Legacy
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Accredited and R&Q Legacy will now operate under two separate holding companies within the group. -
The carrier had estimated a write-off in the range of $25mn-$35mn.
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The legacy carrier’s wholly owned subsidiary will reinsure 80% of RACQ’s motor vehicle compulsory third-party insurance liabilities of accident years 2021 and prior.
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Gallagher Re is looking to increase its presence in the North American large-account space, where it is underweight compared with rivals.
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The loss portfolio transfer deal was completed in March of this year, covering £200mn of UK motor insurance claims.
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The deal includes a diversified book of international and NA financial lines, European and NA reinsurance portfolios, and several US discontinued programs.
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The company believes the program management and legacy businesses would work better as standalone operations.
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The appointment comes as the legacy and investment banking divisions join under common management.
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Last week, SiriusPoint and Compre signed an LPT deal covering $1.3bn of reserves.
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In tandem, the company elevated David Ni as chief strategy officer, Paul Brockman as chief operating officer and Matthew Kirk as chief financial officer.
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Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
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