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The legacy deal comes one year after a $1.3bn LPT with Compre covering several lines. -
The legacy carrier is to buy the captive from a “very large” multinational firm.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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Increasingly, deals are being brought to market but not transacted on.
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R&Q Legacy will book adverse development of ~23% of net reserves for the year.
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The market is shifting towards capital relief, with fewer, larger deals.
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The company is still working to get debt holder approval for the Accredited deal.
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Mitha joined Compre in 2022 as chief actuary, North America.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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The company reiterated its commitment to consummating the Accredited sale.
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The Marco Capital company will target the captives market.
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Its PE owners have been exploring strategic options since May last year.
