Reinsurance
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As part of the recent LPT deal, the Cinven-backed legacy firm also acquired the team from SiriusPoint’s run-off division as part of its push into the US.
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Kevin O’Donnell also said 1.5pt rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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Inside P&C’s news team runs you through the key developments from the last week.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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The legacy acquirer announced last week the purchase of a Texas entity to use as its US-based carrier for legacy deals.
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The transaction marks the legacy carrier’s first acquisition in Continental Europe.
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Legacy acquirer Darag has entered into a Stock Purchase Agreement and received the relevant regulatory approval for the purchase of a Texas-based insurer in run-off.
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The insurer said its plan was to fully transition the book to the fund.
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Brid Reynolds will be responsible for the oversight and development of risk functions globally.
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The deal brings an end to Prudential’s participation in non-core legacy property and casual business.
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