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Plus, the latest people moves and all the top news of the week. -
Carriers are rethinking the traditional renewal-rights model.
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Without flexible mechanisms the Corporation risks suppressing transactions.
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Volante launched Syndicate 1699 in 2021.
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Legacy reinsurance deals will be reviewed by the Legacy Review Panel.
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Plus, the latest people moves and all the top news of the week.
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The deal marks the latest step in Catalina’s shift from P&C to life run-off.
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Bill Bouvier has spent more than three years at the legacy firm in this role.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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A survey from PwC described the sector as “stable”, “evolving” and “dynamic”.
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The ILS play will make the business more capital efficient under new owner Sixth Street.
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Peter Vogt will act as a strategic advisor at Axis until the end of 2026.
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It is targeting low-risk specialty lines where it has a competitive edge.
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The carrier also benefitted from favourable reserve development in property and A&H.
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Q2 saw a steady stream of activity in legacy, but volumes dipped slightly from Q1.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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The agreement is the second service contract the group has taken on.
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Plus, the latest people moves and all the top news of the week.
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Andrew Creed has been promoted to group president in addition to his role as group CFO.
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Luke Tanzer is set to retire after 16 years at the helm of the run-off carrier.
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Arturo Pelaez will continue in his managing director role at Brookfield Asset Management.
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Bridges had been at QBE for 17 years.
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The take-private deal was announced in July 2024.
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R&Q Gamma’s outstanding liabilities predominantly relate to the UK P&I Club.
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Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.
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Argo shelved the sale of its Bermudian insurance business in mid-2024.
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Renewable retrospective solutions were a key point during the discussion.
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The market has broadened its risk appetite and infrastructure over the years.
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Till Wagner and Felix Rollin have been named executive board members in Germany.
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The reduction was due to impacts from investments and less favourable PYD.
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The group reported a 19.1% return on opening adjusted tangible book.
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The Kelso and Arch-backed run-off player has retained Evercore to advise.
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The legacy carrier reported an operating loss of $45.3mn for the year.
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The business will still look at large non-life deals in particular in-the-money ADCs.
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The process for the legacy book is believed to be in the late stages.
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Gallagher Re’s global head of retrospective solutions, James Dickerson, recently exited.
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The Bermudian legacy carrier is seeking a counterparty to manage the claims on the portfolio.
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Dickerson has spent over three years at the reinsurance broker.
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Hampden embarked on a new “intelligent follow” strategy in 2023.
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The reinsurance to close transaction is effective from 1 January 2025.
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The second half of the year was significantly more active for the legacy market.
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The restructuring arrangement is designed to protect creditors.
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Syndicate 609 will cede net loss reserves of approximately $196mn.
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Augment has been building its staff base after launching with Altamont backing in 2023.
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The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.
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The reinsurance veteran joins from Artex Risk Solutions.
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The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.
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The result was impacted by recent adverse development on a liability portfolio.
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The transaction has received all required regulatory approvals and closed.
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The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.
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James River also amended the convertible preferred equity held by Gallatin Point and closed its strategic review.
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The UK and Ireland have also seen “increased activity”, with four deals announced.
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Nicola Gaisford joined RiverStone from R&Q last year.
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RiverStone is assuming $1.2bn of a $1.6bn legacy deal.
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The Corporation’s CUO said managing agents must ensure they manage the future differently to the past.
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The UK subsidiary of Carrick will acquire BMS International Insurance DAC and Seamair Insurance DAC.
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Future deal flow in the US could come from more adequately reserved liability lines.
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The take-private is expected to close by mid-2025.
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Hundle & Partners will provide capital support for the business, which will focus on acquiring corporate liabilities.
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Sources said the venture will look to service both US and European corporates and is backed by family office money.
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The deal covered US and European P&C liabilities for Accelerant's 2020-2021 underwriting years.
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The James River-Long Tail Re deal is the latest example of deal-specific investor capital.
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The legacy firm said the deal would strengthen its Bermuda operations.
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The transactions will de-risk all North America middle-market reserves up to 30 June 2024.
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This is Carrick’s second transaction this year and Insurance Insider understands it expects to complete others before year end.
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The firm escapes public market distractions and long-term undervaluation, but the low mark will hurt peer companies.
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The ratings agency said Sixth Street provides flexibility through long-dated capital.
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She will work on preparations for the take-private deal with Sixth Street before departing.
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The deal values the business just under its closing price on Friday, at 0.97x book value.
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The executive replaces interim CEO Paul Brockman, who remains group COO.
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Acquirers are increasingly discerning around deals, according to a report.
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Plus the latest people moves and all the top news of the week.
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Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.
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Some 39% of respondents expect deal volumes to increase in the next 12 months.
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The transaction is conditional to the completion of the sale of shares in Accredited to Onex.
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The liquidation will let the company sell its Accredited arm to Onex via an alternative transfer structure.
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With topco liquidation looming, there are questions for R&Q and the wider market.
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The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.
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The deal will see Darag manage open claims relating to the runoff of Unipol Re.
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The CEO also discussed the need for portfolio diversification.
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Major deals include a $1.3bn loss portfolio transfer with SiriusPoint.
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The former R&Q head of legacy will join as an adviser.
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The vehicle will give the legacy carrier a US platform.
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