Legacy

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.

A quick roundup of today’s need-to-know news.

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.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

Need to Know

The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.

The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.

R&Q said it expects ongoing operating losses after the sale as it works on transitioning its legacy business to a fee-based model, with plans to explore further transactions to de-risk and reduce volatility.

R&Q CEO William Spiegel will transfer to the Accredited program management business.

Although the total deal values for 2022 and 2023 were almost identical, PwC noted that one-third fewer deals were announced in the more recent half-year period.

Catalina put its Irish subsidiary up for sale in May as it looks to streamline operations.

Need to Know

The insurer has been working to build a reputation for favorable reserve development after past sins.

The transactions were written into Darag Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ comp and automotive liability books of the former.

The legacy carrier reported significant unrealised investment losses.