legacy acquisition News

R&Q Warns Its Financial Stresses Could Hit Business Stability and Lead to Liquidation

R&Q Insurance Holdings Ltd. warns it is facing growing financial difficulties, which could affect the “company’s stability as a business” and ultimately lead to liquidation. In a June 13 statement, R&Q acknowledges it has been struggling under the weight of …

R&Q to Sell Stake in Obra Joint Venture for $30M, Expects “Significant Pre-Tax Loss”

R&Q Insurance Holdings, (R&Q) the Bermuda-based non-life speciality insurer that focuses on program management and legacy insurance business, announced it has agreed to sell its stake in a joint venture with Obra Capital for $30 million. At the same time, …

PE Firm Cinven Eyes Sale of German Life Insurer Viridium: Sources

Cinven is considering a sale of German life insurer Viridium after another of its insurance investments in Europe, Eurovita, was hit by heavy customer outflows earlier in the year, three people familiar with the matter told Reuters. The private equity …

Legacy Acquisition Specialist RiverStone Int’l Acquires Catalina Insurance Ireland

RiverStone International, the London-based provider of legacy solutions in the Lloyd’s market, has signed an agreement with members of the Catalina Group to acquire Catalina Insurance Ireland, an Irish insurance company regulated by the Central Bank of Ireland. Financial details …

Prudential, Warburg Pincus Team Up to Back New Reinsurer

Prudential Financial Inc. and Warburg Pincus are among investors that contributed a combined $1 billion of equity to create a Bermuda-based reinsurer, Prismic Life Reinsurance Ltd. In its first deal, Prismic is taking on $10 billion of structured settlement annuity …

Legacy Acquistion Specialist Monument Re Explores Strategic Options: Sources

Monument Re, a buyer of European life insurance portfolios, is exploring strategic options after reporting a drop in its capital ratios last year, people familiar with the matter told Reuters. Citigroup and Fenchurch Advisory are working with the company and …

SiriusPoint Completes $1.3B Reinsurance Loss Portfolio Transfer With Compre

SiriusPoint Ltd., the Bermuda-based re/insurer, announced it has completed a ground-up loss portfolio transfer (LPT) of a portfolio of primarily reinsurance business with the legacy acquisition specialist Compre. This is the second LPT the companies have partnered on. Compre assumed …

Generali’s Plan to Shed $22B of Insurance Liabilities Complicated by Interest-Rate Surge

Assicurazioni Generali’s plans to shed up to 20 billion euros ($21.87 billion) of insurance liabilities are being hampered as a surge in interest rates has complicated talks with buyers, three people familiar with the matter said. The Italian insurer embarked …

R&Q Announces Capital Raise of $50M-$60M, Completes Reorganization

R&Q Insurance Holdings, (R&Q) the non-life speciality insurer that focuses on program management and legacy insurance business, announced a capital raise of $50 million to $60 million. In addition, it has completed a planned reorganization to separate Accredited (its program …

AM Best Places Ratings of R&Q and Subsidiaries Under Review with Neg. Implications

AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of R&Q Insurance Holdings’ three wholly owned program management subsidiaries: Accredited Surety and Casualty Co. …