Compre Group Holdings Limited (“Compre”), the Bermuda-domiciled international legacy and reinsurance group, today announced it has completed a legacy reinsurance transaction with Accelerant, the data-driven risk exchange, following approval by the Bermuda Monetary Authority. The transaction, which has been underwritten by Compre’s Bermuda-based reinsurer Pallas Reinsurance … [Read more...] about Compre and Accelerant execute legacy transaction
Latest News
Private equity plays a significant role in current M&A landscape: Howden’s Madea
In a recent interview with Reinsurance News, Jarad Madea, CEO, Howden Capital Markets & Advisory, discussed what the underlying drivers of the hard market conditions are, and how they are currently impacting the insurance sector, as well as how organisations have responded to them. Madea stated that the hard market conditions are driven by a number of different factors, … [Read more...] about Private equity plays a significant role in current M&A landscape: Howden’s Madea
Legacy market begins to bounce back after challenging start to 2024
R&Q, a distressed legacy acquirer that was managing circa $1bn in reserves at the end of 2023, entered liquidation in June, after years of heavy legacy deteriorations and delays to the sale of its profitable fronting arm Accredited. In August, Darag announced a deal to offload its North America and Bermuda entities to focus on its European operations. Darag Bermuda had … [Read more...] about Legacy market begins to bounce back after challenging start to 2024
Restructuring Solutions in Focus
One of the cornerstones of AIRROC’s mission and vision is to be the leading industry educator and enhancing knowledge about the legacy market and the exit strategies and solutions they offer. In furtherance of that role, Carolyn Fahey, Executive Director of AIRROC, Al Bottalico, Insurance Specialist with Norton Rose Fulbright and James Mills, Vice President and Legal Counsel … [Read more...] about Restructuring Solutions in Focus
NextGen Council Corner
AIRROC NextGen was formed to create educational, networking, and leadership opportunities for young professionals in the legacy space. Key to NextGen’s mission is simply educating young professionals about the opportunities that legacy provides. On July 11, 2024, AIRROC’s NextGen Council participated in the ReUnder40s half-day Intern Summer Summit in New York City at which … [Read more...] about NextGen Council Corner
The AIRROC 20th Annual NJ Legacy Transactions and Networking Forum is coming in hot!
Come join us as AIRROC celebrates its 20th Annual Legacy Transactions and Networking Forum from Sunday, October 20 through Tuesday October 22, 2024. If you are a legacy professional, this popular event is a “must attend” conference that draws nearly 300 delegates from around the world for three days of learning, inspiration, networking and deal making. This year we return … [Read more...] about The AIRROC 20th Annual NJ Legacy Transactions and Networking Forum is coming in hot!
GB D&O Market Update H1 2024
After significant rate reductions throughout 2023 and early 2024, median rates are no longer dropping as drastically as they have over the last 3 years which is in line with our expectations given the significant reductions that have already taken place. Nonetheless, our initial data for H1 2024 indicates 72% of our clients that renewed in Q2 saw their primary rates decrease … [Read more...] about GB D&O Market Update H1 2024
After a landmark year, what’s on the horizon for global reinsurers?
Carlos Wong-Fupuy (pictured above), senior director at AM Best, discussed the findings of a recent report, noting that despite global challenges in benchmarking due to the adoption of IFRS 17, the reinsurance segment continues to expand. Returns on equities in the sector are also expected to remain well above the cost of capital. When asked about a key theme from … [Read more...] about After a landmark year, what’s on the horizon for global reinsurers?
Enstar to Enter $376 Million Loss Portfolio Transfer with QBE
HAMILTON, Bermuda, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has reached an agreement to provide a ground-up Loss Portfolio Transfer (“LPT”) with certain subsidiaries of QBE Insurance Group Limited (“QBE”). The transaction involves a diversified portfolio of US commercial liability and … [Read more...] about Enstar to Enter $376 Million Loss Portfolio Transfer with QBE
DARAG inks deal to divest North American, Bermuda entities to RiverStone
Legacy acquirer DARAG Group has announced the planned sale of its North American and Bermuda business entities to RiverStone Group. The transaction, which is subject to regulatory approvals, is expected to be completed by the end of the year. DARAG highlights that both its North American and Bermuda operations have established a solid presence in their niche … [Read more...] about DARAG inks deal to divest North American, Bermuda entities to RiverStone
We need to talk about exit solutions
Exit strategies, a critical yet often under-discussed aspect of the captive insurance lifecycle, are essential for captive owners planning their future transitions. Although these strategies can be complex and sensitive, which might not suit early conversations with prospective captive owners, more transparent discussions about the strategies involved, and when they are … [Read more...] about We need to talk about exit solutions
Sixth Street to acquire Enstar in $5.1bn transaction
Global insurance group Enstar is set to be acquired by existing investor Sixth Street in a $5.1 billion transaction, with Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors participating in the deal. Upon closing of the transaction, Enstar shareholders will receive a total of $338.00 in cash per ordinary share of Enstar, which represents … [Read more...] about Sixth Street to acquire Enstar in $5.1bn transaction
Connecticut Enacts New Changes to Its Captive Insurance Laws
On July 16, 2024, the Connecticut Department of Insurance (the “Department”) issued a press release announcing that Governor Ned Lamont has signed Public Act No. 24-138, “An Act Concerning Insurance Market Conduct and Insurance Licensing, the Insurance Department’s Technical Corrections and Other Revisions to the Insurance Statutes and Captive Insurance”, (the “Act”) into law. … [Read more...] about Connecticut Enacts New Changes to Its Captive Insurance Laws
US State Insurance Regulatory Scrutiny of Private Equity Investors in the Insurance Industry
Private equity (“PE”) firms have been increasingly active in the US insurance industry, attracted by the opportunity to access long-term capital and manage large pools of assets. However, this trend has also raised concerns among US state insurance regulators, who are tasked with, among other things, protecting the interests of policyholders and ensuring the financial stability … [Read more...] about US State Insurance Regulatory Scrutiny of Private Equity Investors in the Insurance Industry
Enstar provides adverse development cover to Australian insurer
Legacy re/insurer Enstar Group has signed an adverse development cover agreement over the equivalent of US$1.7 billion of reserves with a leading Australian insurer. Bermuda-based Enstar said it will provide the equivalent of US$430 million of excess cover through a subsidiary to long-tail insurance business issued by Insurance Australia Group (IAG). The cover includes … [Read more...] about Enstar provides adverse development cover to Australian insurer
Enstar Completes Reinsurance Transaction with Accredited
HAMILTON, Bermuda, June 28, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) today announces that one of its wholly owned subsidiaries has completed a transaction to reinsure legacy business written by Accredited Surety and Casualty Company, Inc. and Accredited Insurance (Europe) Limited (together, “Accredited”). Enstar has provided reinsurance in connection with … [Read more...] about Enstar Completes Reinsurance Transaction with Accredited
James River Announces Legacy Reinsurance Agreement with State National Insurance Company
PEMBROKE, Bermuda, July 09, 2024 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today announced that two of its principal operating subsidiaries entered into a combined loss portfolio transfer and adverse development cover reinsurance agreement with State National Insurance Company, Inc. (“State National”). Under the terms … [Read more...] about James River Announces Legacy Reinsurance Agreement with State National Insurance Company
A Guiding Light for Legacy
AIRROC has embarked on a strategic planning process, retaining Wendy Scott & Associates to lead and facilitate the development of a plan to shape the next chapter of AIRROC’s development. A half-day in person session was held the day before the Summer Membership Meeting with our facilitator, the AIRROC Board of Directors, the Advisory Council, the NextGen Council, and key … [Read more...] about A Guiding Light for Legacy
Meet Our Newest Corporate Partner
AIRROC extends a warm welcome to Clifford Chance, our latest Corporate Partner. We are delighted to have this international legal powerhouse join the AIRROC community and look forward to working in partnership and collaborating with them. Clifford Chance is a full-service international law firm with over thirty offices in twenty-two countries. The firm advises … [Read more...] about Meet Our Newest Corporate Partner
Our July Membership Meeting is Right Around the Corner!
Summer Meeting Alert! Last Chance to Register! Join us in New York from Tuesday, July 16 to Wednesday, July 17 for our Annual Summer Membership Meeting. Don’t miss the chance to catch up with legacy colleagues and hear from industry experts! The AIRROC Board of Directors looks forward to reuniting with our legacy colleagues. As in the past few years, Norton Rose Fulbright … [Read more...] about Our July Membership Meeting is Right Around the Corner!
