Legacy

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.

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.

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.

Gallagher Re is looking to increase its presence in the North American large-account space, where it is underweight compared with rivals.

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.