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
Latest News
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!
DARAG and UnipolSai form service partnership
DARAG Group, a (re)insurance specialist in discontinued business and capital and operational relief, has entered into a service agreement with UnipolSai Assicurazioni S.p.A. (Unipol), an Italian insurer within the Unipol Group. Unipol is a major player in non-life insurance and motor vehicle third-party liability (TPL) in Italy. Under this agreement, DARAG Deutschland AG … [Read more...] about DARAG and UnipolSai form service partnership
R&Q confirms provisional liquidation in Bermuda to facilitate Accredited sale
Following evaluation from its Board, R&Q has confirmed that it will be filing for a provisional liquidation in Bermuda and that it expects the previously announced sale of Accredited to Onex Corporation to be implemented through that process. If you recall, on the 13th of June, R&Q released an update on the proposed sale of 100% of R&Q’s equity interest in … [Read more...] about R&Q confirms provisional liquidation in Bermuda to facilitate Accredited sale
With R&Q set for liquidation, what future for Gibson Re sidecar and its investors?
R&Q Insurance Holdings Ltd. has this morning confirmed that it is filing for a provisional liquidation in Bermuda, raising questions over the future of its collateralised legacy sidecar vehicle Gibson Re. R&Q has been through the wars, both in terms of persistent historical reserve deterioration, a debt-load that has shackled the company, and some might call them … [Read more...] about With R&Q set for liquidation, what future for Gibson Re sidecar and its investors?
Keeping Up with Kimberly George
By describing her own career path from Field Case Management Nurse to Sedgwick’s first Chief Global Band Officer, Kimberly George treated AIRROC’s Chicago audience to a demonstration of her strategic views for her company and for employees throughout the insurance industry. Just don’t tell her you “fell into” a career in insurance. Her excitement for career development in the … [Read more...] about Keeping Up with Kimberly George
NextGen Council Corner
The insurance industry is often seen as a realm of numbers and policies, but behind every successful insurance professional is often a surprising journey. To shed light on these inspiring stories, AIRROC NextGen launched a new video series titled: "NextGen Asks: How Did You Get Your Start in Runoff/Legacy?" This series delves into the careers of new and seasoned insurance … [Read more...] about NextGen Council Corner
IRLA Does It Again – Another Superb Congress is Go!
IRLA Congress 2024 launched to a packed and enthusiastic gathering of delegates this week. The three day event, which is taking place at The Brighton Grand Hotel, has seen members travel from all over the UK, as well as some flying in from much further afield to be part of the annual occasion. Day One saw a superbly well appreciated mix of networking, social activities … [Read more...] about IRLA Does It Again – Another Superb Congress is Go!
Augment Risk hires legacy expert Paul Corver as Advisor
Reinsurance broker Augment Risk has announced that Paul Corver, formerly of R&Q Insurance Holdings (R&Q), will join the firm as an Advisor. Corver brings deep experience and insights in the reinsurance industry to the broker as it looks to strengthen its legacy build-out. He retired from his position as Group Head of Legacy M&A at R&Q in April 2023. He was … [Read more...] about Augment Risk hires legacy expert Paul Corver as Advisor
Swiss Re to exit iptiQ: strategic shift sparked by weak demand, lower tech threat
Swiss Re may be in the market for buyers for some parts of its digital insurer, iptiQ. Read More... … [Read more...] about Swiss Re to exit iptiQ: strategic shift sparked by weak demand, lower tech threat
Best Practice Handling for Legacy Claims
KEY FINDINGS • 62% of carriers globally say that legacy claims challenge profitability and operational efficiency. • General liability claims managed by Gallagher Bassett saw a 34% lower duration to close in North America. • 69% of carriers in North America have increased premiums due to the impact of social inflation. Legacy claims and their impact Legacy claims … [Read more...] about Best Practice Handling for Legacy Claims
