legacy acquisition News

Allianz and Generali Plan to Sell Life Insurance Assets: Sources

Two of Europe’s largest insurers are gearing up to sell billions of euros in life assets — a niche corner of dealmaking keeping bankers busy amid the coronavirus pandemic. Allianz SE is planning to divest as much as 9 billion …

DARAG Completes 2 Legacy Acquisitions in UK

DARAG Group Ltd., the Malta-based legacy acquirer, announced the completion of the acquisitions of both The Underwriter Insurance Co. Ltd., a UK-based insurer in run-off, and of the previously announced sale and purchase agreement with One Re Ltd., a London-based …

AXA Liabilities Managers to Acquire RenaissanceRe (UK) Limited in Runoff

AXA Liabilities Managers has agreed to acquire RenaissanceRe (UK) Limited, a company currently in runoff, from RenaissanceRe Holdings Ltd. Formerly known as Tokio Millennium Re (UK) Limited, the UK run-off business was acquired by RenaissanceRe as part of its purchase …

R&Q’s Accredited Completes Portfolio Transfer from Lansen Försäkringsaktiebolag

Randall & Quilter Investment Holdings Ltd. (R&Q) announced that its wholly owned subsidiary Accredited Insurance (Europe) Ltd. has completed the transfer of business from Sweden’s Lansen Försäkringsaktiebolag, a wholly owned subsidiary of SAAB Aktiebolag. The transfer will help to enable …

U.K. P&C Insurers Face Strong Competition, Claims Inflation: AM Best Report

Market conditions for U.K. non-life insurers were difficult in 2019 as they continued to face strong competition and claims inflation, according to a report published by AM Best. Companies have had to contend with changes in the discount rate — …

Legacy Acquirer DARAG Completes Portfolio Transfer with Germany’s SOVAG

DARAG Group Ltd., the Malta-based legacy acquirer, announced it has closed the portfolio transfer with German re/insurer SCHWARZMEER UND OSTSEE Versicherungsaktiengesellschaft (SOVAG), following the receipt of all regulatory approvals. The direct insurance and inwards reinsurance business within the legacy portfolio …

U.K. Investment Firm Centricus Forms Insurance Venture with Ex-Goldman Partner

Centricus, the U.K. investment firm that helped SoftBank Group Corp. raise its $100 billion Vision Fund, is entering the insurance industry by forming a joint venture with former Goldman Sachs Group Inc. partner Chris Milner. The new venture with Milner’s …

Swiss Re to Sell U.K. Insurer ReAssure to Phoenix Group for $4.3B in Cash, Shares

Swiss Re announced an agreement to sell its U.K. life subsidiary ReAssure Group plc to Phoenix Group Holdings plc. As part of the agreement, which values ReAssure at £3.25 billion ($4.3 billion), Swiss Re will receive a cash payment of …

Legacy Specialist Catalina Holdings to Acquire Asia Capital Reinsurance Group

Catalina Holdings (Bermuda) Ltd., the legacy re/insurance specialist, has reached an in principle agreement to acquire Asia Capital Reinsurance Group Pte. Ltd. (ACR), a Singapore-based reinsurance business. The acquisition is expected to close in the first half of 2020, subject …

Legacy Specialist Compre Buys 2nd Portfolio from Belgium’s AG Insurance

Compre, the London-based independent re/insurance legacy specialist, announced it has signed agreements to transfer an inwards reinsurance portfolio from AG Insurance SA for an undisclosed sum. The Belgian insurer’s portfolio comprises business in run-off across a range of lines and …