Legacy
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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Increasingly, deals are being brought to market but not transacted on.
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The market is shifting towards capital relief, with fewer, larger deals.
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The company reiterated its commitment to consummating the Accredited sale.
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Its PE owners have been exploring strategic options since May last year.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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The transaction would have been one of the largest the market has seen for years.
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The executive joined the legacy carrier as CIO in 2020.
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As part of the transaction, Carrick will assume the company’s staff and operations.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
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The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
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The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.
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R&Q said it expects ongoing operating losses after the sale as it works on transitioning its legacy business to a fee-based model, with plans to explore further transactions to de-risk and reduce volatility.
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R&Q CEO William Spiegel will transfer to the Accredited program management business.
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Although the total deal values for 2022 and 2023 were almost identical, PwC noted that one-third fewer deals were announced in the more recent half-year period.
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Catalina put its Irish subsidiary up for sale in May as it looks to streamline operations.
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The insurer has been working to build a reputation for favorable reserve development after past sins.
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The transactions were written into Darag Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ comp and automotive liability books of the former.
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The legacy carrier reported significant unrealised investment losses.
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Accredited and R&Q Legacy will now operate under two separate holding companies within the group.