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The protection covers the US insurance book for the 2024 and prior accident years. -
Bill Bouvier has spent more than three years at the legacy firm in this role.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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A survey from PwC described the sector as “stable”, “evolving” and “dynamic”.
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Peter Vogt will act as a strategic advisor at Axis until the end of 2026.
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It is targeting low-risk specialty lines where it has a competitive edge.
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The carrier also benefitted from favourable reserve development in property and A&H.
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Q2 saw a steady stream of activity in legacy, but volumes dipped slightly from Q1.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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Arturo Pelaez will continue in his managing director role at Brookfield Asset Management.
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The take-private deal was announced in July 2024.
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The exec said the feds have been given data to potentially pursue criminal charges.
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Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.
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Argo shelved the sale of its Bermudian insurance business in mid-2024.
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The reduction was due to impacts from investments and less favourable PYD.
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Axis is retroceding $2.3bn of reinsurance segment reserves to Enstar.
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The Kelso and Arch-backed run-off player has retained Evercore to advise.
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The legacy carrier reported an operating loss of $45.3mn for the year.
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The business will still look at large non-life deals in particular in-the-money ADCs.
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Dickerson has spent over three years at the reinsurance broker.
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The second half of the year was significantly more active for the legacy market.
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The restructuring arrangement is designed to protect creditors.
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Syndicate 609 will cede net loss reserves of approximately $196mn.
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The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.
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The three lines add up to 80% of the deal.
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The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.
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The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.
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James River also amended the convertible preferred equity held by Gallatin Point and closed its strategic review.
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The UK and Ireland have also seen “increased activity”, with four deals announced.
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Nicola Gaisford joined RiverStone from R&Q last year.
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RiverStone is assuming $1.2bn of a $1.6bn legacy deal.
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Sources said the E&S insurer is seeking to draw a line and trade forward as an independent business.
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Future deal flow in the US could come from more adequately reserved liability lines.
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The take-private is expected to close by mid-2025.
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Civil case, nuclear verdict and claims count data show worrying trends.
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The deal covered US and European P&C liabilities for Accelerant's 2020-2021 underwriting years.
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