DARAG today announced the acquisition of SunPoint Holdings Limited (“SunPoint”) in Bermuda. SunPoint will be integrated into DARAG Bermuda Ltd and will provide DARAG Bermuda with a platform for further expansion. This is DARAG’s first company acquisition in Bermuda since the launch of its Bermuda operation in 2019 and provides the seller with complete economic and legal … [Read more...] about DARAG Announces Acquisition of SunPoint in Bermuda
Latest News
Market Capacity – What Does it Mean for the Legacy Market?
The Panelists for the first education session of day two of our virtual Spring Membership Meeting included Michelle Harnick, Managing Director, Guy Carpenter David Luce, Partner, DLA Piper and Ed Torres, Executive Vice President, Willis Towers Watson. AIRROC Executive Director Carolyn Fahey who served as moderator facilitated the discussion. Michelle kicked off the … [Read more...] about Market Capacity – What Does it Mean for the Legacy Market?
DeepOcean: The UK’s First Cross Class Cram Down Restructuring Plan
On 28 January, the English High Court handed down the first ever judgment sanctioning a restructuring plan under Part 26A of the Companies Act 2006 (“CA 2006”) (“Plan”) invoking the new cross class cram down procedure introduced into UK law in June 2020. Trower J’s judgment in the DeepOcean restructuring has been highly anticipated, and is the first time the court has set … [Read more...] about DeepOcean: The UK’s First Cross Class Cram Down Restructuring Plan
Creating Value in Runoff through Collaboration with Insurtech
In 2020 over $7 billion was invested globally in insurtechs as cited by Paul Chen, Partner at Mayer Brown, who moderated the educational session, “Creating Value in Runoff through Collaboration with Insurtechs.” Fellow Mayer Brown partner Stephanie Duchene joined the panel along with Nick Daley of Plug and Play, Nicos Vekiaridies of Attestiv and Andrew Naoum of EvolutionIQ. … [Read more...] about Creating Value in Runoff through Collaboration with Insurtech
Legacy Link: Meet Bill Goldsmith
The brilliant answer that Bill Goldsmith gave to one of my favorite question for legacy link subjects was: “The Boy Scout Handbook.” And the question was…“What is your favorite business or leadership book?” The core principles of the Boy Scouts include teaching, mentoring, and the development of leadership skills. These same principles are what Bill finds most rewarding … [Read more...] about Legacy Link: Meet Bill Goldsmith
Premia to acquire Armour Re; secures Aquiline-led equity investment
Reinsurance run-off group, Premia Holdings Ltd., has agreed to acquire Armour Re Ltd., a Bermuda-based P&C legacy reinsurer and a wholly-owned subsidiary of Armour Group Ltd., in an all-share transaction. Armour Group is an Aquiline Capital Partners LLC portfolio company and in concurrence with the acquisition, an investor group led by Aquiline is making a growth equity … [Read more...] about Premia to acquire Armour Re; secures Aquiline-led equity investment
Spring Membership Meeting 2021
Keeping with our normal schedule, the AIRROC Spring Membership Meeting is coming to you virtually on March 9-10. You will have the opportunity to enjoy CLE education sessions on cutting-edge topics in the morning on both days and the ability to set up meetings to connect with other attendees with our neutral and secure platform. Connect with clients and companies that you are … [Read more...] about Spring Membership Meeting 2021
Meet Our Newest Member
AIRROC extends a warm welcome to new member Genesis Legacy Solutions, LLC. We are delighted to have Genesis join the AIRROC community and look forward to collaborating with them. Genesis Legacy Solutions, LLC (“GLS”) was formed in December 2020 by Maiden Holdings. GLS specializes in providing a full range of legacy services to small US insurance entities, … [Read more...] about Meet Our Newest Member
Insurance Business Transfer Workshop
Earlier this month AIRROC hosted its Insurance Business Transfer (“IBT”) Workshop, which brought together (virtually) industry leaders and experts for a half-day of presentations and discussions on the legal and regulatory landscape affecting the IBT space. A highlight of the day was a review of lessons learned during the recent, first-of-its kind transaction under Oklahoma’s … [Read more...] about Insurance Business Transfer Workshop
NextGen Task Force Corner
The AIRROC NextGen Task Force met virtually in February to kick start 2021 events and to continue the planning for 2021 activities. On February 3rd, Matt DiSanto, Co-Chair of NextGen Task Force, presented at the AIRROC webinar "2020 Deals: The Year in Review." A joint presentation from PwC, Aon, and the AIRROC NextGen Task Force, the session reviewed 2020 global deal … [Read more...] about NextGen Task Force Corner
Stronghold Notice of Effective Dates and Direct Final Claims Time
CR-2020-004278 CR-2020-004271 We refer to the scheme documents issued by Stronghold Insurance Company Limited (In Administration) (the "Company") on 16 December 2020 in relation to the Direct Scheme (the "Direct Scheme Document") and the General Scheme (the “General Scheme Document”). Terms used but not defined in this notice shall have the meaning given to them in the scheme … [Read more...] about Stronghold Notice of Effective Dates and Direct Final Claims Time
Enstar Completes the Reinsurance of $690 Million of Continental Casualty Company’s Legacy Excess Workers’ Compensation Business
February 5, 2021 HAMILTON, Bermuda, Feb. 05, 2021 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has completed a transaction with Continental Casualty Company (“CNA”) to reinsure a legacy portfolio of excess workers’ compensation business. Read More... … [Read more...] about Enstar Completes the Reinsurance of $690 Million of Continental Casualty Company’s Legacy Excess Workers’ Compensation Business
New German Restructuring Regime (StaRUG): An Introductory Guide
The new German stabilizing and out of court restructuring regime came into effect on 1 January 2021. The “Stabilization and Restructuring Framework of Companies Act”, known as StaRUG1 , heralds a new phase in the German restructuring landscape, introducing a framework of tools including a new restructuring plan, which will enable debtors to restructure and cram down minority … [Read more...] about New German Restructuring Regime (StaRUG): An Introductory Guide
Global Insurance Run-off Survey 2021
Welcome to the thirteenth edition of PwC’s Global Insurance Run-off Survey, which has been produced in conjunction with IRLA and AIRROC. The growth in legacy activity predicted in the last edition of this survey has materialised, boosted by significant investment in both new and existing legacy players. The market has maintained its momentum, with over 100 legacy deals publicly … [Read more...] about Global Insurance Run-off Survey 2021
AIRROC Continues to Grow its Network!
AIRROC is pleased to announce the addition of two new members, BMS Group Ltd. and Fortitude Reinsurance Company Ltd., and Gallagher Bassett as a new Corporate Partner. AIRROC looks forward to working together with BMS, Fortitude Re and Gallagher Bassett on a number of dimensions with the intention of delivering greater service to our shared communities of legacy … [Read more...] about AIRROC Continues to Grow its Network!
Help Us Rename the AIRROC Matters Newsletter!
AIRROC Matters is being rebranded to increase its appeal to professionals working in the legacy sector. We would like your help in coming up with a fitting and catchy name! “AIRROC Matters” was the original name of our quarterly print magazine. In August of 2019 we switched to a digital newsletter to enable us to publish more frequently and provide our audience with the most … [Read more...] about Help Us Rename the AIRROC Matters Newsletter!
NextGen Task Force Corner
The AIRROC NextGen Task Force is a diverse group of young professionals who work in conjunction with the AIRROC Board of Directors and Executive Director to explore ways to transfer knowledge about legacy, engage with and provide networking and educational opportunities for the next generation of legacy industry and AIRROC association leaders. As part of our communication … [Read more...] about NextGen Task Force Corner
AIRROC Confirms Board Leadership and New Directors for 2021
AIRROC announces the 2021 board leadership. The officers are Chair Bill Teich (The Hartford) and the two Co-Vice Chairs are Bill Goldsmith (AIG) and Betsy Mitchell (Armour Risk). Marianne Petillio (ROM Re) serves as Treasurer and Megan McHugh, Brandywine Holdings acts as the Secretary of the Board. The Chair (Teich) and two Co-Vice Chairs (Goldsmith and Mitchell), … [Read more...] about AIRROC Confirms Board Leadership and New Directors for 2021
Acquisition of Vibe Lloyd’s interest
Randall & Quilter Investment Holdings Ltd. (‘R&Q’ or ‘the Group’) is pleased to announce that its wholly owned subsidiary, Randall & Quilter II Holdings Limited, has signed an agreement to acquire, subject to regulatory approval, the entire issued share capital of Vibe Services Management Limited (‘Vibe Services’), Vibe Corporate Member Limited (‘VCML’) and Vibe … [Read more...] about Acquisition of Vibe Lloyd’s interest
Enstar Announces Reinsurance Transaction With ProSight
HAMILTON, Bermuda, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has entered into an agreement with subsidiaries of ProSight Global, Inc. (“ProSight”) to provide reinsurance relating to 2019 and prior year business. The reinsurance will comprise a ground up loss portfolio transfer of ProSight’s … [Read more...] about Enstar Announces Reinsurance Transaction With ProSight
