AIRROC Update

Insurance & Reinsurance News

Transaction Notices

Acquisition of Vibe Lloyd’s interest

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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

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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

MetLife to Sell Auto & Home Business to Zurich Insurance Group Subsidiary Farmers Group, Inc. for $3.94 Billion

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NEW YORK, December 11, 2020 MetLife, Inc. (NYSE: MET) today announced that it has signed a definitive agreement to sell Metropolitan Property and Casualty Insurance Company and certain wholly owned subsidiaries to Farmers Group, Inc. (FGI), a subsidiary of Zurich Insurance Group, for $3.94 billion in cash, subject to the terms therein. FGI has informed MetLife that it will … [Read more...] about MetLife to Sell Auto & Home Business to Zurich Insurance Group Subsidiary Farmers Group, Inc. for $3.94 Billion

Notice of Direct Scheme Meeting and Notice of General Scheme Meeting of Stronghold Insurance Company Limited (In Administration)

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NOTICE OF THE DIRECT SCHEME MEETING IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES INSOLVENCY AND COMPANIES LIST (ChD) CR-2020-004278 STRONGHOLD INSURANCE COMPANY LIMITED (IN ADMINISTRATION) AND IN THE MATTER OF THE COMPANIES ACT 2006 NOTICE IS HEREBY GIVEN that, by an order dated 16 December 2020 made in the High Court of Justice, … [Read more...] about Notice of Direct Scheme Meeting and Notice of General Scheme Meeting of Stronghold Insurance Company Limited (In Administration)

Argo Group Announces Agreement to Sell Ariel Re to Pelican Ventures and J.C. Flowers

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Hamilton, Bermuda – Nov. 2, 2020 – Argo Group International Holdings, Ltd. (NYSE: ARGO), an underwriter of specialty insurance and reinsurance products, today announced an agreement to sell its reinsurance business, Ariel Re, to Pelican Ventures and J.C. Flowers & Co., both private equity investors with significant insurance expertise. Closing of the transaction is subject … [Read more...] about Argo Group Announces Agreement to Sell Ariel Re to Pelican Ventures and J.C. Flowers

Arch Capital Group Ltd. and Watford Holdings Ltd. Enter into Revised Merger Agreement 

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PEMBROKE, Bermuda--(BUSINESS WIRE)-- Arch Capital Group Ltd. (NASDAQ: ACGL) (“Arch” or “the Company”) and Watford Holdings Ltd. (NASDAQ: WTRE) (“Watford”) today announced a revised definitive agreement under which Arch will acquire all of the common shares of Watford for an increased price of $35.00 per share. This revised all-cash consideration is valued at approximately $700 … [Read more...] about Arch Capital Group Ltd. and Watford Holdings Ltd. Enter into Revised Merger Agreement 

Finality at Last. The First U.S. IBT is Complete

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By On October 15th, 2020, the Oklahoma County District Court entered a Judgment and Order approving the first ever Insurance Business Transfer (“IBT”) in the United States.1 Much has been written and debated about the fledgling IBT process in the U.S.; concerns have been raised; perceived risks have been articulated, but now that a transaction has actually been completed, it is … [Read more...] about Finality at Last. The First U.S. IBT is Complete

Fleming Re Acquisition of Sinclair Insurance Company

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Fleming Re Holdings LLC (“Fleming Re”) signed an agreement to acquire, subject to regulatory approval, Sinclair Insurance Company (“Sinclair”). Sinclair was utilized to provide reinsurance to the primary insurers of certain casualty risks of affiliated companies. The acquisition provides the Shareholders of Sinclair with an exit solution allowing full legal finality, … [Read more...] about Fleming Re Acquisition of Sinclair Insurance Company

Arch Capital Group Ltd. to Acquire Watford Holdings Ltd. for $31.10 per Common Share in All-Cash Transaction

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PEMBROKE, Bermuda--(BUSINESS WIRE)--Arch Capital Group Ltd. (NASDAQ: ACGL) (“Arch” or “the Company”) and Watford Holdings Ltd. (NASDAQ: WTRE) (“Watford”) today announced they have entered into a definitive agreement under which Arch will acquire all the common shares of Watford in an all-cash transaction valued at approximately $622 million. Following closing, which is expected … [Read more...] about Arch Capital Group Ltd. to Acquire Watford Holdings Ltd. for $31.10 per Common Share in All-Cash Transaction

American Financial Group, Inc. Announces Agreement to Sell Run-off Lloyd’s-based Insurer, Neon

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CINCINNATI--(BUSINESS WIRE)--Sep. 28, 2020-- American Financial Group, Inc. (NYSE: AFG) today announced that it has reached a definitive agreement to sell GAI Holding Bermuda and its subsidiaries, comprising the legal entities that own its Lloyd’s of London insurer, Neon, to RiverStone Holdings Limited (“RiverStone”). Upon closing of the sale, AFG expects release of all of its … [Read more...] about American Financial Group, Inc. Announces Agreement to Sell Run-off Lloyd’s-based Insurer, Neon

White Mountains Significantly Expand Capitalization of Ark Insurance Holdings; Will Acquire Majority Interest

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HAMILTON, Bermuda, Oct. 1, 2020 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that it has entered into a definitive agreement to invest fresh capital in and to acquire a majority interest in Ark Insurance Holdings Ltd, the ultimate parent company of Ark Syndicate Management Limited. Ark is a leading Lloyd's platform well positioned to take … [Read more...] about White Mountains Significantly Expand Capitalization of Ark Insurance Holdings; Will Acquire Majority Interest

Aon and Willis Towers Watson Announce Shareholder Approval of Proposed Combination

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DUBLIN, Aug. 26, 2020 -- Aon plc (“Aon”) (NYSE: AON) and Willis Towers Watson Public Limited Company (“Willis Towers Watson”) (NASDAQ: WLTW) today announced that their respective shareholders voted FOR all proposals at their respective extraordinary general meetings and at the special meeting of Willis Towers Watson shareholders ordered by the High Court of Ireland. Aon and … [Read more...] about Aon and Willis Towers Watson Announce Shareholder Approval of Proposed Combination

DARAG Completes Loss Portfolio Transfer Transaction with Hallmark Financial Services

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DARAG has completed the Hallmark Financial Services transaction and the acquisition of a Bermuda class 3A reinsurance company. 13 August 2020 – DARAG, a leading legacy acquirer, today announced its North American division, DARAG North America, has closed the loss portfolio transfer transaction with Hallmark Financial Services within its newly established cornerstone North … [Read more...] about DARAG Completes Loss Portfolio Transfer Transaction with Hallmark Financial Services

Randall & Quilter Announces Completion of Anglo French Ltd. Transfer

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Randall & Quilter subsidiary R&Q Gamma has completed the transfer of the U.S. liability insurance book underwritten by Anglo French Ltd. from SCOR UK Company Limited.  The transaction took place by means of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000. The Part VII was sanctioned at a hearing on 3 March 2020 and … [Read more...] about Randall & Quilter Announces Completion of Anglo French Ltd. Transfer

DARAG Announces Completion of Dual Acquisitions in UK Expansion

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DARAG Transaction Group Limited, a leading legacy acquirer, has announced the completion of the acquisitions of both The  Underwriter Insurance Company  Limited, a UK-based insurer in run-off, and of the previously announced Sale and Purchase Agreement with One Re Ltd, a London-based non-life reinsurance company. Read the full article here - … [Read more...] about DARAG Announces Completion of Dual Acquisitions in UK Expansion

Run-off Specialist Fleming Re Acquires AggCap II

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Fleming Re Holdings LLC (“Fleming Re”) recently completed the acquisition of AggCap Insurance, Ltd – AggCap II (“AggCap II”), a group captive in run-off providing workers compensation insurance for a large membership of California-based agribusinesses.  The acquisition provides members of AggCap II with full legal finality, elimination of operating expenses, and a release of … [Read more...] about Run-off Specialist Fleming Re Acquires AggCap II

Darag Announces Reinsurance Agreement with Lloyds Syndicate

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15 January 2020 – DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announces the conclusion of a transaction with a leading Lloyd’s syndicate to provide reinsurance for a US liability book. The reinsurance will be provided via DARAG’s Maltese risk carrier, DARAG Malta Insurance and Reinsurance PCC Ltd. Read the full article here - … [Read more...] about Darag Announces Reinsurance Agreement with Lloyds Syndicate

Proposed Transfer from Ageas Insurance Limited to RiverStone Insurance (UK) Limited

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Please see the link below to view notice of a proposed insurance business transfer from Ageas Insurance Limited (“Ageas”) to RiverStone Insurance (UK) Limited. The business to be transferred comprises certain insurance and reinsurance business written or assumed by Ageas or its predecessors, including business written by or on behalf of Bishopsgate Insurance Limited and … [Read more...] about Proposed Transfer from Ageas Insurance Limited to RiverStone Insurance (UK) Limited

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