Legacy

Legacy heavyweight Enstar and a consortium comprising Randall & Quilter (R&Q) and Axa are facing off in the final round of the bidding process for the Novae legacy book, The Insurance Insider can reveal.

AIG is said to be shopping a legacy book of life settlements valued at as much as $2bn, with private equity firms taking a serious look, as the giant multi-line insurer winds down a strategy of asset sales begun by former CEO Peter Hancock

London carriers posted an 8.4 percent expansion in gross written premium (GWP) in the first half of the year as the group's combined top line reached $4.6bn, using five-year average exchange rates.

The regulatory requirements surrounding Part VII portfolio transfers look set to increase under proposals from the Financial Conduct Authority (FCA).

Zurich has reached the second stage in the disposal of its EUR400mn ($470mn) German legacy medical malpractice book, having selected three run-off carriers to participate in the next round of bids, The Insurance Insider understands.

The legacy market has long eyed the array of continental European liabilities piled up on carrier balance sheets, just waiting to be released.

Hamburg-headquartered insurer Schwarzmeer und Ostsee Versicherungsaktiengesellschaft, known as Sovag, is bringing a legacy book holding EUR120mn ($140mn) of gross reserves to market, The Insurance Insider understands.

The reinsurance community is expecting further demand for adverse development covers (ADCs) as a combination of soft market conditions, low interest rates and reserve adequacy concerns pushes carriers to scrutinise their back books.

Darag CFO Simon Minshall has left the company to be replaced by Michael Trotman, former CFO of retailer TM Lewin, The Insurance Insider understands

Italian carrier Generali is gearing up sell its EUR44bn ($50bn) German life book, Reuters reported, citing sources close to the matter.

No one could accuse AmTrust CEO Barry Zyskind and his team of shying away from a challenge.

In inking a multi-hundred million dollar adverse development deal with Premia, AmTrust has sought to provide investors with further clarity over its financial position.