201 lloyds exterior

Lloyd’s legacy deals sealed by Enstar and R&Q

2018-02-19T08:34:00+00:00

Randall and Quilter (R&Q) has completed a £30mn deal to take on the old Sportscover legacy book, now owned by Hamilton’s Lloyd’s platform in what is the second agreement of its type to be announced in less than a week.

Pat Ryan

RSG takes on Lodestar Marine from Tawa Group

2018-02-14T09:39:00+00:00

Ryan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.

Hamilton Bermuda

AIG forms massive $40bn Bermudian legacy vehicle

2018-02-09T08:38:00+00:00

US insurance giant AIG has announced the creation of an enormous Bermuda-based legacy platform.

New Zealand, Auckland

CBL shares now halted amid Gibraltar ‘dommages ouvrage’ concerns

2018-02-08T10:39:00+00:00

New Zealand-listed carrier CBL has had its shares suspended by the country’s stock exchange days after it announced a NZ$100mn reserve strengthening to deal with deteriorations in controversial Gibraltar-written French construction business.

Auckland, New Zealand

AM Best downgrades CBL to B++ following Gibraltar under-reserving

2018-02-07T11:12:00+00:00

The New Zealand (re)insurer CBL Corp has seen AM Best downgrade its financial strength rating below the watershed A- rating following revelations earlier this week that it was significantly under-reserved for a controversial class of French construction business written out of Gibraltar.

Hamilton, Bermuda

Enstar takes control of KaylaRe in stake swap

2018-02-05T14:49:00+00:00

Enstar has swapped a portion of its own equity to take control of total return reinsurer KaylaRe.

Auckland New Zealand

NZ insurer CBL adds $100mn to reserves as Gibraltar run-off impact spreads

2018-02-05T13:13:00+00:00

Credit and financial risk carrier CBL Corporation is set to report a post-tax loss of between NZ$75mn and NZ$85mn ($55mn and $62mn) for 2017 after it said today (5 February) it would book a NZ$100mn reserve strengthening hit from a controversial class of French construction business written out of Gibraltar.

Ken Randall

R&Q Malta receives AM Best A- rating

2018-02-05T13:10:00+00:00

The slimmed-down and refocused legacy and programme management firm R&Q received a major boost late last week with confirmation that AM Best had awarded an A- (excellent) financial strength rating to its main European platform, R&Q Malta.

Dominic Silvester

Enstar snags $1.1bn Novae legacy book

2018-01-29T15:46:00+00:00

Enstar has won a bidding war to take on Novae’s £840mnn ($1.1bn) legacy book, the company announced today (29 January).

Kevin O'Donnell

RenaissanceRe takes minority stake in Catalina

2018-01-19T10:33:00+00:00

Bermudian reinsurer RenaissanceRe has signed a definitive agreement to acquire a minority stake in Catalina.

Asia

Global run-off market valued at $730bn: PwC

2018-01-17T15:52:00+00:00

The size of the global run-off market has hit $730bn with North America responsible for almost half of that total, a new survey has revealed.

Tom Booth

R&Q's CEO-elect departs in major restructure

2018-01-08T13:45:00+00:00

Tom Booth, the CEO-elect of the London-listed insurance group R&Q, has resigned as a director with immediate effect and will be leaving the organisation to “pursue alternative opportunities”, the firm announced this morning (8 January).