Legacy

The $350bn US legacy opportunity

The news that Enstar and Oklahoma have stolen a march by completing the first successful insurance business transfer (IBT) in the US is likely to be seen as a watershed moment for legacy players looking to tap the vast potential in the world’s largest insurance market.

Darag sells active Italian book to Nobis

Darag has agreed to sell the active underwriting business within its Italian operations to domestic insurer Nobis Compagnia di Assicurazioni.

Enstar completes first insurance business transfer in US

Enstar Group has completed the first ever insurance business transfer (IBT) in the US as Oklahoma won the race to be the jurisdiction facilitating the debut transaction in a move that some have predicted could open the floodgates for legacy deals in the world’s biggest insurance market.

Compre names R&Q’s Aguiar CUO of Bermuda platform

Legacy specialist Compre has named R&Q’s Anson Aguiar as chief underwriting officer of Pallas Reinsurance Company Ltd. (Pallas Re), Compre’s newly-launched class 3A Bermudian reinsurer, and revealed it has completed its first US transaction.

Riverstone strikes £356mn RITC with Argo

Fairfax-owned Riverstone has once again demonstrated its continued appetite for Lloyd’s legacy business by inking a reinsurance-to-close (RITC) transaction with Argo Syndicate 1200.

Fleming Re to acquire Bermuda casualty captive

Bermudian legacy carrier Fleming Re has agreed a deal to buy casualty-focused reinsurance captive Sinclair Insurance Company.

Darag to acquire SunPoint from Fosun

Legacy specialist Darag is set to acquire the run-off vehicle SunPoint that was previously led by Karl Wall from Fosun, The Insurer can reveal.

BMS targets legacy expansion with Katz move

BMS Group has engaged Mory Katz as a senior consultant to work closely with its reinsurance intermediary arm and support the expansion of its legacy capabilities in the fast-growing segment of the market.

Premia to acquire Navigators European portfolio From The Hartford

Legacy specialist Premia has agreed to acquire Navigators Holdings (Europe) NV from The Hartford.

R&Q program management and enhanced legacy business to drive outperformance: Numis

London-listed R&Q has the potential to “blossom” as a high-performing specialist insurance business over the next few years, driven by delivery of program management earnings growth and an enhanced legacy insurance business, according to Numis Securities.

Riverstone’s Lloyd’s streak continues with Neon

Fairfax-owned Riverstone’s acquisition of Neon is further evidence of the run-off specialist’s continued appetite for Lloyd’s legacy business.

Riverstone to acquire Neon from AFG

Riverstone has won the race to acquire Lloyd’s carrier Neon with the deal set to close in the fourth quarter.

R&Q pens LPT with Allianz SE

Legacy and program manager Randall & Quilter Investment Holdings R&Q has sealed a deal with Allianz SE for a loss portfolio transfer of its third-party reinsurance portfolio that was underwritten from 1976.

Premia adds AJG’s Grint as managing agency CEO in Lloyd’s push

Run-off specialist Premia Holdings has named Arthur J Gallagher’s Colin Grint as CEO of Premia Managing Agency Ltd.

Darag unveils Axeria Re reinsurance transfer

Legacy specialist Darag has completed the transfer of a reinsurance book of business from Axeria Re, the Maltese reinsurance subsidiary of French insurer April Group.

Compre to undertake capital raise as search to replace CBPE backing begins

Legacy specialist Compre has announced plans to undertake a capital raise as the search to replace backing from PE house CBPE Capital gets underway.

Unprecedented demand for ADCs and LPTs: Marcell

There is an “unprecedented” level of demand for adverse development covers (ADCs), loss portfolio transfers (LPTs) and other solutions aimed at addressing prior-year reserve risk, according to Aon’s Reinsurance Solutions CEO Andy Marcell.

R&Q completes merger of Sandell Re into Tradesmen

Legacy and program manager R&Q has completed the combination of Sandell Re with New York-based MGA Tradesman Program Managers LLC, following the receipt of the necessary regulatory approvals.