AFG takes $58mn Q4 hit on Neon Lloyd’s exitAmerican Financial Group (AFG) took a non-core after-tax charge of $58mn relating to reserve strengthening at Neon as well as expenses associated with the run-off of the Lloyd’s platform in its 2019 fourth quarter results.
AM Best goes negative on Amerisure after $53mn reserve developmentReserve strengthening has prompted AM Best to change the outlook to negative of its ratings of US mutual insurer Amerisure, which last year agreed a legacy deal with Enstar and Allianz Risk Transfer (ART) for construction defect losses.
RenRe working with TigerRisk on major Lloyd’s legacy transactionBermudian (re)insurer RenaissanceRe has brought in TigerRisk to explore a large back-years deal for a circa £470mn ($615mn) casualty book for its Lloyd’s syndicate, The Insurer can reveal.
R&Q takes over Montana captive Vigneron InsuranceLondon-listed legacy and program specialist R&Q has acquired the Montana captive insurer, Vigneron Insurance Company, Inc. (VICI), for an undisclosed sum.
Darag strikes another US legacy transactionThe deal-hungry legacy acquisitions company Darag has once again combined with TigerRisk in a run-off deal that sees it take on $100mn+ in US general liability reserves for an unnamed “multi-national insurance company”.
Darag and Beazley seal US trucking run-off dealRun-off provider Darag has inked a reinsurance legacy deal with London-listed Beazley for its US trucking liability book of business, The Insurer can reveal.
Run-off warning as Demotech prepares to begin Florida downgradesDemotech will this week begin issuing statements on the 46 Florida-focussed carriers it rates with the majority to be affirmed but a number set to be downgraded or to seek a sale to avoid that outcome, while others may end up in run-off.
Pine Brook founder Spiegel to succeed Randall at R&QKen Randall, executive chairman and founder of London-listed legacy and program manager R&Q, will step down in “around 12 months” to be succeeded by one of the (re)insurance industry’s leading private equity experts, William Spiegel.
Gossmann & Cie acquires Sovag as it looks to build Munich Re partnershipHamburg-headquartered run-off specialist Gossmann & Cie has acquired German insurer Sovag as the firm looks to scale up its partnership with Munich Re through ExPro.
Catalina strengthens UK corporate governance after FCA scrutinyBermudian-headquartered legacy firm Catalina Holdings has added Walter Gontarek and Bob Howe to the board of its UK subsidiaries as independent non-executive directors (INEDs) after the firm fell victim to a Section 166 review by the UK’s Financial Conduct Authority (FCA) last year.
R&Q takes over Barbados-based Distinguished ReLegacy specialist R&Q has completed the acquisition of Barbados-based insurer Distinguished Re, formerly known as the Saranac Insurance Company, with the run-off firm paying a cash consideration of $1 for the carrier.
Sirius adds Asia Capital Re’s Singapore fac teamSirius International has added to its facultative capabilities in south east Asia, taking advantage of the fallout from the run-off of Asia Capital Re by acquiring its Singapore-based team.
Armour-run Elite Insurance placed into administrationGibraltar-domiciled Elite Insurance Company – which was acquired by a group of investors led by Armour Group last year – has been placed into administration.
Asia Capital Re deal continues 2019 legacy boomBermudian legacy firm Catalina Holdings’ in-principle agreement to acquire Singapore-headquartered Asia Capital Reinsurance Group (ACR) is the latest in a series of significant deals in recent months in what is turning out to be a fruitful season for the legacy market.
Faraday set to takeover Vibe’s FI business when syndicate closesFaraday Syndicate 435 is in talks to take over a five-strong financial institutions team and its book of business from the soon-to-be closed down Vibe Syndicate, The Insurer can reveal.
RenRe engages TigerRisk and Morgan Stanley to sell UK legacy bookRenaissanceRe has appointed TigerRisk and Morgan Stanley to find a buyer for its £396mn ($514.6mn) UK legacy book which the (re)insurer inherited through its $1.5bn acquisition of Bermudian neighbour Tokio Millennium Re.
Pioneer becomes fifth full syndicate to close since Hancock warningPioneer Syndicate 1980 has become the fifth full syndicate to close following a Lloyd’s market meeting in May 2018 when the Society’s head of underwriting Jon Hancock launched remedial action to turn around the performance of the market and warned that a tougher regime would lead to syndicate closures.
Enstar’s live operations report Q3 underwriting lossesBermudian live-to-legacy player Enstar has reported an operating profit in the third quarter, turning around a loss in the prior period, despite underwriting losses at Atrium and StarStone.
Life vs non-life run-off: a tale of two marketsAs legacy transactions creep higher up the German political agenda, Compre’s head of business generation and MD of Germany and Austria, Philipp Kleyser, describes the benefits of run-off transactions for (re)insurers and governments…
Human assets in legacy transferWhile media coverage tends to focus on structure and reserve quantum, talent is the cornerstone of a successful legacy business transfer, Stephen Roberts, head of claims at RiverStone Europe, tells The Insurer.