Legacy

Compre agrees workers’ compensation LPT for SUNZ book

US carrier SUNZ Insurance has agreed a loss portfolio transfer of a legacy book of workers’ compensation business with run-off consolidator Compre through its Pallas Re vehicle, in a move that will free up capital to support its growth trajectory.

Former Catalina exec Ryland to head up legacy at Acrisure Re

Former Catalina head of global distribution Steve Ryland is set to join Acrisure Re as its head of legacy, The Insurer understands.

Hallmark cut from A- and expects $25mn-$35mn loss from Darag LPT arbitration award

Hallmark Financial has been downgraded to B++ (Good) by AM Best, with the Dallas-based insurer lining up a partnership with an A rated carrier as a result and also revealing it is expecting a loss of $25mn to $35mn from an arbitration award in its dispute with Darag over a loss portfolio transfer (LPT).

Enstar reports Q1 earnings of $424mn as book value grows 8%

Enstar grew book value per ordinary share by close to 8 percent during the first quarter of 2023 as it posted net earnings of $424mn.

R&Q working with Howden Tiger, Fenchurch, Barclays and Numis on strategic review

London-listed R&Q has retained a number of advisors – including Howden Tiger, Fenchurch Advisory, Numis Securities and Barclays Bank – as it explores a strategic review of the business, The Insurer understands.

Catalina names Darin CEO of CatGen in Bermuda

Apollo-backed legacy player Catalina Re has appointed John Darin CEO of its wholly owned Bermuda-domiciled reinsurance company Catalina General.

RiverStone kicked off 2023 with 9 Lloyd’s deals with gross reserves of ~$3bn

Syndicate 3500 – the Lloyd’s platform of RiverStone International – entered into seven reinsurance-to-close transactions, one split RITC as well as a loss portfolio transfer at 1 January 2023 with total gross provisions of $2.97bn.

RiverStone’s flood of 2021-23 legacy deals sees its Lloyd’s liabilities grow to $3.1bn

A torrent of back-year reinsurance deals has seen RiverStone International Syndicate 3500 become the largest concentration of Lloyd’s legacy liabilities ever seen on Lime Street and it now has a greater share of the RITC market than all of its competitors combined, analysis by The Insurer shows.

DTW Syndicate 1991 investors face ~70% cash call for 2018 YoA

Investors in the defunct DTW Syndicate 1991 now face a near 70 percent cash call for the balance of the 2018 year of account (YoA) loss, as well as the 9.5 percent balance of the 2019 YoA loss and the 25.5 percent balance with the 2020 YoA loss in full.

Enstar completes $1.9bn LPT with QBE

Enstar has closed its loss portfolio transfer transaction with QBE on a diversified portfolio of business, with the legacy firm assuming net loss reserves of $1.9bn and will provide $900mn of cover in excess of the ceded reserves on business largely underwritten between 2010 and 2018.

AM Best puts R&Q’s A- rating under review with negative implications

AM Best has placed under review with negative implications the financial strength rating of A- (Excellent) and the issuer credit ratings (ICRs) of R&Q Insurance Holdings and its rated subsidiaries on the news the London-listed firm will report another heavy loss for 2022 and plans to separate its program management/fronting arm from its struggling legacy business.

Darag completes novation transaction with Cayman-based captive

Legacy acquirer Darag has concluded a transaction with an undisclosed Cayman-based captive insurance company through its Bermudian insurance carrier, Darag Bermuda.

R&Q plans to separate Accredited from legacy business

The loss-making R&Q Insurance Holdings is to split its struggling legacy acquisitions arm from its fast-growing fronting business, the London-listed firm confirmed today.

Munich Re places SIAB 1840 into run-off at end of three-year term

Munich Re has placed its Innovation Syndicate 1840 – the first Syndicate-in-a-Box (SIAB) launched under the Lloyd’s framework – into run-off with the business to be folded into the German reinsurer’s flagship Syndicate 457.

R&Q co-founder and CEO Alan Quilter retires in group restructure

The co-founder of legacy acquisition business R&Q Alan Quilter is to step down from the London-listed firm at year-end as part of a board reshuffle announced today.

Enstar in $341mn buyback of CPP non-voting shares at 13% discount to book

Enstar has agreed to spend $341mn to repurchase non-voting shares held by Canadian pension plan CPP Investments in what the Bermudian described as an accretive transaction that also simplifies its share capital structure.

Howden Tiger expands Ruff’s role to cover legacy following Johnson departure

Howden Tiger has expanded Seth Ruff’s responsibilities to include oversight of the group’s legacy division.

Marco undertakes £200mn UK motor LPT with Markel

European legacy specialist Marco Capital has entered a loss portfolio transfer transaction with Markel for a portfolio of UK motor insurance business.

Deputy CFO Murphy becomes latest finance departure from Enstar

Enstar’s deputy CFO and chief accounting officer Michael Murphy has left his role after close to two years with the company.

R&Q’s Brandywine warned of “significant risks and uncertainties” in reserves ahead of liquidation

R&Q was warned of significant risks and uncertainties in the reserves of its US subsidiary R&Q Re – better known as Brandywine – that showed potential for “material adverse deviation” ahead of the start of the unit’s liquidation process, The Insurer can reveal.

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