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R&Q CEO William Spiegel will transfer to the Accredited program management business. -
Although the total deal values for 2022 and 2023 were almost identical, PwC noted that one-third fewer deals were announced in the more recent half-year period.
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Catalina put its Irish subsidiary up for sale in May as it looks to streamline operations.
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The insurer has been working to build a reputation for favorable reserve development after past sins.
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Under an advisory agreement, Enact will provide underwriting expertise, market intelligence and portfolio analysis.
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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.
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The legacy carrier reported significant unrealised investment losses.
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Accredited and R&Q Legacy will now operate under two separate holding companies within the group.
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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.
