-
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.
-
Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
-
A survey from PwC described the sector as “stable”, “evolving” and “dynamic”.
-
Peter Vogt will act as a strategic advisor at Axis until the end of 2026.
-
It is targeting low-risk specialty lines where it has a competitive edge.
-
The carrier also benefitted from favourable reserve development in property and A&H.
-
Q2 saw a steady stream of activity in legacy, but volumes dipped slightly from Q1.
-
The legacy player is working to secure its first deal, and could look to expand to US E&S.
-
Arturo Pelaez will continue in his managing director role at Brookfield Asset Management.
-
The take-private deal was announced in July 2024.
-
The exec said the feds have been given data to potentially pursue criminal charges.
-
Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.
-
Argo shelved the sale of its Bermudian insurance business in mid-2024.
-
The reduction was due to impacts from investments and less favourable PYD.
-
Axis is retroceding $2.3bn of reinsurance segment reserves to Enstar.
-
The Kelso and Arch-backed run-off player has retained Evercore to advise.
-
The legacy carrier reported an operating loss of $45.3mn for the year.
-
The business will still look at large non-life deals in particular in-the-money ADCs.
-
Dickerson has spent over three years at the reinsurance broker.
-
The second half of the year was significantly more active for the legacy market.
-
The restructuring arrangement is designed to protect creditors.
-
Syndicate 609 will cede net loss reserves of approximately $196mn.
-
The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.
-
The three lines add up to 80% of the deal.
-
The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.
-
The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.
-
James River also amended the convertible preferred equity held by Gallatin Point and closed its strategic review.
-
The UK and Ireland have also seen “increased activity”, with four deals announced.
-
Nicola Gaisford joined RiverStone from R&Q last year.
-
RiverStone is assuming $1.2bn of a $1.6bn legacy deal.
-
Sources said the E&S insurer is seeking to draw a line and trade forward as an independent business.
-
Future deal flow in the US could come from more adequately reserved liability lines.
-
The take-private is expected to close by mid-2025.
-
Civil case, nuclear verdict and claims count data show worrying trends.
-
The deal covered US and European P&C liabilities for Accelerant's 2020-2021 underwriting years.
-
The legacy firm said the deal would strengthen its Bermuda operations.
-
The ratings agency said Sixth Street provides flexibility through long-dated capital.
-
The deal values the business just under its closing price on Friday, at 0.97x book value.
-
The Longtail Re deal buys the specialty insurer time to secure its future, or an exit for shareholders.
-
-
Acquirers are increasingly discerning around deals, according to a report.
-
State National is providing $160mn of adverse development reinsurance coverage.
-
Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.
-
The liquidation will let the company sell its Accredited arm to Onex via an alternative transfer structure.
-
The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.
-
Of that total, $312.5mn was allocated to resolve the PFAS claims.
-
The vehicle will give the legacy carrier a US platform.
-
Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.
-
The agreement from Fleming to honour original terms still leaves it open to long-term damage.
-
Increasingly, deals are being brought to market but not transacted on.
-
The market is shifting towards capital relief, with fewer, larger deals.
-
The company reiterated its commitment to consummating the Accredited sale.
-
Its PE owners have been exploring strategic options since May last year.
-
Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
-
The transaction would have been one of the largest the market has seen for years.
-
The executive joined the legacy carrier as CIO in 2020.
-
As part of the transaction, Carrick will assume the company’s staff and operations.
-
Just over half of votes cast were in favour of the $465mn sale to Onex.
-
The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
