Legacy
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The vehicle will give the legacy carrier a US platform.
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Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.
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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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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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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.
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The carrier had estimated a write-off in the range of $25mn-$35mn.
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The legacy carrier’s wholly owned subsidiary will reinsure 80% of RACQ’s motor vehicle compulsory third-party insurance liabilities of accident years 2021 and prior.
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Gallagher Re is looking to increase its presence in the North American large-account space, where it is underweight compared with rivals.
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The loss portfolio transfer deal was completed in March of this year, covering £200mn of UK motor insurance claims.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The deal includes a diversified book of international and NA financial lines, European and NA reinsurance portfolios, and several US discontinued programs.
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The company believes the program management and legacy businesses would work better as standalone operations.
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The appointment comes as the legacy and investment banking divisions join under common management.
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Last week, SiriusPoint and Compre signed an LPT deal covering $1.3bn of reserves.
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In tandem, the company elevated David Ni as chief strategy officer, Paul Brockman as chief operating officer and Matthew Kirk as chief financial officer.
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Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
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2022 represented a period of bumper legacy deal-making for the legacy carrier.
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After taking a $90mn capital charge relating to the former Ace run-off asbestos book in 2021, the group is looking to liquidate the entity.
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RACQ will cede net reserves of approximately A$360mn (~$247mn), and Enstar will provide around A$200mn (~$130mn) of cover in excess of the ceded reserves.
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The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
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The number of global, non-life run-off deals dropped to 48 over 2022, compared with 54 in 2021, according to a report from PwC.
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Dean Dwonczyk established Catalina in 2005 with former UK CEO Chris Fagan, who exited the business in February 2021.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Andrew Lewis has outlined growth plans for Xitus, a niche global legacy firm he has co-founded that will focus on non-life and reinsurance deals of $5mn-$50mn.
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Legacy firm Darag has completed a reinsurance agreement with an undisclosed US carrier that carries a transaction value of around $15mn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The transaction covers net reserves for losses and loss expenses of approximately $400mn and provides ground-up cover to a policy limit of $605mn.
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The CEO addressed the progress of the strategic process in his first interview since taking the role.
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The tech company contributed $139mn to its asbestos subsidiary companies as part of the deal.
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Around 50% of the $100bn growth in the market emanated from deals struck in North America.
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The company expects to announce another similarly sized deal soon, and the rest of the year’s pipeline is “beyond expectations”.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Guy Carp is advising the specialty insurer as it seeks to draw a line under adverse development from its historic program book.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The transaction would mark a fifth legacy deal struck by Argo as it seeks to clean up its back book amid a strategic review.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The carrier was pushed to a net loss of $493mn by mark-to-market losses in its investment portfolio in Q2.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The sector saw a variety of deal sizes, with transaction values ranging in H1 from $10mn to $3.1bn.
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The outgoing exec will remain as a board member, while chief strategy officer David Ni will lead the company’s M&A strategy going forward.
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The redomicile is part of a diversification strategy to broaden the carrier’s focus from Continental Europe to Lloyd’s and North America.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The existing $770mn adverse development cover between the two parties has been absorbed as part of the deal.
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The legacy specialist has faced a downturn in profits following a bumper run of results through 2020 and 2021.
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As part of the recent LPT deal, the Cinven-backed legacy firm also acquired the team from SiriusPoint’s run-off division as part of its push into the US.
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Inside P&C’s news team runs you through the key developments from the last week.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.