Legacy

Axis strikes $605mn casualty, financial lines LPT with RiverStone for AY ’19 and prior

Axis Capital has agreed to terms with run-off specialist RiverStone International for a $605mn loss portfolio transfer (LPT) deal that will cover “several” of Axis’s professional lines and liability portfolios for accident years 2019 and prior.

Numis hands R&Q management duo boost as it predicts return to profit in 2023

Numis has given R&Q’s new management team a vote of confidence after the company’s annus horribilis while putting a buy rating on its much reduced share price.

Darag completes its first Part VII transfer with China Taiping Insurance

Legacy acquirer Darag Group has received court approval for its German insurance carrier, Darag Deutschland AG, to complete a Part VII transfer with China Taiping Insurance (UK) Co Ltd (CTI).

R&Q completes $60mn LPT for California self-insurance pool

R&Q has completed a loss portfolio transfer for a California-based self-insurance pool through its subsidiary Accredited Surety and Casualty Company.

Argo’s $1.1bn LPT transaction with Enstar closes

Enstar has closed its previously announced loss portfolio transfer (LPT) with Argo Group, with the deal closing the same week that Argo said it has recognised $37.7mn of prior year development that falls within the $75mn retained loss corridor.

Conifer agrees $20mn ADC for 2019 and prior with Fleming Re

Specialty carrier Conifer Holdings has secured a $20mn adverse development cover for accident years leading up to 2019 after agreeing a loss portfolio transfer (LPT) deal with Fleming Re.

Premia and Global Risk Capital venture Canvas acquires SPX’s legacy asbestos liabilities

Premia Holdings and Global Risk Capital-backed joint venture Canvas Holdco has acquired three subsidiaries of SPX Technologies which hold the group’s asbestos liabilities and related insurance assets.

Enstar posts $444mn Q3 loss driven by investment volatility

Run-off specialist Enstar has reported a third quarter net loss of $444mn – compared to a loss of $196mn in the prior-year period – driven by unrealised losses on fixed income securities in its investment portfolio.

Legacy remains seller’s market despite inflationary challenges

The competitiveness of the European non-life legacy sector means it is “still a seller’s market” despite increasing inflationary pressures across the continent, according to Jens Ziser, managing director of Black Forest ReInsurance Consulting (BFRC).

Compre continues European medmal build-out with deal for Covéa Irish subsidiary

Compre has continued to build out its European medical malpractice legacy portfolio with the acquisition of Medical Insurance Company DAC (MIC).

R&Q hires Catalina duo after legacy exits

Legacy specialists R&Q and Catalina have both made hires from their rivals in recent weeks as the battle for talent in the run-off space intensifies.

Carlyle’s Neches named Fortitude Re CEO as Bracken steps down

Fortitude Re has announced former AIG executive Alon Neches is moving from his current position at the legacy giant’s backer Carlyle Group to step in as president and CEO with immediate effect, taking over from James Bracken, who is leaving to pursue other opportunities.

RiverStone’s claims director Gregg heads to Marco

Run-off specialist RiverStone International has seen its Lloyd’s claims director Robert Gregg depart the firm to take on a similar position at Marco, The Insurer can reveal.

Compre adds RiverStone’s Bouvier as North American claims director

Legacy specialist Compre has appointed Bill Bouvier as claims director for North America.

Inver Re adds former Enstar CFO Bowker to lead new legacy solutions unit

Inver Re, the reinsurance arm of The Ardonagh Group, has appointed Guy Bowker to launch its new legacy solutions offering.

Acrisure Re strengthens legacy practice with R&Q’s former head of M&A Dixon

Expansive intermediary Acrisure Re has hired R&Q’s former head of M&A operations for the UK and Europe Tom Dixon as it continues to build out its legacy advisory practice, The Insurer can reveal.

Catalina given in-principle approval for Lloyd’s RITC syndicate

Bermuda-based legacy specialist Catalina has received in-principle approval to launch a new Lloyd’s syndicate to underwrite reinsurance-to-close (RITC) transactions.

R&Q’s Corver: Discipline and reputation crucial as legacy market enters next chapter

Pricing discipline will be critical if the legacy market is to maintain its hard-fought reputation amid a surge in interest from carriers seeking solutions for prior-year books of business, R&Q’s group head of legacy M&A Paul Corver has warned.

PwC: Estimated global non-life run-off reserves rise 11% to $960bn

Probitas agrees split RITC with Enstar

Probitas Managing Agency has signed an agreement with Enstar to undertake a split reinsurance-to-close (RITC) transaction to cover the 2018 and prior year of account exposures of Syndicate 1492.