Run-off Acquisition News

Legacy Specialist Carrick Specialty Holdings Buys UK-Based Community Re

Carrick Specialty Holdings LLC, a New York City-based international non-life legacy business that provides reinsurance and run-off management solutions, announced its UK-based subsidiary, Carrick UK Holdings Co. Ltd., has acquired London-based reinsurer Community Reinsurance Corp. Ltd. from Hampden PLC. Terms …

American Financial Group Agrees to Sell Run-Off Lloyd’s Insurer Neon to RiverStone

American Financial Group Inc. announced 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 Ltd. Upon closing of the sale, …

Insurance Run-Off Specialist Marco Capital Acquires British Reserve from Allianz

Newly-launched insurance run-off specialist Marco Capital Holdings said it has agreed to purchase British Reserve Insurance Co. Ltd., a UK non-life insurance company, from Allianz. The transaction, Marco’s first, is subject to regulatory approval. Marco said the transaction provides the …

Legacy Specialist DARAG Buys Luxembourg Auto and Travel Insurer, Arisa Assurances

DARAG Group Ltd., the Malta-based legacy acquirer, announced the acquisition of Arisa Assurances SA, an automobile and travel insurance company based in Luxembourg. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs-und Rückversicherungs-AG, and is subject …

Skuld to Sell Lloyd’s Syndicate 1897 to Legacy Specialist RiverStone

Skuld, the marine insurance provider, announced it has reached an agreement with legacy specialist The RiverStone Group for the sale of its Lloyd’s Syndicate 1897, which was placed into run-off in July 2019. Financial details of the transaction, which is …

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 …

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 — …

Canada Pension Fund OMERS to Buy Stake in Fairfax Run-off Unit, RiverStone UK

Fairfax Financial Holdings Ltd. and OMERS, the pension plan for Ontario’s municipal employees, announced they have entered into an agreement where OMERS will acquire a 40% interest in Fairfax’s UK run-off group, RiverStone UK. The transaction gives RiverStone UK the …

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 …

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 …