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The long-term legacy life portfolio manager will use the capital for new run-off acquisitions.
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The legacy insurer is mulling a Bermuda vehicle to help it access North American deals. -
The legacy carrier still sees opportunities for large deals through such arrangements.
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A sidecar arrangement would allow the company to finance larger acquisitions, it said
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After a consultation with shareholders, the board has decided to pursue “an orderly run-off”.
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Together with Hillhouse, the two insurers will launch a new legacy insurer, Enhanzed Re, with $470mn.
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Darren Bailey has been hired by the legacy insurer in a business development role for the firm’s M&A team.
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AIG has sold a 19.9 percent stake in its new legacy vehicle DSA Re to private equity house Carlyle Group as part of a larger effort to build the vehicle into a standalone legacy acquirer.
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Renaissance Re has made a minority investment in run-off specialist Catalina, it confirmed in a press release yesterday.
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Legacy manager Armour has confirmed that an investor group led by Aquiline Capital Partners has raised $500mn to finance a takeover of the firm, following earlier reports of the deal.
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Run-off specialist Armour has been bought by private equity house Aquiline, sister publication The Insurance Insider has reported
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The legacy reinsurance market is catching the attention of ILS funds seeking additional yield and diversification, as business opportunities from insurers looking to offload older portfolios increase due to the tighter capital restrictions imposed by Solvency II
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