Legacy
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2022 represented a period of bumper legacy deal-making for the legacy carrier. -
After taking a $90mn capital charge relating to the former Ace run-off asbestos book in 2021, the group is looking to liquidate the entity.
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RACQ will cede net reserves of approximately A$360mn (~$247mn), and Enstar will provide around A$200mn (~$130mn) of cover in excess of the ceded reserves.
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The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
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The number of global, non-life run-off deals dropped to 48 over 2022, compared with 54 in 2021, according to a report from PwC.
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Dean Dwonczyk established Catalina in 2005 with former UK CEO Chris Fagan, who exited the business in February 2021.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Andrew Lewis has outlined growth plans for Xitus, a niche global legacy firm he has co-founded that will focus on non-life and reinsurance deals of $5mn-$50mn.
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Legacy firm Darag has completed a reinsurance agreement with an undisclosed US carrier that carries a transaction value of around $15mn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The transaction covers net reserves for losses and loss expenses of approximately $400mn and provides ground-up cover to a policy limit of $605mn.
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The CEO addressed the progress of the strategic process in his first interview since taking the role.
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