As we move into the second half of 2025 and start casting a cautious eye toward 2026, the legacy and run-off re/insurance market continues to play an increasingly pivotal role in the broader insurance ecosystem. No longer viewed as a quiet corner of the industry, the legacy sector is now a dynamic space where balance sheet optimisation, capital efficiency, and operational … [Read more...] about Legacy Re/Insurance in 2025: Stability, Strategy, and a Spotlight on Efficiency
Latest Industry News
I’m very positive on where the legacy market is and where it’s going: RiverStone International Group CFO
After a “fantastic” 2024 underpinned by a progressive global buildout and impressive year-on-year growth across all key metrics, Andy Creed, Group Chief Financial Officer (CFO) and UK CEO of legacy acquirer RiverStone International, is “very positive” on where the run-off market is going. Last week, at the annual IRLA conference in Brighton, UK, we spoke with Creed about … [Read more...] about I’m very positive on where the legacy market is and where it’s going: RiverStone International Group CFO
Non-life insurance run-off deals – Q1 2025 review
In contrast, deal activity across North America and the Rest of the World was relatively subdued in Q1. That said, conversations with market participants suggest that pipelines remain healthy in these territories, with brokers broadly optimistic about a pickup in legacy deal flow during the course of 2025. Many reinsurers reported strong 2024 earnings, bolstered by stellar … [Read more...] about Non-life insurance run-off deals – Q1 2025 review
Global trade redefined: Insurance
The introduction of the US administration’s tariffs is expected to indirectly affect the UK insurance sector, primarily through the impact of tariffs on economic growth and insurance claims supply chains. Insurers, particularly those with international / US exposure, face decreased insurance demand in trade-sensitive industries like manufacturing and transport, alongside … [Read more...] about Global trade redefined: Insurance
ESG and internal investigations: New compliance challenges
“ESG” refers to a set of criteria used to measure a company’s non-financial ethical and sustainability practices. Investors, regulators and consumers are scrutinizing to varying degrees how companies manage environmental responsibilities, treat their own workforce and communities affected by their value chain, and govern their operations. As organizations embrace ESG … [Read more...] about ESG and internal investigations: New compliance challenges
The role of alternative risk transfer solutions in the future of cyber insurance
A recent report from the Geneva Association (GA) highlighted how maintaining the pace of growth seen across the cyber insurance market will require additional capital to manage ever-more complex cyber risks. The report explored the potential of alternative risk transfer (ART) solutions, including insurance-linked securities (ILS), such as cyber catastrophe bonds, to facilitate … [Read more...] about The role of alternative risk transfer solutions in the future of cyber insurance
The Carrier Perspective: 2025 Claims Insights
Gallagher Bassett issues their annual white paper on claims insights. Carriers identified legacy claims as a challenge to profitability and efficiency, a marked increase from 62% to 76% globally. Read More... … [Read more...] about The Carrier Perspective: 2025 Claims Insights
Non-life insurance run-off deals – 2024 year-end review
The final quarter of 2024 saw 9 publicly announced deals, transferring $2.4bn in disclosed liabilities – capping off a significantly more active second half of the year for the insurance legacy market. 2024 deal activity by region North America again dominated with 58% of disclosed transactions in 2024, followed by the UK & Ireland at 27%. … [Read more...] about Non-life insurance run-off deals – 2024 year-end review
Non-life insurance run-off deals review Q3 2024
Q3 2024 saw 15 deals disclosed, almost double the number of deals in the first half of the year, bringing the total deal numbers to 23 year to date. North America was the most active territory in Q3, with ten deals disclosed and the six with disclosed deal values transferring a combined $2.6bn of gross reserves. The UK and Ireland also saw four deals announced in Q3 … [Read more...] about Non-life insurance run-off deals review Q3 2024
U.S. Runoff Industry
MULREADY MINUTES PODCAST Mulready Minutes Podcast series examines key topics in the insurance industry from a regulator’s point of view. Featured guests are top executives in insurance and private sector companies. Get inspired by professionals from around the globe and in all sectors as they share their challenges, triumphs, and successes. Expand your knowledge and learn … [Read more...] about U.S. Runoff Industry
Locke Lord and Troutman Pepper Announce Merger
With More Than 1,600 Attorneys, the Combined Firm Will Have an Expanded Footprint With Deeper Capabilities in Key Industries (September 6, 2024) – Locke Lord and Troutman Pepper have agreed to merge effective January 1, 2025. The new law firm, which will be named Troutman Pepper Locke, will have more than 1,600 attorneys in 33 offices in the United States and two in Europe, … [Read more...] about Locke Lord and Troutman Pepper Announce Merger
Legacy market begins to bounce back after challenging start to 2024
R&Q, a distressed legacy acquirer that was managing circa $1bn in reserves at the end of 2023, entered liquidation in June, after years of heavy legacy deteriorations and delays to the sale of its profitable fronting arm Accredited. In August, Darag announced a deal to offload its North America and Bermuda entities to focus on its European operations. Darag Bermuda had … [Read more...] about Legacy market begins to bounce back after challenging start to 2024
US NAIC Summer 2024 National Meeting Highlights
The US National Association of Insurance Commissioners (“NAIC”) held its Summer National Meeting in Chicago on August 12-15, 2024. The Risk-Focused Surveillance (E) Working Group (“RFSWG”) did not meet during the Summer National Meeting. However, a discussion of its recent work with respect to affiliate investment managers and affiliate investments, as well as regarding … [Read more...] about US NAIC Summer 2024 National Meeting Highlights
GB D&O Market Update H1 2024
After significant rate reductions throughout 2023 and early 2024, median rates are no longer dropping as drastically as they have over the last 3 years which is in line with our expectations given the significant reductions that have already taken place. Nonetheless, our initial data for H1 2024 indicates 72% of our clients that renewed in Q2 saw their primary rates decrease … [Read more...] about GB D&O Market Update H1 2024
After a landmark year, what’s on the horizon for global reinsurers?
Carlos Wong-Fupuy (pictured above), senior director at AM Best, discussed the findings of a recent report, noting that despite global challenges in benchmarking due to the adoption of IFRS 17, the reinsurance segment continues to expand. Returns on equities in the sector are also expected to remain well above the cost of capital. When asked about a key theme from … [Read more...] about After a landmark year, what’s on the horizon for global reinsurers?
Connecticut Enacts New Changes to Its Captive Insurance Laws
On July 16, 2024, the Connecticut Department of Insurance (the “Department”) issued a press release announcing that Governor Ned Lamont has signed Public Act No. 24-138, “An Act Concerning Insurance Market Conduct and Insurance Licensing, the Insurance Department’s Technical Corrections and Other Revisions to the Insurance Statutes and Captive Insurance”, (the “Act”) into law. … [Read more...] about Connecticut Enacts New Changes to Its Captive Insurance Laws
US State Insurance Regulatory Scrutiny of Private Equity Investors in the Insurance Industry
Private equity (“PE”) firms have been increasingly active in the US insurance industry, attracted by the opportunity to access long-term capital and manage large pools of assets. However, this trend has also raised concerns among US state insurance regulators, who are tasked with, among other things, protecting the interests of policyholders and ensuring the financial stability … [Read more...] about US State Insurance Regulatory Scrutiny of Private Equity Investors in the Insurance Industry
With R&Q set for liquidation, what future for Gibson Re sidecar and its investors?
R&Q Insurance Holdings Ltd. has this morning confirmed that it is filing for a provisional liquidation in Bermuda, raising questions over the future of its collateralised legacy sidecar vehicle Gibson Re. R&Q has been through the wars, both in terms of persistent historical reserve deterioration, a debt-load that has shackled the company, and some might call them … [Read more...] about With R&Q set for liquidation, what future for Gibson Re sidecar and its investors?
Augment Risk hires legacy expert Paul Corver as Advisor
Reinsurance broker Augment Risk has announced that Paul Corver, formerly of R&Q Insurance Holdings (R&Q), will join the firm as an Advisor. Corver brings deep experience and insights in the reinsurance industry to the broker as it looks to strengthen its legacy build-out. He retired from his position as Group Head of Legacy M&A at R&Q in April 2023. He was … [Read more...] about Augment Risk hires legacy expert Paul Corver as Advisor
Best Practice Handling for Legacy Claims
KEY FINDINGS • 62% of carriers globally say that legacy claims challenge profitability and operational efficiency. • General liability claims managed by Gallagher Bassett saw a 34% lower duration to close in North America. • 69% of carriers in North America have increased premiums due to the impact of social inflation. Legacy claims and their impact Legacy claims … [Read more...] about Best Practice Handling for Legacy Claims
