run-off

RenaissanceRe Ventures, the unit of the Bermudian reinsurance firm that manages investments and third-party capital joint-ventures, is taking a minority investment in run-off specialist Catalina Holdings, demonstrating RenRe’s desire to broaden its scope and bring investor capital to new insurance-linked opportunities.

The expected growth of the global run-off market and the apparent willingness of buyers to access new forms of capital suggests the insurance-linked securities (ILS) space could increasingly work with the run-off market, insight from PwC suggests.

Bermuda-headquartered P&C legacy and run-off reinsurance specialist, as well as founders of ILS Investment Management (ILSIM), Armour Group has raised a $500 million investment round led by private-equity specialists Aquiline Capital Partners to fund further growth.

Total-return reinsurance firm Sandell Re and legacy specialist SOBC Corp. have completed two more run-off transactions under their legacy or distressed run-off and commutation joint-venture SOBC Sandell, acquiring two more captive entities.

The joint-venture legacy or distressed run-off and commutation insurance and reinsurance entity formed by total-return reinsurer Sandell Re and legacy specialist SOBC Corp. has entered into a new acquisition, purchasing 100% of the stock of American Safety Risk Retention Group, Inc. of Vermont.

The Credit Suisse Asset Management (CSAM) insurance-linked strategies team and sub-advisor ILS Investment Management (ILSIM) are in the process of raising a second ILS fund focused on property and casualty run-off opportunities, with filings showing around $282.5 million successfully raised of a targeted maximum of $800 million.

Arndt Gossmann has stepped down from his role as CEO at run-off specialist European insurer DARAG. Gossmann is well-known across the insurance-linked investments space, having championed the transfer of run-off risk portfolios to third-party investors.

Arndt Gossmann, the Chief Executive Officer (CEO) of run-off specialist DARAG, expects the legacy market to experience significant growth in 2017, driven in part by the growing appetite for run-off business from third-party investors.

SOBC Sandell, a joint-venture legacy or distressed run-off and commutation insurance and reinsurance entity established by hedge fund reinsurer Sandell Re Ltd. and run-off specialist SOBC Corp, has made its first acquisition.

Hedge fund reinsurance firm Sandell Re Ltd. is joining forces with specialist in acquisition and management of legacy or distressed insurance and reinsurance liabilities SOBC Corp. to create a new joint-venture named SOBC Sandell.