Legacy
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
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The legacy acquirer announced last week the purchase of a Texas entity to use as its US-based carrier for legacy deals. -
The transaction marks the legacy carrier’s first acquisition in Continental Europe.
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Legacy acquirer Darag has entered into a Stock Purchase Agreement and received the relevant regulatory approval for the purchase of a Texas-based insurer in run-off.
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Brid Reynolds will be responsible for the oversight and development of risk functions globally.
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The deal brings an end to Prudential’s participation in non-core legacy property and casual business.
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James River ceded approximately $345mn of commercial auto liabilities relating to business written for Uber’s ridesharing business.
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The newcomers are finding it more difficult to disrupt the sector than they had expected.
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Wolf will remain with the company to assist Gregory during a transition period lasting until September 30.
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The deal follows a $37mn reserve charge taken by Third Point Re just ahead of the closing of its merger with Sirius International in February.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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