Legacy

As AmTrust stumbled from one crisis to another last May there was much talk in industry circles about the long-term future of an insurer that had lost the confidence of its outside investors

Legacy manager Armour has confirmed its acquisition by investors led by Aquiline Capital Partners, as reported by The Insurance Insider yesterday.

Aquiline's recent acquisition of Armour rounds off a year in which a number of corporations both inside and outside the legacy market made a bigger bet on run-off for the years ahead.

Private equity house Aquiline has struck a deal to acquire Bermuda-based legacy manager Armour Holdings and will fold the business into a newly capitalised $500mn vehicle operating under the same brand, The Insurance Insider can reveal.

An Enstar subsidiary has agreed to reinsure a $100mn portfolio of Allianz SE’s US run-off business, building on an earlier legacy transaction.

Randall & Quilter Syndicate 3330 has agreed to reinsure to close (RITC) a £30mn ($40mn) legacy portfolio of Hamilton Syndicate 3334

Sirius has decided to close the marine book of its Syndicate 1945, putting underwriters Robert Birchard and Kevin White and a pair of support staff at risk, The Insurance Insider understands

Enstar has agreed to assume £417.1mn ($558mn) of net reinsurance reserves from Neon Underwriting Limited in a deal first revealed by The Insurance Insider earlier this week.

Generali has confirmed the sale of about EUR300mn ($353mn) of non-life legacy liabilities from its UK branch to Compre.

Enstar is poised to claim a second major Lloyd's legacy transaction this month after entering exclusive talks to acquire Neon's £410mn ($549mn) legacy book, The Insurance Insider can reveal

Insurers and legacy carriers could see increased claims on old liability policies as a result of litigation from workers' exposure to diesel fumes.

Next year is on course to be the busiest since 2013 for start-ups at Lloyd's, following a swathe of approvals for both full syndicates and special purpose arrangements (SPA).