defect losses incurred by Amerisure.
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StarStone generates a loss to its majority owner of $159mn after its management team is restructured.
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The syndicate was unable to abide by the unwritten rules that govern all new Lloyd's businesses.
