AIRROC Update

Insurance & Reinsurance News

Transaction Notices

Global Life and Health Insurance Mergers and Acquisitions (M&A)

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Each year, Milliman studies the trends in mergers and acquisitions (M&A) of global health and life insurance companies, with a particular focus on data and deals in North America, Europe, and Asia. In 2022, life and health insurance transaction activity was down sharply. Our research points to the likely causes and projects the landscape for future life and health insurance … [Read more...] about Global Life and Health Insurance Mergers and Acquisitions (M&A)

Enstar Completes the Reinsurance of $690 Million of Continental Casualty Company’s Legacy Excess Workers’ Compensation Business

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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

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

Enstar Plan marks milestone proof of concept for US insurance business transfers

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Court approval of an insurance business transfer (IBT) between two Enstar Group Limited affiliates provides a useful proof of concept for this legacy solution in the US. IBT provides insurers with an expanding regulatory toolkit alongside sale, reinsurance, and accelerated closure. So, what new doors does the first application of the Oklahoma IBT statute open and what does it … [Read more...] about Enstar Plan marks milestone proof of concept for US insurance business transfers

A New Legacy Has Been Established in the U.S. Legacy Liability Market

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It’s in the books! Oklahoma has now made good on its promise to become the leading domicile for a new U.S.-based insurance restructuring mechanism—the Insurance Business Transfer (IBT). In late November 2019, the Oklahoma Insurance Department approved the IBT application (or IBT Plan) of Providence Washington Insurance Company (part of Enstar Group) to transfer policies to … [Read more...] about A New Legacy Has Been Established in the U.S. Legacy Liability Market

OK Court Gives Enstar’s IBT The OK

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On October 15, 2020, the Oklahoma County District Court for the State of Oklahoma, issued its ‎Judgement and Order of Approval and Implementation of the Insurance Business Transfer Plan (“IBT ‎Plan”) (“Order”) filed by Providence Washington Insurance Company (“PWIC”), applicant and the ‎transferring insurer and Yosemite Insurance Company, the assuming insurer (“Yosemite”). This … [Read more...] about OK Court Gives Enstar’s IBT The OK

Oklahoma Completes First Insurance Business Transfer in the United States

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OKLAHOMA CITY – Today, Oklahoma Insurance Commissioner Glen Mulready announced that the District Court of Oklahoma County approved Providence Washington Insurance Company (PWIC) to complete its Insurance Business Transfer (IBT) Plan. With this approval by the Court, the Plan will transfer substantially all the insurance and reinsurance business underwritten by PWIC to Yosemite … [Read more...] about Oklahoma Completes First Insurance Business Transfer in the United States

Monument Re Completes Acquisition of Cattolica Life DAC

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Monument Re announced today that it has completed the acquisition of Cattolica Life DAC from Catholic              Assicurazioni following receipt of regulatory approval from the Central Bank of Ireland and no-objection                      from the Bermuda Monetary Authority. https://www.monumentregroup.com/monument-re-completes-acquisition-of-cattolica-life-dac/# … [Read more...] about Monument Re Completes Acquisition of Cattolica Life DAC

Randall & Quilter’s Vermont subsidiary acquires NationsBuilders Insurance Company

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Randall & Quilter Investment Holdings Ltd. announces that its wholly owned Vermont subsidiary ICDC, Ltd. has entered into a stock purchase agreement to acquire NationsBuilders Insurance Company, a Washington D.C. domiciled captive from NationsBuilders Insurance Services. The transaction is subject to customary closing conditions and regulatory approval in Washington D.C. … [Read more...] about Randall & Quilter’s Vermont subsidiary acquires NationsBuilders Insurance Company

Skuld Announces Sale of its Lloyd’s Syndicate 1897 to Riverstone

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Skuld, a leading marine insurance provider, today announces that it has reached an agreement with The RiverStone Group for the sale of its Lloyd’s Syndicate 1897, which was placed into run-off in July 2019. The transaction is subject to regulatory approval.  https://www.trg.com/news/skuld-agrees-sale-of-lloyds-syndicate-1897-to-riverstone/ … [Read more...] about Skuld Announces Sale of its Lloyd’s Syndicate 1897 to Riverstone

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

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

Proposed Transfer from Aioi Nissay Dowa Insurance Company, Ltd. to RiverStone Insurance (UK) Limited

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Please see the link below to view notice of a proposed insurance business transfer involving Aioi Nissay Dowa Insurance Company, Ltd. (“ADI”) (as regards certain reinsurance contracts which are administered in the UK by or on behalf of ADI, acting through its UK branch) and RiverStone Insurance (UK) Limited. Please click the link for further information on the … [Read more...] about Proposed Transfer from Aioi Nissay Dowa Insurance Company, Ltd. to RiverStone Insurance (UK) Limited

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