legacy acquisition News

RiverStone Int’l Signs Reinsurance-to-Close Deal With Asta for 2022 Year of Account

RiverStone International, the legacy acquisition company, announced it has signed a reinsurance-to-close contract with Asta Managing Agency, under which the 2022 underwriting year of account of Hampden Risk Partners (HRP) Syndicate 2689 will close into Riverstone International Syndicate 3500. The …

Legacy Specialist Enstar Agrees $196M Loss Portfolio Transfer With Atrium Syndicate

Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, announced its Lloyd’s syndicate has agreed a ground-up loss portfolio transfer (LPT) with Atrium Syndicate 609, managed by Atrium Underwriters Ltd. The transaction involves Syndicate 609’s discontinued portfolios, comprising marine treaty reinsurance, …

DARAG Acquires Run-Off Portfolio From wefox Insurance AG

DARAG, a leading legacy acquirer with a focus on the European and UK market, and wefox Insurance AG, the Liechtenstein-domiciled insurance carrier of wefox Group, announced the transfer of a run-off portfolio including motor damage and third-party liability, private liability …

DARAG Completes Sale of North American and Bermuda Businesses to RiverStone

DARAG Group, the Malta-based legacy acquirer that focuses on the European market, announced it has completed the sale of its North American and Bermuda business entities to the RiverStone Group, a subsidiary of Fairfax Financial Holdings Ltd. Financial details of …

Lloyd’s Focuses on Delegated Authority Arrangements as Looming Market Risk

While the Lloyd’s market reported its best first-half profit in 17 years, it isn’t resting on its laurels. It is carefully monitoring areas where potential vulnerabilities have been identified. During a recent market briefing, Rachel Turk, Lloyd’s chief underwriting officer, …

Legacy Acquirer DARAG to Sell North America, Bermuda Units to Fairfax’s RiverStone

DARAG Group, the Malta-based legacy acquisition company, announced it has agreed to sell its North American and Bermuda business entities to the RiverStone Group, a subsidiary of Fairfax Financial Holdings Ltd. The sale, which is subject to regulatory approvals, is …

Update: Legacy Acquisition Specialist Enstar to Be Acquired by Sixth Street for $5.1B

Investment firm Sixth Street will acquire Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, for $5.1 billion, according to Enstar in an announcement. Liberty Strategic Capital (a private equity company led by former Treasury Secretary Steven Mnuchin), J.C. Flowers and …

Onex Partners Completes Acquisition of R&Q’s Program Manager, Accredited

Accredited, the property/casualty program manager and subsidiary of R&Q Insurance Holdings Ltd., announced the completion of its acquisition by Onex Partners, the Toronto-based private equity company. The sale of the unit comes on the heels of R&Q’s decision on June …

R&Q Files for Liquidation in Bermuda, Agrees to Sell Legacy Unit Inceptum

R&Q Insurance Holdings Ltd. confirmed it filed on June 21 an application with the Bermuda Supreme Court to appoint provisional liquidators to oversee the liquidation and ultimately the winding up of the company. R&Q anticipated this process will result in …

R&Q to File for Liquidation in Bermuda, but Sale of Accredited Will Proceed

R&Q Insurance Holdings Ltd. announced it will file for a provisional liquidation in Bermuda – after it had it had exhausted strategic alternatives for a financial rescue. At the same time, R&Q said the proposed sale of 100% of its …