Legacy Archives - InsuranceAsia News https://insuranceasianews.com/industry_segments/legacy/ Fri, 28 Jun 2024 03:22:43 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 IAG secures US$2.8bn 5-year nat cat cover and US$450m long-tail reserve protection https://insuranceasianews.com/iag-secures-us2-8bn-5-year-nat-cat-cover-and-us1-6bn-long-tail-protection/ Fri, 28 Jun 2024 02:58:18 +0000 https://insuranceasianews.com/?p=156939 The Australian insurer has bought the additional reinsurance protection from Berkshire Hathaway and Canada Life Re, while the long-tail adverse development cover is provided by Enstar.

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IAG has purchased a five-year reinsurance program to mitigate natural perils volatility and secured adverse development protection for its AU$2.5 billion (US$1.66 billion) long-tail reserves, the comp...

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]]> KB Insurance completes US$100m loss portfolio transfer deal with Swiss Re https://insuranceasianews.com/kb-insurance-completes-us100m-loss-portfolio-transfer-deal-with-swiss-re/ Wed, 15 Nov 2023 03:11:42 +0000 https://insuranceasianews.com/?p=138377 With the Howden Tiger arranged deal, the Korean carrier will transfer its US commercial multiperil and workers’ compensation lines' net loss and unearned premium reserves to the reinsurer as part of the insurer's US branch wind down plan.

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Korean carrier KB Insurance has completed loss portfolio transfer US commercial multiperil and workers’ compensation lines with Swiss Re.
The general insurer will transfer US$100 million net loss rese...

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]]> Enstar Group in LPT deal with RACQ for 80% of motor liabilities up to accident year 2021 https://insuranceasianews.com/enstar-group-in-lpt-deal-with-racq-for-80-of-motor-liabilities/ Wed, 22 Feb 2023 02:08:58 +0000 https://insuranceasianews.com/?p=119002 Under the reinsurance deal RACQ will cede net reserves of approximately US$264m.

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Enstar Group, through its wholly-owned subsidiaries, has signed a loss portfolio transfer (LPT) agreement with RACQ Insurance to reinsure 80% of its motor insurance liabilities, covering accident year...

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]]> Enstar signs US$1.9bn LPT deal with QBE https://insuranceasianews.com/enstar-signs-us1-9bn-lpt-deal-with-qbe/ Fri, 17 Feb 2023 01:50:01 +0000 https://insuranceasianews.com/?p=118650 The loss portfolio transfer includes international and North America financial lines.

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Bermuda-headquartered global legacy specialist Enstar has reached an agreement for a ground-up loss portfolio transfer (LPT) with QBE involving US$1.9 billion of net loss reserves.
The deal includes i...

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]]> China Taiping UK completes transfer of EU book to Darag https://insuranceasianews.com/china-taiping-uk-completes-transfer-of-eu-book-to-darag/ Tue, 06 Dec 2022 22:35:27 +0000 https://insuranceasianews.com/?p=113626 The legacy decision was taken as a result of the UK's decision to the EU.

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German specialist legacy (re)insurer Darag Deutschland has received court approval to complete a Part VII transfer for the EU business of China Taiping Insurance (UK), a subsidiary of China Taiping In...

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]]> Tower completes legacy build-out with Kiwibank deal https://insuranceasianews.com/tower-completes-legacy-build-out-with-kiwibank-deal/ Mon, 10 Oct 2022 09:52:42 +0000 https://insuranceasianews.com/?p=109872 The New Zealand carrier will pay US$3.3m for the portfolio, which will be migrated to its flagship Direct channel.

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New Zealand insurer Tower is acquiring Kiwibank’s rights and obligations relating to a portfolio of policies underwritten by the insurer for NZ$5.9 million (US$3.3 million).
The personal lines portfol...

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]]> icare turnaround continues as legacy deal put on ‘hold’ https://insuranceasianews.com/icare-multi-billion-dollar-legacy-deal-on-hold-source/ Sun, 09 Oct 2022 23:46:24 +0000 https://insuranceasianews.com/?p=109758 The state-owned insurer, which has been under pressure to reorganise, has announced a new claims model with an expanded panel of service providers.

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InsuranceAsia News (IAN) understands from a senior market source that a potential legacy deal for a multi-billion dollar book of business from Australian state-owned fund icare has been put “on hold” ...

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]]> Japanese majors swept up in Lloyd’s legacy zeitgeist https://insuranceasianews.com/opinion-japanese-majors-swept-up-in-lloyds-legacy-zeitgeist/ Mon, 12 Sep 2022 22:05:04 +0000 https://insuranceasianews.com/?p=107791 RiverStone’s run-off acquisition of Sompo's Endurance at Lloyd’s marks the end of an era.

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Not so long ago, the arcane world of the Lloyd’s run-off business was considered an esoteric corner of the legacy market, and best left to the few specialists who really knew what they were doing and ...

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]]> Catalina’s Asia Capital Re gets new Asia CEO https://insuranceasianews.com/catalinas-asia-capital-re-gets-new-asia-ceo/ Mon, 13 Jun 2022 22:05:01 +0000 https://insuranceasianews.com/?p=102044 Wei-Lyn Loh has been with the reinsurer for seven years.

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Wei-Lyn Loh is to become the new chief executive officer of  Asia Capital Re, according to a recent post that she made on LinkedIn.
According to her LinkedIn profile, Loh has been with Asia Capital Re...

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]]> Carlyle, T&D complete US$1.8bn Fortitude acquisition from AIG https://insuranceasianews.com/carlyle-and-japans-td-complete-us1-8bn-fortitude-acquisition-from-aig/ Wed, 03 Jun 2020 22:00:30 +0000 http://insuranceasianews.com/?p=56468 The US major is set to receive US$2.2bn in sale proceeds.

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Japan's T&D Holdings (T&D) and private equity house Carlyle Group (Carlyle) have completed a US$1.8 billion acquisition of Fortitude Group Holdings (Fortitude Re) from AIG, following regulator...

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