Legacy

Oklahoma's proposed law on insurance business transfers could be on Governor Mary Fallin's desk as soon as May, according to a state insurance official.

Property insurers are set to pay out around $50mn to Virgin founder Richard Branson for damage relating to his private Necker Island resort, The Insurance Insider understands.

Quest is working with US investment firm Mangrove Partners to launch a Bermuda-based vehicle for legacy deals.

Berkshire Hathaway's huge legacy reinsurance deal with AIG is set to cost it $1.8bn more than initially expected, the company has disclosed in its annual results.

The New Zealand High Court has put CBL Insurance into liquidation at the request of the country's insurance regulator.

AmTrust is seeking a reinsurance-to-close (RITC) transaction for the four most recent years of account at Syndicate 2526.

Catalina's agreed deal to acquire a $166mn legacy book held by Illinois-based Public Service Insurance Company (PSIC) has been terminated, re-opening the sale to other parties, according to court papers.

The Greek auxiliary fund, Epikouriko Kefaleo, has approached the legacy market for ideas as to how to address about EUR300mn-EUR400mn ($369.3mn-$493.2mn) in liabilities relating to motor claims, The Insurance Insider understands.

Enstar has agreed to acquire the outstanding 52 percent of total return reinsurance joint venture KaylaRe in a $400mn all-paper deal, the New York-listed insurance group said today.

A consortium of investors led by legacy carrier Armour has acquired Gibraltar-based insurer Elite Insurance Company and affiliate Elite Business Development, both of which ceased writing business in July 2017.

Catalina’s new backing from RenaissanceRe opens the door to a number of new capabilities and potential business opportunities for the legacy carrier.

Run-off and legacy management is rising up boardroom agendas to become a medium-to-high priority for firms, research from PwC has found.