Legacy

Legacy market kicks into gear in Q3 with $2.6bn in reserves transacted: PwC

Legacy market activity kicked up a gear in the third quarter of 2024 with 15 deals announced totalling $2.6bn in gross reserves transacted, according to PwC.

Enstar completes second property ILS deal with Class 3B Bermuda reinsurer buy

Legacy specialist Enstar has acquired a Bermuda-domiciled Class 3B insurer and segregated accounts company through its subsidiary Cavello Bay Reinsurance.

RiverStone closes $1.2bn LPT with QBE

RiverStone International has closed its $1.2bn loss portfolio transfer for various QBE subsidiaries after receiving all requisite approvals.

Ambac shareholders approve legacy unit sale to Oaktree

Ambac Financial Group shareholders have approved the proposed sale of its legacy financial guarantee businesses, Ambac Assurance Corporation and Ambac Assurance UK Limited, to funds managed by Oaktree Capital Management.

SiriusPoint completes $400mn workers’ comp LPT deal with Enstar

Enstar Group has completed its previously announced loss portfolio transfer transaction with SiriusPoint that sees a subsidiary of the legacy specialist reinsure a $400mn portfolio of workers’ compensation business covering the 2018 to 2023 underwriting years.

Lloyd’s introduces new legacy review and approval requirements for 2025

All new legacy deals will require pre-transaction review and approval by Lloyd’s as of 1 January 2025, the Corporation’s chief underwriting officer Rachel Turk revealed in today’s Q3 market message.

Legacy start-up Sophrosyne Partners to target corporate long-tail liabilities

Opportunities to tap into the growing demand from European corporates for solutions to their US liability exposures spurred the formation of new legacy specialist Sophrosyne Partners, Eleni Iacovides has told The Insurer.

No shortage of legacy demand but US casualty concerns linger: PwC

Demand for legacy solutions remains strong despite the drop in completed deals in the first half of 2024, while concern over deterioration in US casualty reserves continues, according to panellists at PwC’s Monte Carlo legacy event.

Legacy market begins to bounce back after challenging start to 2024

Deal activity was down in the legacy sector in the first half of 2024 as several prominent run-off acquirers experienced major upheaval.

Carrick acquires two Irish captives from Bristol Myers Squibb

Bermuda-based non-life legacy player Carrick Group has acquired two Irish captives from pharmaceutical firm Bristol Myers Squibb, The Insurer understands.

Casualty reserving challenges present legacy opportunity

Jarad Madea, CEO of Howden Capital Markets & Advisory, highlights how (re)insurance sidecars and legacy liability covers can help address casualty reserve challenges.

R&Q UK Holdings files notice to appoint administrator

R&Q UK Holdings Limited has filed a notice of intention to appoint an administrator, as the collapsed legacy player continues to wind up its entities.

Compre agrees ~$150mn legacy transaction with Accelerant

Altamont-backed Accelerant has secured reinsurance protection for prior-year reserves from legacy player Compre Group in a ~$150mn transaction brokered by Augment Risk.

Marco Capital strikes second R&Q deal with Lloyd’s unit

Marco Capital has struck a second deal with the collapsed R&Q Group, with its Lloyd’s subsidiary Polo Managing Agency taking over the third-party management and administration of RITC Syndicate 1110 and securing over 20 jobs in the process, this publication can reveal.

Darag offloads NA and Bermuda entities to RiverStone Group

Legacy acquirer Darag Group has agreed to sell its North American and Bermuda business entities to Fairfax Financial-owned RiverStone Group in a deal expected to close by year-end.

Carrick acquires Health Care Casualty Insurance

Bermuda-based international non-life legacy player Carrick has completed the acquisition of Health Care Casualty Insurance.

H1 legacy deal activity contracted to $1.4bn of transacted gross liabilities: PwC

The first half of 2024 saw a notable reduction in the volume and size of non-life insurance run-off deals – despite a more active Q2 – with PwC estimating $1.4bn of gross liabilities were transacted across eight publicly disclosed deals in the six-month period.

James River agrees $160mn legacy E&S reinsurance deal with State National

Two of James River Group Holdings’ principal operating subsidiaries have entered into a combined loss portfolio transfer and adverse development cover reinsurance agreement with Markel’s State National Insurance Company.

R&Q agrees Inceptum sale to Marco Capital as liquidation filing confirmed

R&Q has agreed to sell UK-based legacy general insurer Inceptum to run-off specialist Marco Capital, as well as separately confirming its provisional liquidation filing in Bermuda.

Legacy start-ups circle R&Q run-off business

Two mooted start-ups – one led by former Catalina duo Chris Fagan and Mayur Patel and the other comprising ex-Carrick Specialty executives Karl Wall and Richard Harris – are among legacy players that have evaluated opportunities to buy parts of R&Q’s distressed run-off business, The Insurer can reveal.

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