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OK Court Gives Enstar’s IBT The OK

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On October 15, 2020, the Oklahoma County District Court for the State of Oklahoma, issued its ‎Judgement and Order of Approval and Implementation of the Insurance Business Transfer Plan (“IBT ‎Plan”) (“Order”) filed by Providence Washington Insurance Company (“PWIC”), applicant and the ‎transferring insurer and Yosemite Insurance Company, the assuming insurer (“Yosemite”). This … [Read more...] about OK Court Gives Enstar’s IBT The OK

Oklahoma Completes First Insurance Business Transfer in the United States

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OKLAHOMA CITY – Today, Oklahoma Insurance Commissioner Glen Mulready announced that the District Court of Oklahoma County approved Providence Washington Insurance Company (PWIC) to complete its Insurance Business Transfer (IBT) Plan. With this approval by the Court, the Plan will transfer substantially all the insurance and reinsurance business underwritten by PWIC to Yosemite … [Read more...] about Oklahoma Completes First Insurance Business Transfer in the United States

Fleming Re Acquisition of Sinclair Insurance Company

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Fleming Re Holdings LLC (“Fleming Re”) signed an agreement to acquire, subject to regulatory approval, Sinclair Insurance Company (“Sinclair”). Sinclair was utilized to provide reinsurance to the primary insurers of certain casualty risks of affiliated companies. The acquisition provides the Shareholders of Sinclair with an exit solution allowing full legal finality, … [Read more...] about Fleming Re Acquisition of Sinclair Insurance Company

Arch Capital Group Ltd. to Acquire Watford Holdings Ltd. for $31.10 per Common Share in All-Cash Transaction

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PEMBROKE, Bermuda--(BUSINESS WIRE)--Arch Capital Group Ltd. (NASDAQ: ACGL) (“Arch” or “the Company”) and Watford Holdings Ltd. (NASDAQ: WTRE) (“Watford”) today announced they have entered into a definitive agreement under which Arch will acquire all the common shares of Watford in an all-cash transaction valued at approximately $622 million. Following closing, which is expected … [Read more...] about Arch Capital Group Ltd. to Acquire Watford Holdings Ltd. for $31.10 per Common Share in All-Cash Transaction

American Financial Group, Inc. Announces Agreement to Sell Run-off Lloyd’s-based Insurer, Neon

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CINCINNATI--(BUSINESS WIRE)--Sep. 28, 2020-- American Financial Group, Inc. (NYSE: AFG) today announced that it has reached a definitive agreement to sell GAI Holding Bermuda and its subsidiaries, comprising the legal entities that own its Lloyd’s of London insurer, Neon, to RiverStone Holdings Limited (“RiverStone”). Upon closing of the sale, AFG expects release of all of its … [Read more...] about American Financial Group, Inc. Announces Agreement to Sell Run-off Lloyd’s-based Insurer, Neon

White Mountains Significantly Expand Capitalization of Ark Insurance Holdings; Will Acquire Majority Interest

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HAMILTON, Bermuda, Oct. 1, 2020 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that it has entered into a definitive agreement to invest fresh capital in and to acquire a majority interest in Ark Insurance Holdings Ltd, the ultimate parent company of Ark Syndicate Management Limited.Ark is a leading Lloyd's platform well positioned to take … [Read more...] about White Mountains Significantly Expand Capitalization of Ark Insurance Holdings; Will Acquire Majority Interest

A Virtual Zoom call with the AIRROC NextGen Task Force

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A Virtual Zoom call with the AIRROC NextGen Task Force An actual Zoom call would be harder to schedule than a virtual happy hour in the pandemic-hectic work lives of our busy NextGen Task Force members. So, we asked the Task Force members to answer few questions about their views on remote work and the Task Force.  What follows is a virtual version of a virtual team meeting. … [Read more...] about A Virtual Zoom call with the AIRROC NextGen Task Force

Inflection Point: COVID-19 and resulting balance sheet pressures spur hunt for lasting legacy solutions

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With mounting novel coronavirus (COVID-19) liabilities straining insurers’ and reinsurers’ balance sheets, the pressing need to free the capital tied up in legacy portfolios can no longer be ignored. Sorting out legacy risk would not only relieve reserve pressure, but also release much needed capital to support growth. So, what are the options for tackling the legacy … [Read more...] about Inflection Point: COVID-19 and resulting balance sheet pressures spur hunt for lasting legacy solutions

Aon and Willis Towers Watson Announce Shareholder Approval of Proposed Combination

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DUBLIN, Aug. 26, 2020 -- Aon plc (“Aon”) (NYSE: AON) and Willis Towers Watson Public Limited Company (“Willis Towers Watson”) (NASDAQ: WLTW) today announced that their respective shareholders voted FOR all proposals at their respective extraordinary general meetings and at the special meeting of Willis Towers Watson shareholders ordered by the High Court of Ireland. Aon and … [Read more...] about Aon and Willis Towers Watson Announce Shareholder Approval of Proposed Combination

DARAG Completes Loss Portfolio Transfer Transaction with Hallmark Financial Services

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DARAG has completed the Hallmark Financial Services transaction and the acquisition of a Bermuda class 3A reinsurance company.13 August 2020 – DARAG, a leading legacy acquirer, today announced its North American division, DARAG North America, has closed the loss portfolio transfer transaction with Hallmark Financial Services within its newly established cornerstone North … [Read more...] about DARAG Completes Loss Portfolio Transfer Transaction with Hallmark Financial Services

Third Point Re and Sirius Group to Combind

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Third Point Reinsurance Ltd., backed by U.S. hedge-fund manager Daniel Loeb, announces a merger with Sirius International Insurance Group Ltd. Notice SiriusPoint to be a Top-Tier Global Specialty (Re)Insurer Well-Positioned to Capitalize on Short and Long-Term Market Opportunities Transaction Expected to be Accretive in First Year After Close Experienced Insurance Executive … [Read more...] about Third Point Re and Sirius Group to Combind

Captives Can Benefit From Run-off In The COVID-19 World

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AIRROC's Executive Director, Carolyn Fahey and Steve McElhiney of Artex pen article for Captive International.Notice COVID-19 has destabilised the global economy and increased risk across all types of business. Run-off solutions can help captives better manage these risks, say Steve McElhiney of Artex and Carolyn Fahey of AIRROC.The concept of insurance “run-off” … [Read more...] about Captives Can Benefit From Run-off In The COVID-19 World

DARAG Announces Acquisition of Arisa Assurances SA

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DARAG, in a deal with ADAC Versicherung AG, acquires Arisa, an an automobile and travel insurance company based in Luxembourg. Notice 6 August 2020 – DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announced the acquisition of Arisa Assurances SA (“Arisa”), an automobile and travel insurance company based in Luxembourg. The transaction will be conducted … [Read more...] about DARAG Announces Acquisition of Arisa Assurances SA

Randall & Quilter Announces Agreement to Merge Wholly Owned Subsidiary, Sandell Re Ltd. with Tradesman Program Managers, LLC.

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Randall & Quilter Investment Holdings Ltd. merges wholly-owned subsidiary, Sandell Re Ltd. with Tradesman Program Managers, LLC. in return for a 35% interest in the combined entity. NOTICE Randall & Quilter Investment Holdings Ltd. (“R&Q” or the “Group”) is pleased to announce today that it has reached an agreement to merge its wholly-owned subsidiary, Sandell Re … [Read more...] about Randall & Quilter Announces Agreement to Merge Wholly Owned Subsidiary, Sandell Re Ltd. with Tradesman Program Managers, LLC.

Survey of the Current Insurance Labor Market

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AIRROC corporate partner AON in partnership with the Jacobson Group is conducting their Semi-Annual Insurance Labor Market Study now through July 31, 2020. This survey has offered  valuable labor insights and has  become an accurate predictor of the industry’s staffing outlook. We invite you to take the survey which will take no longer than five minutes to complete. All … [Read more...] about Survey of the Current Insurance Labor Market

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