Legacy
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The newly launched Marco Re will be led by Mark Elliott as CEO.
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CEO Booth said there is “continued interest” in the NA captive market.
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The first edition of the vehicle has generated fee income of $29mn to date.
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The carrier has agreed to acquire the former Credit Suisse ILS unit, following the acquisition of sister company Humboldt Re in 2021.
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The CEO received $3.9mn in shares alongside his salary and bonus.
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The company believes the program management and legacy businesses would work better as standalone operations.
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The deal provides collateralised backing for Riverstone’s mammoth £1.2bn reinsurance-to-close deal struck for MS Amlin and other transactions.
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The Italian group previously halted writing catastrophe excess-of-loss business.
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The executive chairman has sold around half of his holding back to the company.
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Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.
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The firm hopes to offer investors legacy and live risk in the future.
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Chris Harding and James Ferris have been appointed as directors of capital and risk advisory, effective April 2022.
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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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The carrier posted a small loss in the first half of 2021, the agency noted.
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The new generation of vehicles is driven by a lively legacy market and innovations in structuring deals for long-tail risk.
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The portfolio has no active client relationships and was underwritten from 1969 onwards.
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He has held a seat on the company’s board since 2017.
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The new vehicle gives third-party investors access to Premia’s run-off investments.
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The January agreement remains subject to regulatory approval.
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The investment comes as R&Q positions itself to take advantage of pandemic-related market dislocation.
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It is understood that CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO.
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The pension fund will acquire the stake from Fairfax for a cash sum of $560mn.
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The deal is set to close in the first half of 2020 and will see the Singaporean reinsurer enter run-off.
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Private equity firm The Carlyle Group has lifted its stake in Fortitude above 70 percent.
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EWI provides services for captives and mutual insurance companies as well as run-off and legacy solutions.
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The long-term legacy life portfolio manager will use the capital for new run-off acquisitions.
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The legacy insurer is mulling a Bermuda vehicle to help it access North American deals.
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The legacy carrier still sees opportunities for large deals through such arrangements.
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A sidecar arrangement would allow the company to finance larger acquisitions, it said
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After a consultation with shareholders, the board has decided to pursue “an orderly run-off”.
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Together with Hillhouse, the two insurers will launch a new legacy insurer, Enhanzed Re, with $470mn.
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Darren Bailey has been hired by the legacy insurer in a business development role for the firm’s M&A team.
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AIG has sold a 19.9 percent stake in its new legacy vehicle DSA Re to private equity house Carlyle Group as part of a larger effort to build the vehicle into a standalone legacy acquirer.
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Renaissance Re has made a minority investment in run-off specialist Catalina, it confirmed in a press release yesterday.
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Legacy manager Armour has confirmed that an investor group led by Aquiline Capital Partners has raised $500mn to finance a takeover of the firm, following earlier reports of the deal.
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Run-off specialist Armour has been bought by private equity house Aquiline, sister publication The Insurance Insider has reported
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The legacy reinsurance market is catching the attention of ILS funds seeking additional yield and diversification, as business opportunities from insurers looking to offload older portfolios increase due to the tighter capital restrictions imposed by Solvency II
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There will be significant volumes of ILS capital trapped at year-end, particularly in the retro segment, but out of this challenge the reinsurance market is looking for opportunities to spin out new products
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Credit Suisse and Bermudian run-off specialist Armour Group have raised more than $270mn for a second series of their joint venture legacy ILS fund, regulatory filings show