Legacy
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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. -
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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He has held a seat on the company’s board since 2017.
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The deal with CNA subsidiary Continental Casualty reinsures excess workers’ compensation business relating to 2007 and prior-year business.
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The reinsurance pact with Enstar’s Cavello Bay has an aggregate limit of $1bn.
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The landmark transaction with Sentry requires court clearance after gaining the state insurance commissioner’s nod.
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The legacy carrier is the first to utilise a recently enacted framework in Oklahoma.
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The legacy bidder prevails over Enstar, Premia and start-up Marco.
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Sources said the liabilities relate to business written by unit Mid-Continent Casualty Company.
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Reserves in scope have not been finalised, but sources estimated the figure to be in the low hundreds of millions of dollars.
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The deal sets an exit plan for Stone Point from the Bermuda group’s North Bay entity if that business isn’t reorganised by year-end.
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Everest explored massive legacy deal as part of casualty remediation
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